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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 mission is to help you make better financial decisions by offering you interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare information at no cost to help you make informed financial decisions. Bankrate has agreements 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 pay us. This compensation could affect how and when products are featured on this site, including such things as the sequence in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews you read on this site. We do not contain the universe of companies or financial offers that may be available to you.
3 min read Published August 22, 2022
Written by Allison Martin Written by
Allison Martin’s work began over 10 years ago as a digital content strategist. She’s been featured in a variety of top 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 editing and writing for Bankrate since late 2021. They are committed to helping readers to manage their finances through providing clear, well-researched facts that break down complex subjects into digestible pieces.
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This can make your monthly payments more affordable. However, you’ll need to agree to an and pay higher interest over the duration that you take out the loan. Refinancing isn’t the only method to lower your car payment. Other viable alternatives can alleviate the burden of dealing with a high car payment and create wiggle space in your budget. Three ways to reduce your car payments without refinancing in the legal dotted lines to take out an auto loan usually, you’ll receive an installment payment due each month for a certain time. If the payment seemed doable when you first took out the loan however, it no longer works due to changes in your financial situation, there are options available that don’t require . 1. Request an loan modification. Contact the lender to inform them the reason you’re struggling to stay afloat financially and risk falling in debt on auto loan payments. The first representative you speak to may not be able to offer any help or suggestions, but you could ask an loss mitigation team to identify someone who can help. Repossessions are expensive and take a lot of time to the lender. Therefore, they might offer to modify the terms of your loan that could involve decreasing either the rate of interest or loan term, to make the loan more affordable . Or you and the lender may accept a short-term payment plan , which involves delaying your payments for a couple of months to give you much-needed financial relief. If you’ve missed a payment on your auto loan but you’re not likely to be in a position to claim. However, you should communicate that you’re experiencing financial hardship sooner rather than later. The lender may agree to split the past due balance into smaller amounts to be paid over an extended period. 2. You can trade it in to purchase a car that is less costly Assuming you’re not — or owe more than what you’re able to pay, trading in your car for an affordable one might be a good idea. The difference between the trade-in value and the balance due on your current loan will lower the amount of the new loan amount. It will also save you from having to endure the stress of advertising your car for sale, hoping to draw the right buyers. Market conditions are making it easy to obtain top dollar on your trade-in. The cost of new cars is at an all-time high, creating an increasing demand for used vehicles. Selling your car today is a simple procedure that involves taking it to the dealer for them to inspect the car and provide you with an offer. The price of the trade-in depends on the vehicle’s model, type, make mileage, and condition. If you visit several dealerships before deciding to make a good deal. If you’re looking to trade into your vehicle, however, it’s best to act quickly. Prices for used cars are beginning to stabilize, which means that trade-in prices will decrease in the near future. 3. Sell privately and purchase an affordable car if you want to earn even more for your ride think about . You will need time and patience however, you can maximize the cost savings as private sales typically result in more money in the pocket of the seller. In turn, you will be able to save more on your car purchase. Be aware that there’s still a car for sale across the country because of supply chain issues. But as mentioned above the used car market is beginning to shift and a decrease in the price is likely. This means that you won’t earn as much for the car you have just a few months back in the boom in used cars. When it’s better to refinance refinancing your car loan could be a better option to if you have good or excellent credit and qualify for a lower interest rate. But here’s the problem It is important to seek the loan period that is similar to or equal to the amount of remaining on your current loan. Otherwise, you will get the lowest amount, but be paying thousands of dollars more in interest over the loan period. If you cannot reach an agreement between you and your lender or exchange your current vehicle for an alternative that is suited to your requirements, refinancing may aid in avoiding repossession. Additionally, you’ll get the less expensive payment you require and preserve your credit score, even if that requires you to pay the lender more interest. Following steps A large vehicle payment can burden your budget and cause you think about changing your loan. However, you will likely have to pay more interest if get a higher rate or an extended time frame, so it is advisable to speak with your lender to request an loan modification. Also, consider changing your car to a less expensive one. Get your car appraised to determine what it’s worth and look around to see the most affordable cars available with a lower cost per month and meet your needs. If you come across alternatives that are viable, then get in touch with an lender to secure an upgrade and car loan which could to improve your financial situation. Learn more
Allison Martin’s career started over 10 years ago as a digital content strategist, and she’s since been published in numerous prestigious financial media outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to control their finances by providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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