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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 choices by providing you with financial calculators and interactive tools as well as publishing independent and objective content. We also allow you to conduct research and compare information for free and 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 Earn money The products that appear on this site are from companies that compensate us. This compensation could affect how and when products are featured on the site, such as such things as the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage or home equity products, as well as other home lending products. However, this compensation will not influence the information we publish, or the reviews that appear on this website. We do not contain the entire universe of businesses or financial offerings that could be open 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 such as 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 committed to helping readers feel confident to control their finances by providing clear, well-researched facts that break down otherwise complex topics into manageable bites.

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can make the monthly payment less expensive. But, you’ll likely be required to accept and pay more for the life that you take out 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 stress that comes with having to deal with a large car payment and create wiggle to make room in your budget. 3 ways to lower your car payment without refinancing When you sign in the legal dotted lines to get an auto loan typically, you’ll be given the option of a monthly installment that is due each month for a set period. If the payment seemed doable when you first took out the loan however it no longer works due to the changes in your financial situation There are other options that don’t need . 1. Request for a loan modification. Contact the lender to let them know that you’re struggling financially and risk getting over your car loan payment. The first person you speak to might not provide much assistance or options, but you can ask for Loss mitigation to locate someone who can help. Repossessions are expensive and time-consuming for the lender. So, they may offer to modify your loan, which could include cutting down on either the rate of interest or loan term, to make the loan more affordable . Alternatively it is possible that the lender might agree to a short-term arrangement that allows you to defer your payments for a couple of months in order to provide you with urgent financial relief. If you’ve been unable to make 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 facing financial difficulty sooner instead of later. The lender may agree to split the outstanding balance into smaller installments that you’ll be able to pay over a longer period. 2. You can trade it in to purchase a car that is less costly In the event that you’re not or are owing more than you’re able to pay, trading in your car to purchase a less expensive one could be beneficial. The difference between the value of the trade-in and the amount owed on the current loan will lower the new loan amount. You won’t need to endure the stress of advertising your car for sale, hoping to draw the right buyers. Market conditions are making it easy to obtain top-quality cash in exchange for your used car. The cost of new cars is at an all-time high which is leading to an increasing demand for used vehicles. Trading-in your car right now is a relatively straightforward 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 vehicle’s model, make, model mileage, and condition. By going to several dealerships prior to making a decision, you can negotiate an excellent deal. If you’re looking to trade for your car it’s recommended to act quickly. The prices of used cars are beginning to stabilize, which means the offers for trade-ins will decrease in the near future. 3. Sell your items privately and get the cheapest car you want to earn even more for your ride think about . You’ll need time and patience and effort, but you could increase the cost savings as private sales typically result in more money in the seller’s pocket. This means you’ll be able to save more on your new car purchase. Be aware that there’s still a car for sale across the country because of supply chain issues. However, as we’ve mentioned earlier the used car market is beginning to change and a decrease in prices is anticipated. This means that you won’t make as much money from your ride as you would had a few months back in the boom in the used car market. When it’s better to refinance Refinancing your auto loan might be a better option if you have excellent or excellent credit scores and are eligible for a lower rate of interest. But here’s the catch you must request a loan period that is similar to or equivalent to the length of time left on your current loan. In the event that you don’t, you’ll receive a lower payment but could be paying thousands on interest for the loan term. If you are unable to reach an arrangement with the lender or exchange your car to one that will meet your requirements, refinancing could also help you avoid repossession. Additionally, you’ll get the lowest amount of payment and will also protect credit, even when it requires you to pay the lender more in interest. The next step is a large vehicle payment can strain your budget and make you think about refinancing your loan. However, you’ll be charged more for interest if you obtain a higher interest rate or a significantly longer duration, so speak with your lender to ask for the loan modification. You may also consider swapping your current ride for a less expensive one. Get your car appraised to determine how much it’s worth. Then, explore options to determine whether there are cheaper cars available with a lower cost per month and can meet your requirements. If you discover alternatives that are viable, then get in touch with a lender to secure a new ride and car loan that could help to improve your financial situation. Find out more

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Written by

Allison Martin’s work began over 10 years prior to that as a digital content strategist, and she’s since been published in numerous prestigious 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 editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to control their finances by providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.

Auto loans editor

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