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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 providing you with interactive financial calculators and tools as well as publishing independent and objective content, by enabling users to conduct research and compare information for free to 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 Earn Money The deals that are displayed on this website are provided by companies that compensate us. This compensation may impact how and where products appear on this website, for example such things as the sequence in which they appear within the listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other products for home loans. But this compensation does affect the information we provide, or the reviews you read on this site. We do not include the vast array of companies or financial offerings that could 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. Since then, she's been published in several leading financial media outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to take control of their finances with clear, well-researched facts that break down complex subjects into digestible pieces.









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could make the monthly installment more affordable. But, you'll likely have to agree to an and pay more interest over the course of your loan. The good news is refinancing isn't your only option to lower the cost of your car. Other options are available to ease the burden of dealing with a high car loan and make space within your budget. 3 ways to lower your car payment without refinancing in the legal dotted lines to take out an auto loan typically, you'll be given a monthly payment that's due each month for a specified time. If the amount seemed reasonable when you first took out the loan however, it no longer works due to the changes in your financial situation, there are options available that do not need . 1. Request a loan modification. Contact the lender to explain the reason you're struggling to stay afloat financially and risk falling over your car loan payment. The first representative you speak to may not be able to offer any advice or alternatives, however, you can contact the loss mitigation department to locate someone who can help. Possessions can be expensive and take a lot of time and time-consuming for the lender. Therefore, they might offer to modify the terms of your loan, which could include lowering your interest rates or loan term, to make the . Alternately it is possible that the lender may accept a short-term payment plan , which involves delaying the payment for few months in order to provide you with needed financial relief. If you've been unable to make a payment on your auto loan and you've missed a payment, you might not be out of luck. However, you must inform the lender that you're experiencing financial hardship sooner rather than later. The lender might agree to break the past due balance into smaller installments that you'll be able to pay over a long period of time. 2. Exchange it to purchase a car that is less costly In the event that you're not or are owing more than it's worth -- trading your car in for a less expensive one could be a good idea. The difference in the value of your trade-in and the balance due on the current loan will decrease the amount of the new loan amount. You won't need to deal with the hassle of listing your car for sale, hoping to attract the right buyers. The current market conditions have made it easier to receive top-quality cash on your trade-in. The cost of new cars is at an all-time high, creating an increasing demand for used vehicles. Trading-in your car right now is an easy process that involves bringing it to the dealership to have them inspect the car and provide you with an offer. The price of the trade-in depends on the vehicle's model, 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 the best price. If you're considering trading into your vehicle, however it's recommended to make it happen as soon as possible. Used car prices are starting to stabilize, meaning that trade-in prices will be reduced in the near future. 3. Sell privately and buy the cheapest car you're looking to earn more from your vehicle think about . You'll need time and patience, but you could maximize the savings you make since private sales usually result in more money in the pocket of the seller. This means you'll be able to save more on your car purchase. Word of caution: There's still a nationwide sale because of supply chain issues. However, as we've mentioned earlier the market for used cars is shifting and a decrease in prices is anticipated. So, you may not make as much money from your ride as you would have a few months back in the boom in the used car market. It is advisable to refinance your loan. Refinancing your auto loan may be a good alternative if you've got excellent or excellent credit scores and can qualify to receive a lower interest rate. But here's the problem: You should apply for the loan period that is similar to or comparable to the length of time left on the current loan. If not, you'll get a lower payment but could be paying thousands of dollars more in interest over the loan term. If you're unable to come to an agreement with your lender or exchange your car to a ride that meets your requirements, refinancing may aid in avoiding repossession. Furthermore, you will get the lower payment you need and maintain credit, even when that requires you to pay the lender more interest. The next step is a large car payment could strain your budget and make you contemplate refinancing your loan. However, you'll pay more interest if you obtain a higher interest rate or a longer duration, so contact your lender to request an loan modification. You may also consider switching your current vehicle for an alternative that is less costly. Have your car appraised to find out how much it's worth and look around to see whether there are cheaper cars available with a lower monthly payment and can meet your requirements. If you come across solutions that work, you can work with a lender to obtain a new ride and car loan that could help 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. Since then, she's been featured in a variety of top financial publications, 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 writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to control their finances with clear, well-researched information that is broken down into complex subjects into digestible pieces.






Auto loans editor




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