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3 min read Published January 30, 2023
Written by Kellye Guinan. Written by Personal and business finance contributor
Kellye Guinan is a freelance editor and writer with over 5 years experience working in the field of personal finance. She is also a full-time employee at the library in her town where she helps her community gain access to information on financial literacy, among other topics.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to take control of their finances with concise, well-studied information that breaks down complicated subjects into bite-sized pieces.
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A high could be an expense to your finances. Fortunately, there are simple actions you can take to lower it by refinancing. If you’ve not taken out a loan in the past, you can begin with a low monthly payment by shopping around and finding the perfect lender. 4 methods to reduce your current car payment Your car payment isn’t set in stone. It’s possible to alter it — you just need to speak with your lender or take extra steps to make it more manageable. 1. Renegotiate your loan conditions Lenders typically allow you to when you’re in financial trouble. This can take the pressure off for a month or two but could lead to paying more overall since interest is accruing when deferred. You can also request an . The lender might be willing to extend your loan term- which means paying more interest or reduce the rate of interest. This is more beneficial to save you funds over the loan period, but it can be difficult to obtain if you don’t have good credit. 2. Refinance your car loan There are two ways to lower the monthly cost. You can obtain lower interest rates while keeping the same terms on the current loan, which means you pay less every month. Or you can at the same time get a longer loan term. This can make your monthly payments lower but you’ll have to pay more in interest overall. 3. Sell or trade in your vehicle if it is priced higher than your budget, you can always sell it and move to a less expensive vehicle. The most efficient method will be to in at an auto dealer. You can use that extra cash as an investment for your next vehicle and will not need to handle the hassle of a private sale. Private sales can earn you more money. But be aware that the process could be a bit complicated. Talk to your lender to ensure that you don’t violate the clauses of your loan. 4. When you can, making extra payments can lower your monthly payments — or eliminate them completely. While many lenders apply extra payments to only interest, you might be able to ask that yours be sent direct to the principal. This will reduce the total amount you owe. It will also give you an opportunity to make some extra money to pay for your future. How to get a lower cost of a car before you buy to secure a low-cost payment on your next vehicle. It is not necessary to take the first loan offered to you and keeping the amount you finance can be a good method for you to reduce your monthly expenses low, too. Consider purchasing a pre-owned vehicle. Not only is it significantly lower in cost upfront, but will also help you avoid the huge decrease in value that new cars are prone to. Consider a substantial down payment, if you are able to. , the less you will require financing and that means lower monthly payment. Trade in your current vehicle or even sell it privately. Utilizing your current vehicle to help increase the amount of your monthly downpayment is a great method to keep your monthly installments low. Improve your credit score before you apply for a loan. Dealers and lenders will offer you when you have good or outstanding credit. If you can, wait to buy a car until your score has jumped by a couple of points. Look around for the best financing. Don’t be limited to financing from the dealership. There is a greater chance of getting a good interest rate and an affordable monthly payment by looking around. Opt for the longest loan duration, but keep in mind that it means more paid in interest. You’ll also be able to reduce your monthly costs but you’ll pay more than what your car’s value when you have the loan period of at least 60 months. Make sure you pay the sales tax upfront. Some lenders will let you pay the tax for your vehicle but try not to. You’ll be paying interest on it as well — and it’ll make your monthly installment bigger. Instead of purchasing, lease. The term “leasing” is often criticized however, it is possible to do so with a lease. However, it could be expensive if you don’t have a strong credit score. Also, it’s impossible to sell your vehicle when you’re done with your lease period. In the end, since automobiles should make up less than 25 percent of your overall and therefore, it’s essential to keep your monthly installment low. Refinancing or renegotiating is two of the best solutions in the event that you have taken out an loan with a very higher interest. But switching to a more moderate vehicle is also a solid option that can put more money in your pockets every month. If you’re considering the and save up your down payment prior to buying. You’ll pay lower interest and begin with a low-cost monthly payment.
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Written by Personal and business finance contributor
Kellye Guinan is a freelance editor and writer with more than five years ‘ experience within personal finances. She’s also a full-time worker at her local library where she helps her community access information about financial literacy, among other topics.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances with clear, well-researched facts that break down complicated topics into bite-sized pieces.
Auto loans editor
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