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3 min read published 30 January 2023
Written by Kellye Guinan Written by Personal and Business Finance Contributor

Kellye Guinan is a freelance editor and writer who has more than 5 years experience working in the field of personal finance. She is also a full-time librarian at the local library in which she assists the community get information on financial literacy, as well as other subjects.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances through providing precise, well-researched and well-researched content that breaks down otherwise complex subjects into digestible chunks.









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A high is a drain on your budget. There are a few steps you can take to reduce it like refinancing. If you've not taken out an loan but, you could begin with a lower monthly installment by comparing and finding the right lender. 4 ways to lower your current car payment Your auto payment isn't set in to stone. It's subject to change -- you just need to talk with your lender or take additional steps to manage it better. 1. Re-evaluate your loan terms Lenders typically allow you to when you're in financial trouble. This can take the pressure off for a couple of months but could lead to paying more overall since interest is accruing in deferment. It is also possible to request a . Your lender might be willing to extend your loan termin which case you'll pay more interest -- or reduce the interest rate. The latter is better for saving you funds over the loan term, but it can be difficult to get a loan for if you don't have great credit. 2. Refinance your vehicle loan There are two ways can lower the monthly cost. You can obtain an interest rate that is lower and the same loan term on your current loan, which means that you pay less per month. You can also opt for a longer loan duration. This can allow you to pay less monthly however you'll be paying more in interest overall. 3. Sell or trade in your vehicle If the price of your car is priced higher than the limit of your budget, you could always sell it and move to a more affordable car. The easiest way to do this would be to in at the dealership. You'll be able to utilize this extra cash for an investment for your next vehicle and will not require a private sale. Private sales can earn you more money. But be aware that the process could be a bit complicated. Discuss it with your lender to make sure you don't violate the terms of your contract. 4. Make extra payments when possible can lower your monthly payments -- or skip them entirely. Although most lenders will apply extra payments to only interest, you might be able of requesting that they be paid direct to the principal. This will reduce the amount that you are obligated to pay. This will also allow you the flexibility you need for the future. How can you lower your cost of a car before you buy to get a low amount of payment for your next vehicle. You don't have to accept the first loan that is offered, as long as you keep the loan amount down can be a good option to keep your monthly costs lower, too. Buy a used vehicle. Not only is it significantly lower in cost upfront, but will also allow you to avoid the drastic decrease in value that new cars face. You should make a big down payment if you can. , the less you will require financing and that means lower monthly installments. Trade in your current vehicle or sell it privately. Using your current ride to boost the amount of your monthly downpayment is a great method to keep your monthly installments affordable. Improve your credit score before you apply for a loan. Dealers and lenders will lend the loan if you have excellent or outstanding credit. If you are able, hold off to purchase a car until your credit score has increased just a couple of points. Find the most suitable financing. Do not limit yourself to dealership financing. There is a greater chance of getting a good rate of interest as well as an affordable monthly payment by comparing. Opt for the longest loan period, but bear 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's value by having the loan duration of more than 60 months. You must pay sales tax in advance. The lenders will allow you to finance the sales tax of your vehicle , but make sure not to. You'll be paying the interest and it'll only make your monthly payments larger. Lease instead of buying. Leasing gets a bad rap, but you can make a profit with a lease. However, it could be expensive if you do not have a great credit score -- and it's impossible to sell your vehicle when you're done with the lease term. In the end, since cars should not make up more than 25% of your total , it's crucial to keep your monthly installment to a minimum. Refinancing or renegotiating is two options if you took out the loan at a high interest rate. But switching to a more moderate vehicle is also an option that will bring more cash into your pockets each month. If you're considering saving your down payment before shopping. It will cost you less interest and start with a lower monthly installment.


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Written by Personal and business finance contributor

Kellye Guinan is a freelance editor and writer who has more than five years ' experience within personal finances. She is also a full-time employee at her local library, where she assists people in her community get information on financial literacy, as well as other topics.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing clear, well-researched facts that break down complex topics into manageable bites.






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