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How to lower your car payment without refinancing 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 as well as publishing independent and objective content. This allows users to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies that pay us. This compensation can affect the way and when products are featured on this site, including such things as the sequence in which they appear in the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. But this compensation does have no impact on the content we publish or the reviews you see on this site. We do not contain the entire universe of businesses or financial offers that may be accessible to you.
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3 minutes read. Published August 22, 2022
Written by Allison Martin Written by
Allison Martin’s work began over 10 years prior to that as a digital content strategist, and she’s since been published in numerous prestigious financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
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 control their finances through providing clear, well-researched data that breaks complex subjects into digestible pieces.
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This can make your monthly payments less expensive. However, you will likely have to agree to an and pay more interest over the life of the loan. The good news is refinancing isn’t your only option to lower the cost of your car. Other viable alternatives can alleviate the stress that comes with having to deal with a large car loan and make space in your budget. 3 methods to cut down on the cost of your car without refinancing When you sign in the legal dotted lines to get an auto loan typically, you’ll be given a monthly payment that’s due each month for a specified time. If you thought the payments were feasible when you first took out the loan, but isn’t working due to changes in your financial situation There are alternatives that don’t need . 1. Request an loan modification Contact the lender to let them know that you’re struggling financially and risk falling over your car loan payments. The first representative you speak to may not offer much help or suggestions, but you can ask for Loss mitigation to locate someone who can assist. Possessions can be expensive and take a lot of time to the lender. They may therefore offer to modify your loan and this could mean cutting down on either the rate of interest or loan term, to make the loan more affordable . Alternatively, the lender may accept a short-term arrangement that allows you to defer the payment for few months to give you urgent financial relief. If you’ve already missed an installment on your auto loan and you’ve missed a payment, you might not be out of luck. However, you should communicate that you’re experiencing financial hardship sooner rather than later. The lender might agree to break the past due balance into smaller installments that you’ll be able to pay over an extended period. 2. Exchange it for a less expensive car Assuming you’re not — or have a debt that is greater than it’s worth , trading in your car to purchase a less expensive one could be a good idea. The difference between the trade-in value and the amount owed on the current loan will reduce the amount of the new loan amount. You won’t need to deal with the hassle of listing your car for sale and hoping to draw the right buyers. The current market conditions have made it easier to receive top dollar on your trade-in. New car prices are at record highs and this is causing an rise in the demand for used cars. Trading-in your car right now is a relatively straightforward procedure that involves taking it to the dealer to have them inspect it and present you with an offer. The value of your trade-in is contingent on your vehicle’s make, model and mileage as well as its condition. If you visit several dealerships prior to making a decision that you want to trade in your car, you will be able to negotiate a good deal. If you’re looking to trade in your car, though it’s recommended to make it happen as soon as possible. Prices for used cars are beginning to stabilize, meaning trade-in offers will likely be reduced in the near future. 3. Sell privately and purchase a less expensive car If you’re looking to earn more for your ride think about . It will take patience and time however, you can maximize the cost savings as private sales generally mean more money for the pocket of the seller. You will have more money to spend on your new car purchase. Be aware that there’s still a for sale nationwide due to supply chain issues. But as mentioned above, the used car market is beginning to shift and a decline in price points is expected. So, you may not earn as much for your ride as you would have just a few months back during the used car market boom. If you want to refinance, it’s best to do so. the auto loan could be a better option to if you have excellent or excellent credit scores and are eligible to receive a lower interest rate. But here’s the catch you must request a loan duration that is similar to or equal to the amount of time left on your current loan. In the event that you don’t, you’ll receive an easier payment, but you could be paying thousands worth of additional interest during the loan term. If you are unable to reach an arrangement with the lender or exchange your current car for one that will meet your requirements, refinancing could assist you in avoiding repossession. In addition, you’ll receive the lower payment you need and will also protect your credit score, even if that requires you to pay the lender more in interest. The next step is a large car loan could stress your budget and make you consider refinancing your loan. However, you’ll have to pay more interest if get a higher rate or a significantly longer time frame, so it is advisable to speak with your lender to make a loan modification. You may also consider swapping your current ride for a less expensive one. Consider having your car appraised in order to determine what it’s worth and look around to see the most affordable cars available with a lower monthly payment and can meet your requirements. If you discover solutions that work, you can collaborate with an lender to secure the purchase of a new car and loan that can help to improve your financial situation. Learn more
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Written by
Allison Martin’s work began over 10 years prior to that as a digital content strategist. She’s been featured in a variety of top financial media outlets, 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 from late 2021. They are passionate about helping readers gain confidence to manage their finances with clear, well-researched information that breaks down otherwise complex topics into manageable bites.
Auto loans editor
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