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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 aim is to assist you make better financial decisions by offering you interactive tools and financial calculators as well as publishing independent and objective content, by enabling users to conduct studies and compare data for free and help you make sound financial decisions. Bankrate has partnerships 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 come from companies that pay us. This compensation may impact how and where products appear on the site, such as, for example, the sequence in which they appear in the listing categories, except where prohibited by law for our mortgage home equity, mortgage and other home loan products. However, this compensation will affect the information we provide, or the reviews you read on this site. We do not contain the entire universe of businesses 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 started over 10 years ago as a digital media 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.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing concise, well-researched, and well-documented information that breaks down otherwise complex topics into manageable bites.
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can make the monthly payment more affordable. However, you’ll need to agree to an and pay more for the course 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 alternatives are also possible to alleviate the burden of having to deal with a large vehicle payment and allow to make room within your budget. 3 methods to cut down on your car payments without refinancing When you sign to the contract for an auto loan, you’re generally given an installment payment due every month for a specified time. If the payment seemed doable when you took out the loan, but no longer works due to modifications in your financial circumstances There are alternatives that do not require . 1. Request an loan modification Contact the lender to inform them that you’re struggling to stay afloat financially and risk getting over your car loan payments. The first person you speak to may not offer much help or suggestions, but you can ask for an loss mitigation team to find an individual who can assist. Repossessions are expensive and time-consuming and time-consuming for the lender. Therefore, they might offer to modify the terms of your loan that could involve lowering either the rate of interest or loan term, to make the loan more affordable . Alternately, the lender may accept a short-term payment plan that involves deferring the payment for couple of months to give you some urgent financial relief. If you’ve missed the payment due to your auto loan, you may not be in the clear. But, it is important to let the lender know that you’re experiencing financial difficulty sooner rather than later. The lender may agree to split the outstanding balance into smaller installments that you’ll be able to pay over a long period of time. 2. Trade it in for a cheaper car If you’re not or owe more than what you’re able to pay, trading in your car to purchase an affordable one might be a good idea. The difference in the value of your trade-in and the amount owed on your current loan will decrease the amount of the new loan amount. And you won’t have to deal with the hassle of listing your car for sale and trying to find the perfect buyers. The current market conditions have made it easier to receive top dollar for your trade-in. The cost of new cars is at record highs and this is causing an rise in the demand for used vehicles. Selling your car today is a relatively straightforward process that involves bringing it to the dealer for them to inspect it and present you with an offer. The value of your trade-in is contingent on your vehicle’s make, model mileage, and the condition. By visiting multiple dealerships before deciding that you want to trade in your car, you will be able to negotiate a good deal. If you’re planning to trade into your vehicle, however it’s best to do it soon. The prices of used cars are beginning to stabilize, which means that trade-in prices will be reduced in the near future. 3. Sell your items privately and get a less expensive car If you want to earn even more from your vehicle think about . It will take time and patience however, you can maximize your cost savings since private sales generally mean more money in the pockets of the seller. In turn, you will have more to put down on your new car purchase. Word of caution: There’s still a nationwide sale due to supply chain issues. But as mentioned above, the used car market is beginning to shift and a drop in price points is expected. So, you may not earn as much for the car you have just some months ago during the boom in used cars. If you want to refinance, it’s best to do so. Refinancing your auto loan might be a better option to if you have good or excellent credit and can qualify to receive a lower interest rate. But here’s the catch It is important to apply for the loan period that is similar to or equivalent to the length of time left on the current loan. In the event that you don’t, you’ll receive an easier payment, but you could spend several hundred or thousands worth of additional interest during the loan term. If you cannot reach an agreement with your lender or swap your current car for a ride that meets your needs, refinancing can assist you in avoiding repossession. Additionally, you’ll get the less expensive payment you require and will also protect credit, even when that requires you to pay the lender more interest. The next step is a large car payment could burden your budget and cause you think about changing your loan. But, you’ll likely have to pay more interest if opt for a higher rate or a longer time frame, so it is advisable to contact your lender to request an loan modification. You may also consider switching your current vehicle for an alternative that is less costly. Get your car appraised to determine what it’s worth and look around to see whether there are cheaper automobiles that can come with a lower monthly payment and can meet your requirements. If you discover options that work, work with a lender to get into a new ride and car loan that could help improve your financial situation. Find out more
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Written by
Allison Martin’s work began over 10 years ago as a digital content strategist. She’s been published in numerous prestigious 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 since the end of 2021. They are passionate about helping readers gain confidence to control their finances with precise, well-researched and well-documented information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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