Open navigation Main Menu Mortgages

Financing your home purchase or refinancing your current loan Finding the right lender Additional Resources

Looking for a financial advisor? Try our three minute test and match the advisor you want today.

Main Menu Banking

Calculators to compare accounts Use the calculators and get help from bank reviews

Looking for a financial advisor? Try our three minute test and then match up to an adviser today.

Main Menu Credit cards

Compare by category Compare using credit Compare by issuer Get help

Are you looking for the perfect credit card? You can narrow your search using CardMatch(tm)

Main Menu Loans

Personal Auto Loans, Loans for Students, and Loans to Autos Calculators for loans

Find an individual loan in 2 minutes or less. Answer a few questions to be offered loans, with no effect on your credit score.

Main Menu for Investing

Best of Brokerages and robo-advisors . Learn the basics Additional information

Looking for a financial advisor? Do our 3-minute quiz and then match up with an advisor today.

Main Menu Home equity

Get the best rates Lender reviews. Use calculators. Knowledge base

Looking for a financial advisor? Take our 3 minute quiz and then match up the advisor you want today.

Main Menu Real estate

Home selling or buying an investment property Finding the right agent Additional resources

Looking for a financial advisor? Do our 3-minute quiz and then match up the advisor you want today.

Main Menu Insurance

Car Insurance Homeowners insurance Other insurance reviews of the company

Looking for a financial advisor? Try our three minute test and then match up with an advisor today.

Main Menu Retirement

Retirement plans & accounts Find out the basics about retirement calculators Additional resources

Looking for a financial advisor? Try our three minute test and then match up to an adviser today.

Open search Close search

Submit

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 choices by providing you with financial calculators and interactive tools, publishing original and objective content. We also allow users to conduct research and compare information at no cost – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that pay us. This compensation may impact how and when products are featured on this site, including such things as the order in which they may appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other home loan products. This compensation, however, does not influence the information we provide, or the reviews appear on this website. We do not contain the universe of companies or financial offers that may be accessible to you.

SHARE:

DjelicS/Getty Images

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 media strategist, and she’s since 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 writing and editing for Bankrate since late 2021. They are committed to helping readers feel confident to control their finances through providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.

The Bankrate promise

More details

At Bankrate we strive to help you make better financial decisions. While we adhere to strict journalistic integrity ,

this post may contain the mention of products made by our partners. Here’s a brief explanation of how we make money .

The promise of the Bankrate promise

In 1976, Bankrate was founded. Bankrate has a long record of helping people make wise financial decisions.

We’ve maintained this reputation for more than four decades through demystifying the financial decision-making

process, as well as giving individuals confidence about what actions to follow next. Bankrate has a very strict ,

So you can be sure that we’re putting your interests first. Our content is authored with and edited ,

They ensure that what we write ensures that everything we publish is accurate, objective and trustworthy. Our loans journalists and editors focus on the things that consumers care about most — various kinds of loans available as well as the best rates, the best lenders, ways to pay off debt and many more, so you’ll be able to feel secure when investing your money.

Integrity in editing

Bankrate follows a strict standard of conduct, which means you can be confident that we’ll put your needs first. Our award-winning editors, reporters and editors produce honest and reliable information to aid you in making the best financial decisions. The key principles We respect your confidence. Our mission is to provide readers with accurate and unbiased information. We have standards for editorial content in place to ensure this occurs. Our editors and reporters thoroughly verify the truthfulness of content in order to make sure that what you read is true. We maintain a firewall with our advertising partners and the editorial team. Our editorial team doesn’t receive direct compensation through our sponsors. Editorial Independence Bankrate’s team of editors writes for YOU – the reader. Our aim is to provide you the best advice to assist you in making smart financial choices for your own personal finances. We follow rigorous guidelines that ensure our content is not influenced by advertisers. Our editorial team receives no any compensation directly from advertisers and our content is thoroughly fact-checked to ensure accuracy. Therefore, whether you’re reading an article or review, you can trust that you’re getting credible and dependable information.

How can we make money?

