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3 minutes read. Published August 22 2022
Written by Allison Martin Written by

Allison Martin's work started over 10 years ago as a digital media strategist. She's been published in several leading financial outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers feel confident to take control of their finances by providing precise, well-researched and researched facts that break down complicated topics into bite-sized pieces.









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This can make your monthly payments easier to afford. However, you will likely be required to accept and pay more interest over the life of the loan. It's good to know that refinancing isn't the only method to lower the cost of your car. Other viable alternatives can alleviate the added stress of paying a huge car loan and make space in your budget. 3 methods to cut down on the cost of your car without refinancing on the dotted line to get an auto loan typically, you'll be given an installment payment due every month for a certain time. If the amount seemed reasonable at the time you signed the loan however, it isn't working due to the changes in your financial situation There are other options that do not require . 1. Request for a loan modification. Contact the lender to let them know the reason you're struggling financially and you are in danger of getting in debt on auto loan payment. The first person you talk to may not offer much assistance or options, but you could ask Loss mitigation to find an individual who can assist. The process of repossession is expensive and time-consuming for the lender. They may therefore be willing to alter the terms of your loan that could involve cutting down on either the rate of interest or loan term, to make the loan more affordable . Or it is possible that the lender may offer a shorter-term payment plan that involves deferring the payment for couple of months in order to provide you with needed financial relief. If you've been unable to make the payment due to your auto loan and you've missed a payment, you might not be in the clear. But, it is important to let the lender know that you're facing financial difficulty sooner instead of later. The lender may agree to split the balance due in smaller installments that you'll be able to pay over a longer period. 2. Trade it in to purchase a car that is less costly Assuming you're not -- or have a debt that is greater than it's worth -- trading in your car for an affordable one might be beneficial. The difference between the value of the trade-in and the balance due on the current loan will reduce the amount of the new loan amount. And you won't have to deal with the hassle of advertising your car for sale and trying to find the perfect buyers. The current market conditions have made it easy to obtain the highest price on your trade-in. New car prices are at record highs and this is causing an increase in demand for second-hand vehicles. Trading-in your car right now is a relatively straightforward procedure that involves taking it to the dealership to have them inspect the car and provide you with an offer. The trade-in value is based on the manufacturer, model and mileage as well as its the condition. If you visit several dealerships before making your decision to make a good deal. If you're considering trading for your car, it's best to act quickly. Used car prices are starting to stabilize, which means the offers for trade-ins will be reduced in the near future. 3. Sell privately and buy the cheapest car you're looking to earn more for your ride think about . You'll need patience and time, but you could maximize the cost savings as private sales generally mean more money for the pockets of the seller. You will have more money to spend on the purchase of your next car. Word of caution: There's still a car for sale across the country due to supply chain issues. But as mentioned above the market for used cars is shifting and a drop in prices is anticipated. This means that you won't get as much value for your ride as you would have some months ago in the used car market boom. When it's better to refinance refinancing your car loan may be a good option if you have good or excellent credit and qualify for a lower interest rate. However, here's the catch: You should seek an loan period that is similar to or equivalent to the remaining time on the current loan. In the event that you don't, you'll receive an easier payment, but you could pay thousands or hundreds worth of additional interest during the loan period. If you cannot reach an arrangement with the lender or trade in your car to one that will meet your needs, refinancing can assist you in avoiding repossession. Furthermore, you will get the lowest amount of payment and will also protect the credit rating, even though it will mean paying the lender more in interest. The next step is a large car loan could strain your budget and make you think about changing your loan. However, you'll have to pay more interest if opt for a higher rate or a significantly longer term, so you should talk to your lender to make an loan modification. Consider also changing your car to an affordable one. Have your car appraised to find out how much it's worth and explore options to determine if there are more affordable automobiles that can come with a lower cost per month and meet your needs. If you find solutions that work, you can get in touch with an lender to obtain an upgrade and car loan which could improve your financial situation. Find out more


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Written by

Allison Martin's career began more than 10 years ago as a digital content strategist. Since then, she's been published in numerous prestigious financial publications including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.



Editor: 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 through providing concise, well-studied information that breaks down otherwise complex subjects into digestible pieces.






Auto loans editor




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