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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 goal is to help you make better financial choices by providing you with interactive tools and financial calculators that provide objective and original content. This allows you to conduct research and compare data for free — so that you can make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site come from companies who pay us. This compensation could affect how and when products are featured on this website, for example, for example, the order in which they be listed within the categories of listing in the event that they are not permitted by law for our mortgage, home equity and other home lending products. This compensation, however, does not influence the information we publish, or the reviews you read on this site. We do not contain the entire universe of businesses or financial deals that may be open to you.

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3 minutes read. Published August 22 2022

Written by Allison Martin Written by

Allison Martin’s career began more than 10 years ago as a digital media strategist, and she’s since been published in numerous prestigious financial 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 writing and editing for Bankrate since late 2021. They are committed to helping readers to control their finances with clear, well-researched data that breaks otherwise complex subjects into digestible pieces.

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This can make your monthly payments less expensive. However, you will likely need to agree to an and pay more for the life of the loan. It’s good to know that refinancing isn’t the only way to lower the cost of your car. Other options are available to ease the burden of dealing with a high car payment and create wiggle to make room within your budget. 3 ways to lower your car payment without refinancing to the contract for an auto loan, you’re generally given a monthly payment that’s due each month for a certain time. If you thought the payments were feasible when you took out the loan however it no longer works due to the changes in your financial situation, there are options available that don’t need . 1. Request an loan modification Contact the lender to inform them that you are struggling to stay afloat financially and are at risk of being behind on your auto loan payment. The first person you talk to may not offer much advice or alternatives, however, you could ask an loss mitigation team to identify someone who can assist. Possessions can be costly and time-consuming to the lender. They may therefore be willing to modify your loan that could involve lowering either the rate of interest or loan term, to make the loan more affordable . Or, the lender might accept a short-term payment plan , which involves delaying you payments over a few months to give you some much-needed financial relief. If you’ve already missed the payment due to your auto loan, you may not be in a position to claim. But, it is important to let the lender know that you’re experiencing financial difficulties sooner rather than later. The lender might agree to break the balance due in smaller amounts that you’ll pay over a long period of time. 2. You can trade it in to purchase a car that is less costly If you’re not or owe more than what you’re able to pay, trading in your car for an affordable one might be sensible. The difference between the trade-in value and what is owed on your current loan will reduce the new loan amount. You won’t need to deal with the hassle of listing your car for sale, hoping to draw the right buyers. Current market conditions have made it easier to receive top dollar in exchange for your used car. The cost of new cars is at record highs and this is causing an rise in the demand for used cars. Trade-in your car now is a simple procedure that requires you to bring it to the dealer to have them inspect the car and provide you with an offer. The trade-in value is based on your vehicle’s make, model, mileage and condition. By visiting multiple dealerships before deciding that you want to trade in your car, you will be able to negotiate an excellent deal. If you’re considering trading in your car, though it’s recommended to act quickly. Used car prices are starting to stabilize, which means trade-in offers will likely be lower soon. 3. Sell privately and buy the cheapest car you are looking to make more from your vehicle take a look . You’ll need patience and time however, you can maximize your cost savings since private sales typically result in more money for the seller’s pocket. You will have more to put down on your new car purchase. Be aware that there’s still a for sale nationwide because of supply chain issues. But as mentioned above the market for used cars is beginning to change and a decrease in price points is expected. So, you may not make as much money from your ride as you would have just some months ago in the used car market boom. 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 are eligible for a lower interest rate. However, here’s the catch It is important to request a loan duration that is similar to or comparable to the length of remaining 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 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 it will mean paying the lender more interest. Next steps A hefty vehicle payment can stress your budget and make you consider refinancing your loan. However, you’ll be charged more for interest if you get a higher rate or a longer term, so you should contact your lender to ask for the loan modification. Consider also changing your car to an affordable one. Have your car appraised to find out how much it’s worth. Then, shop around to determine whether there are cheaper automobiles that can come with a lower cost per month and will meet your requirements. If you discover options that work, get in touch with an lender to obtain a new ride and car loan that can help you improve your financial position. Learn more

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Written by

Allison Martin’s career started over 10 years prior to that as a digital content strategist. She’s been published in numerous prestigious 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 manage their finances with clear, well-researched information that breaks down complicated topics into bite-sized pieces.

Auto loans editor

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