There are money-related questions. Bankrate can help. Our experts have been helping you manage your money for more than four years. We continually strive to provide consumers with the expert guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our information is trustworthy and accurate. Our award-winning editors and reporters produce honest and reliable content that will help you make the best financial decisions. Our content produced by our editorial staff is factual, objective and uninfluenced by our advertisers. We’re open about how we are in a position to provide quality information, competitive rates and helpful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and services, or when you click on specific links on our website. So, this compensation can impact how, where and in what order items appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other home lending products. Other elements, such as our own rules for our website and whether a product is offered in the area you reside in or is within your self-selected credit score range can also impact how and when products appear on this website. We strive to provide the most diverse selection of products, Bankrate does not include information about every financial or credit product or service.

can make the monthly payment more affordable. However, you’ll need to agree to an and pay more for the life of the loan. The good news is refinancing isn’t the only method to lower the cost of your car. Other options are available to ease the burden of having to deal with a large car loan and make to make room within your budget. Three ways to reduce the cost of your car without refinancing When you sign on the dotted line for an auto loan typically, you’ll be given an installment payment due every month for a specified time. If the amount seemed reasonable 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 for a loan modification. Contact the lender to inform them that you’re struggling to stay afloat financially and you are in danger of being over your car loan payment. The first representative you speak to may not be able to offer any help or suggestions, but you can ask for the loss mitigation department to locate someone who can help. Possessions can be expensive and take a lot of time for the lender. They may therefore be willing to modify your loan, which could include lowering your interest rates or loan term, to make the loan more affordable . Or you and the lender may accept a short-term arrangement that allows you to defer you payments over a couple of months to give you some urgent 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 out of luck. However, you should communicate that you are experiencing financial difficulties sooner rather than later. The lender might agree to break the balance due in smaller installments that you’ll be able to pay over a long period of time. 2. Exchange it for a cheaper car If you’re not or are owing more than you’re able to pay, trading in your car for one that is less costly could be beneficial. The difference between the trade-in value and what is owed on your current loan will lower the amount of the new loan amount. And you won’t have to go through the hassle of advertising your car for sale and trying to find the perfect buyers. Market conditions are making it much easier to get top-quality cash in exchange for your used car. New car prices are at record highs, creating an increasing demand for used cars. Trading-in your car right now is a simple process that involves bringing it to the dealership to have them inspect the car and provide you with an offer. The value of your trade-in is contingent on the type, make and mileage as well as its the condition. If you visit several dealerships before making your decision, you can negotiate a good deal. If you’re looking to trade in your car, though it’s best to make it happen as soon as possible. The prices of used cars are beginning to stabilize, meaning that trade-in prices will be lower soon. 3. Sell your items privately and get a less expensive car If you want to earn even more from your vehicle think about . You will need time and patience however, you can 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 your car purchase. Be aware that there’s still a car for sale across the country due to supply chain issues. But as mentioned above, the used car market is beginning to change and a decrease in prices is anticipated. Therefore, you might not earn as much for your ride as you would have some months ago during the boom in the used car market. It is advisable to refinance your loan. refinancing your car loan may be a good option to if you have good or excellent credit and can qualify to receive a lower interest rate. However, here’s the catch It is important to request an loan duration that is similar to or equal to the amount of remaining on your current loan. If not, you’ll get the lowest amount, but pay thousands or hundreds of dollars more in interest over the loan duration. If you cannot reach an agreement between you and your lender or swap your current car for one that will meet your requirements, refinancing could assist you in avoiding repossession. Additionally, you’ll get the lowest amount of payment and preserve the credit rating, even though that means paying the lender more in interest. Next steps A hefty car loan could burden your budget and cause you contemplate refinancing your loan. However, you will likely pay more interest if you obtain a higher interest rate or an extended duration, so talk to your lender to request an loan modification. Also, consider changing your car to an affordable one. Get your car appraised to find out how much it’s worth, and then look around to see if there are more affordable cars available with lower monthly payments and will meet your requirements. If you find alternatives that are viable, then work with an lender to obtain the purchase of a new car and loan that can help to improve your financial situation. Learn more

SHARE:

Written by

Allison Martin’s work began over 10 years ago as a digital media strategist, and she’s since 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 control their finances through providing precise, well-researched and well-documented information that breaks down complex topics into manageable bites.

Auto loans editor

Similar Articles: Auto Loans 5 min read March 23 2023

Auto Loans 3 min read January 30, 2023

Auto Loans 5 min read on Nov 16 2022

Auto Loans 2 min read June 30, 2022

About

Help

Legal Cookie settings Don’t sell my info

How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services or for you clicking specific links on our site. Therefore, this compensation may affect the way, location and in what order products appear in listing categories, unless prohibited by law for our mortgage or home equity products, as well as other home lending products. Other factors, such as our own proprietary website rules and whether a product is available within your region or within your own personal credit score can also impact the way and place products are listed on this site. While we strive to provide the most diverse selection of products, Bankrate does not include information about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

|

(c) 2023 Bankrate, LLC. A Red Ventures company. All Rights reserved.

Here’s more info about online payday loans ohio money same day take a look at the webpage.