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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 that provide objective and original content, by enabling you to conduct research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies who pay us. This compensation may impact how and where products appear on the site, such as, for example, the order in which they may be listed within the categories of listing, except where prohibited by law. Our mortgage, home equity and other products for home loans. This compensation, however, does not influence the information we provide, or the reviews that you read on this site. We do not include the universe of companies or financial offers that may be available to you.
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3 min 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. She’s been featured in a variety of top financial 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 dedicated to helping their readers feel confident to take control of their finances through providing clear, well-researched facts that break down otherwise complicated topics into bite-sized 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 for the life that you take out the loan. It’s good to know that refinancing isn’t the only method to reduce your monthly car payments. Other options are available to ease the stress that comes with having to deal with a large vehicle payment and allow space within your budget. 3 ways to lower your car payments without refinancing When you sign in the legal dotted lines to get an auto loan, you’re generally given the option of a monthly installment that is due every month for a set period. If the payment seemed doable 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 a loan modification. Contact the lender to inform them that you’re struggling to stay afloat financially and risk falling in debt on auto loan payment. The first person you speak to may not be able to offer any assistance or options, but you could ask the loss mitigation department to locate an individual who can assist. Repossessions are expensive and time-consuming for the lender. So, they may be willing to alter the terms of your loan that could involve cutting down on the interest rate or loan term, to make the . Alternately, the lender may agree to a short-term payment plan that involves deferring you payments over a few months to give you much-needed financial relief. If you’ve been unable to make an installment on 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 hardship sooner rather than later. The lender may agree to split the outstanding balance into smaller amounts that you’ll pay over a longer period. 2. You can trade it in for a cheaper car If you’re not or owe more than what it’s worth , trading in your car to purchase one that is less costly could be a good idea. The difference between the trade-in value and the balance due on the current loan will decrease the new loan amount. And you won’t have to go through the hassle of putting your vehicle up for sale and trying to find the perfect buyers. Market conditions are making it much easier to get top-quality cash for your trade-in. Prices for new cars are at an all-time high and this is causing an rise in the demand for used vehicles. Trade-in your car now is a simple process that involves bringing it to the dealer for them to inspect the vehicle and make an offer. The price of the trade-in depends on the type, make, mileage and 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 considering trading into your vehicle, however it’s recommended to make it happen as soon as possible. The prices of used cars are beginning to stabilize, which means 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 patience and time however, you can maximize your cost savings since private sales generally mean more money for the seller’s pocket. This means you’ll have more to put down on your car purchase. A word of caution: 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 shift and a decline in the price is likely. This means that you won’t make as much money from your ride as you would have in the last few months in the boom in the used car market. If you want to refinance, it’s best to do so. Refinancing your auto loan could be a better alternative if you’ve got excellent or excellent credit scores and qualify for a lower interest rate. However, here’s the catch It is important to request the loan term that is close to or comparable to the amount of time left on your current loan. Otherwise, you will get the lowest amount, but pay thousands or hundreds on interest for the loan duration. If you are unable to reach an agreement with your lender or exchange your car to an alternative that is suited to your needs, refinancing can also help you avoid repossession. Additionally, you’ll get the less expensive payment you require and maintain your credit score, even if it means paying the lender more interest. Next steps A hefty car payment could stress your budget and make you contemplate refinancing your loan. However, you will likely have to pay more interest if obtain a higher interest rate or a significantly longer duration, so contact your lender to request a loan modification. You may also consider swapping your current ride for an alternative that is less costly. Get your car appraised to determine how much it’s worth and shop around to determine whether there are cheaper cars available with a lower cost per month and meet your needs. If you find options that work, work with a lender to secure a new ride and car loan which could improve your financial situation. Learn more
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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.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to control their finances with clear, well-researched information that breaks down otherwise complex topics into manageable bites.
Auto loans editor
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