Open navigation Main Menu Mortgages

Refinancing your current loan Finding the right lender Additional Information
Looking for a financial advisor? Take our 3 minute quiz and connect to an adviser today.



Main Menu Banking

Compare Accounts Use calculators Get advice Bank reviews
Looking for a financial advisor? Do our 3-minute quiz and then match up the advisor you want today.



Main Menu Credit cards

Compare according to category Compare by credit needed Compare by issuer Get advice
Looking for the perfect credit card? Find it with CardMatch(tm)



Main Menu Loans

Personal Loans Student Loans Auto Loans Calculators for loans
Find a personal loan within 2 minutes or less Answer some questions to get offers--with no impact to your score on credit.



Main Menu for Investing

Top of the Brokerages, and robo-advisors Learn the basics Additional information
Looking for a financial advisor? Try our three minute test and match with an advisor today.



Main Menu Home equity

Find the lowest rates Lender reviews. Calculators. base
Looking for a financial advisor? Do our 3-minute quiz and then match up the advisor you want today.



Main Menu Real estate

Selling a home Buying an investment property Locating the right agent information
Looking for a financial advisor? Take our 3 minute quiz and connect with an advisor today.



Main Menu Menu Insurance

Car Insurance Homeowners insurance Other insurance Company reviews
Looking for a financial advisor? Try our three minute test and then match up to an adviser today.



Main Menu Retirement

Retirement accounts and retirement plans Learn the basics Retirement calculators Other sources
Looking for a financial advisor? Take our 3 minute quiz and connect with an advisor today.



Open search Close search

Submit


How to get a lower car payment: 4 ways Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive tools and financial calculators that provide original and objective content. We also allow you to conduct research and compare data for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies that compensate us. This compensation can affect the way and where products appear on this site, including for instance, the order in which they may appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage or home equity, and also other home lending products. This compensation, however, does affect the content we publish or the reviews you see on this site. We do not include the entire universe of businesses or financial offers that may be open to you.



SHARE:

The Page On This Page In This Page
Prev Next







damircudic/Getty Images
3 min read Published 30 January 2023
Writer: 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 financial matters. She also works full-time as a employee at the library in her town in which she assists the community get information on financial literacy, in addition to other subjects.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances by providing clear, well-researched information that break down complex subjects into bite-sized pieces.









The Bankrate promise
More details
At Bankrate we aim to help you make smarter financial decisions. We adhere to the highest standards of editorial integrity ,
this post may contain the mention of products made by our partners. Here's a brief explanation of how we earn money .

The promise of the Bankrate promise
Established in 1976, Bankrate has a long track experience of helping customers make informed financial decisions.
We've maintained this reputation for over four decades by making financial decisions easy to understand
process and giving people confidence in which actions to take next. Bankrate follows a strict ,
so you can trust that we'll put your interests first. All of our content is authored by and edited by
who ensure everything we publish will ensure that our content is reliable, honest and trustworthy. Our loans reporters and editors are focused on the points consumers care about most -- the various kinds of lending options and the most competitive rates, the best lenders, the best ways to pay off debt and many more. So you'll be able to feel secure when investing your money.



Integrity of the editorial process
Bankrate has a strict policy , so you can trust that we'll put your needs first. Our award-winning editors, reporters and editors provide honest and trustworthy content that will aid you in making the best financial choices. Our main principles are that we appreciate your trust. Our aim is to provide our readers with reliable and honest information, and we have editorial standards in place to ensure this happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure the information you're receiving is true. We have a strict separation between our advertisers and our editorial team. Our editorial team doesn't receive any direct payment through our sponsors. Editorial Independence Bankrate's editorial staff writes in the name of YOU - the reader. Our aim is to provide you the best advice to help you make smart personal finance decisions. We adhere to the strictest guidelines in order to make sure that content is not in any way influenced by advertising. Our editorial team receives no directly from advertisers, and our content is thoroughly checked for accuracy to ensure its truthfulness. Therefore, whether you're reading an article or a review, you can trust that you're receiving reliable and dependable information.



How do we earn money?
If you have questions about money. Bankrate has the answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert guidance and the tools necessary to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our information is trustworthy and accurate. Our award-winning editors, reporters and editors produce honest and reliable content that will help you make the best financial decisions. The content we create by our editorial staff is factual, objective, and not influenced through our sponsors. We're honest regarding how we're capable of bringing high-quality content, competitive rates and useful tools to you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products andservices or through you clicking specific links on our site. So, this compensation can affect the way, location and in what order products appear within listing categories, except where prohibited by law for our mortgage home equity, mortgage and other home loan products. Other factors, like our own rules for our website and whether or not a product is offered in your region or within your personal credit score can also impact the way and place products are listed on this website. While we strive to provide an array of offers, Bankrate does not include information about every credit or financial product or service.



