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How to get a lower car payment: 4 ways Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive tools and financial calculators, publishing 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, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this website are provided by companies that compensate us. This compensation may impact how and when products are featured on the site, such as such things as the order in which they may appear within the listing categories, except where prohibited by law. This applies to our mortgage and home equity products, as well as other products for home loans. However, this compensation will have no impact on the information we publish, or the reviews that you see on this site. We do not contain the vast array of companies or financial deals that could be accessible to you.
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3 min read Published on January 30, 2023.
Written by Kellye Guinan Written by Personal and Business Finance Contributor
Kellye Guinan is a freelance editor and writer who has more than five years of experience in personal financial matters. She is also a full-time librarian at the local library in which she assists the community get information on financial literacy, among other topics.
The edit was done 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 take control of their finances with concise, well-studied information that breaks down otherwise complex subjects into digestible chunks.
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A high is a drain on your finances. There are a few steps you can take to cut it down like refinancing. If you haven’t yet taken out an loan but, you could begin with a low monthly payment by shopping around and finding the perfect lender. 4 ways to lower your current car payment Your vehicle payment isn’t fixed in the ground. It can change depending on the circumstances. You just have to speak with your lender or take additional steps to make it more manageable. 1. Re-evaluate your loan terms Lenders typically allow you to when you’re in financial trouble. This could ease the burden off for a month or two but could lead to paying more overall since interest is accruing during deferment. You can also request a . The lender might be willing to extend your term — which means paying more interest — or lower your interest rate. This is more beneficial to save you money over the loan time, however it may be difficult to obtain for if you don’t have great credit. 2. Refinance your vehicle loan There are two ways that can lower your monthly payment. You can negotiate lower interest rates and the same loan term on the current loan that means you pay less every month. Or you can at a longer loan duration. This will make your monthly payments lower, but you’ll pay more in interest overall. 3. Sell or trade in your vehicle if it is priced higher than the limit of your budget, you could easily sell it and then move to a cheaper car. The easiest way to do this would be to in at a dealership. You can use that extra cash as a down payment on your next car and won’t need to handle the hassle of a private sale. However, private sales could earn you more cash. But be aware that the process could be a bit complicated. Speak to your lender to make sure that you aren’t violating the clauses of your loan. 4. Make extra payments when possible will help lower future monthly installments — or skip them entirely. While many lenders apply extra payments to only interest, you may be able to ask that yours go directly to the principal. This will reduce the amount that you owe. This can also provide you with some much-needed wiggle room 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. It is not necessary to accept the initial loan offered to you as long as you keep the loan amount can be a good way to keep your monthly costs low, too. Purchase a second-hand car. Not only is it less expensive upfront, but will also allow you to avoid the huge decrease in value that new cars are prone to. Make a large down payment, if you are able to. , the less you will have to finance which will mean lower monthly installments. Trade in your current vehicle or even sell it privately. Making use of your current car to help increase your down payment is a fantastic way to keep your next monthly installment low. Enhance your credit score prior to when you apply for an loan. Dealers and lenders will lend you loans if you have good or excellent credit. If you are able, hold off to buy a car until your credit score is up just a few points. Look around for the best financing. Don’t limit yourself to dealership financing. It is more likely that you will be finding a great rate of interest as well as an affordable monthly payment by comparing. Opt for an extended loan term, but keep in mind that it means more paid in interest. While you’ll be able to lower your monthly expenses and you will be able to pay more than the car’s value when you have a loan period of at least 60 months. You must pay sales tax in advance. The lenders will allow you to take out a loan to finance sales tax of your vehicle but try not to. You’ll end up paying the interest — and it will only make your monthly payments more expensive. Instead of purchasing, lease. Leasing is often seen as a negative thing however, it is possible to do so with a lease. However, it could be costly if you don’t have a good credit score — and it’s impossible to sell your car at the end of your lease term. In the end, since cars should not make up more than 25 percent of your overall budget, it is essential to ensure that your monthly payments remain low. Refinancing or renegotiating is two of the best solutions in the event that you have taken out the loan at a excessive interest. Switching to a more moderate vehicle is also a solid option that can put more money in your account every month. If you’re in the market, think about saving for your down payment before shopping. It will cost you less interest and begin with a low monthly payment.
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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 also works full-time as a employee at her local library, where she assists people in her community get information on financial literacy, among other subjects.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping their readers gain the confidence to manage their finances with clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.
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