A high can be an expense for your budget. There are a few ways to cut it down, such as refinancing. If you've not taken out a loan in the past, you can start off with a low monthly installment by comparing and finding the best lender. 4 methods to reduce your current car payment Your car payment isn't set in to stone. It's subject to change and you only need to contact the lender or take steps to make it easier. 1. Renegotiate your loan terms Lenders typically allow you to when you're facing financial hardship. This could ease the burden off for a few months however it could cause you to pay more in the long run since interest is accruing when deferred. You may also ask for a . The lender might be willing to extend the termthat means you pay higher interest, or reduce the rate of interest. This is more beneficial to save you funds over the loan time, however it could be challenging to get a loan if you don't have good credit. 2. Refinance your vehicle loan There are two methods that can lower your monthly payment. You can get an interest rate that is lower and the same loan term on your current loan that means you pay less each month. Also, you can opt for a longer loan term. This can reduce your monthly payments, but you'll pay more in interest overall. 3. Trade or sell your vehicle if it exceeds your budget, you can trade it in and transfer to a more affordable vehicle. The easiest way to do this would be to go to a dealership. You can use this extra cash for a down payment on your next car and won't require an individual sale. But private sales may net you more money. Be aware that it could be a bit complicated. Speak to your lender to make sure you aren't violating the terms of your contract. 4. Make extra payments when possible will help lower future monthly installments -- or eliminate them completely. While many lenders apply extra payments only to interest, you might be able of requesting that they go direct to the principal. This can help lower the amount that you are obligated to pay. This will also allow you an opportunity to make some extra money to pay for your future. How can you lower your vehicle payment prior to buying it to get a low payment on your next vehicle. You don't have to take the first loan offered to you and keeping the amount you finance down can be a good option in order to lower your monthly cost down, too. Purchase a second-hand car. Not only is it less expensive upfront, but will also allow you to avoid the drastic decline in value that brand new cars face. Make a large down payment, if you are able to. , the less you will need to finance and that means lower monthly installments. Transfer your vehicle or let it go privately. Making use of your current car to help increase you down payments is a fantastic method to keep your monthly installment affordable. Enhance your credit score prior to when you apply for an loan. Dealers and lenders will lend you when you have good or excellent credit. If you're able, you should wait to purchase a car until your credit score is up by a few points. Look around for the best financing. Do not limit yourself to the dealer's financing. There is a greater chance of getting a good interest rate and a flexible monthly payment by looking around. Opt for the longest loan duration, but keep in mind that this means more paid in interest. You'll also be able to reduce your monthly costs and you will be able to pay more than the car is worth by having a loan period of at least 60 months. You must pay sales tax in advance. The lenders will allow you to pay the tax on your vehicle , but make sure not to. In the end, you'll have to pay the interest -- and it will make your monthly installment bigger. Lease instead of buying. The term "leasing" is often criticized however, you can do it make a profit with a lease. But, it could be expensive if you do not have a great credit score. Also, you won't be able to sell your car at the end of your lease. In the end, since automobiles should make up less than 25 percent of your total , it's crucial to keep your monthly payment at a low level. Refinancing or renegotiating is two options when you've taken out a loan at a excessive interest. But switching to a more modest vehicle is also a solid option that can increase the amount of money you pockets each month. If you're considering the and save up your down payment before shopping. It will cost you less interest and begin with a low monthly payment.


SHARE:
Written by Business and personal finance contributor

Kellye Guinan is a freelance editor and writer with over 5 years experience working in the field of personal finances. She is also a full-time employee at her local library where she helps the community gain access to information on financial literacy, in addition to other topics.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers to manage their finances by providing clear, well-researched facts that break down otherwise complicated subjects into digestible pieces.






Auto loans editor




Related Articles Auto Loans 5 min read Mar 02, 2023

Auto Loans 5 minutes read on Nov 14, 2022

Auto Loans 3 min read August 22 2022

Auto Loans for 2 Minutes Read June 30, 2022






About
Help
Legal Cookie settings Do not sell my info
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and services, or when you click on certain hyperlinks on our site. Therefore, this compensation may affect the way, location and when products appear in listing categories, except where prohibited by law. We also offer mortgage, home equity, and other home lending products. Other elements, such as our own rules for our website and whether a product is available within your area or at your own personal credit score can also impact how and where products appear on this site. We strive to offer a wide range offers, Bankrate does not include details about each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
|

(c) 2023 Bankrate, LLC. The Red Ventures company. All Rights Reserved.

If you have any questions pertaining to where and how you can use best payday loans online same day, you could call us at our own web site.