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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 decisions by providing you with interactive tools and financial calculators that provide objective and original content, by enabling users to conduct research and compare information at no cost to help you make informed financial decisions. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that compensate us. This compensation could affect how and where products appear on this site, including such things as the sequence in which they be listed within the categories of listing, except where prohibited by law. Our mortgage, home equity and other home lending products. This compensation, however, does not influence the information we provide, or the reviews you see on this site. 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 started over 10 years ago as a digital content strategist. She’s been published in numerous prestigious 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 the end of 2021. They are committed to helping readers gain the confidence to control their finances by providing concise, well-researched, and well-documented data that breaks complex subjects into digestible pieces.

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can make the monthly payment more affordable. But, you’ll likely need to agree to an and pay more interest over the course of your loan. Refinancing isn’t the only way to lower your car payment. Other options are available to ease the stress that comes with paying a huge car payment and create wiggle to make room within your budget. Three ways to reduce your car payment without refinancing to the contract for an auto loan usually, you’ll receive a monthly payment that’s due every month for a set period. If the amount seemed reasonable when you first took out the loan however it no longer works due to modifications in your financial circumstances, there are options available that do not need . 1. Request a loan modification Contact the lender to explain that you’re struggling to stay afloat financially and are at risk of getting in debt on auto loan payments. The first person you talk to might not provide much help or suggestions, but you can ask for an loss mitigation team to identify an individual who can assist. Possessions can be expensive and take a lot of time and time-consuming for the lender. They may therefore offer to modify your loan that could involve cutting down on the interest rate or loan duration, in order to reduce the loan more affordable . Alternately you and the lender might agree to a short-term payment plan that involves deferring you payments over a few months in order to provide you with needed financial relief. If you’ve been unable to make a payment on your auto loan but you’re not likely to be out of luck. But, it is important to let the lender know that you’re experiencing financial difficulties sooner instead of later. The lender may agree to split the balance due in smaller amounts to be paid over an extended period. 2. Exchange it to purchase a car that is less costly If you’re not or are owing more than it’s worth — trading in your car to purchase an affordable one might be sensible. The difference between the trade-in value and what is owed on your current loan will lower the new loan amount. It will also save you from having to deal with the hassle of listing your car for sale, trying to find the perfect buyers. The current market conditions have made it easier to receive the highest price for your trade-in. Prices for new cars are at an all-time high, creating an rise in the demand for used cars. Trading-in your car right now is a relatively straightforward process that involves bringing it to the dealership for them to inspect it and present you with an offer. The price of the trade-in depends on the manufacturer, model mileage, and the condition. By going to several dealerships prior to making a decision, you can negotiate an excellent deal. If you’re considering trading into your vehicle, however it’s best to make it happen as soon as possible. The prices of used cars are beginning to stabilize, meaning the offers for trade-ins will decrease in the near future. 3. Sell your items privately and get the cheapest car you’re looking to earn more for your ride think about . You will need patience and time, but you could maximize the cost savings as private sales usually result in more money for the pockets of the seller. This means you’ll have more money to spend on the purchase of your next car. A word of caution: There’s still a for sale nationwide because of supply chain problems. But , as I mentioned, the used car market is beginning to shift and a decline in price points is expected. Therefore, you might not earn as much for your ride as you would have some months ago in the used car market boom. When it’s better to refinance the auto loan could be a better option to if you have good or excellent credit and qualify for a lower rate of interest. However, here’s the catch: You should apply for the loan period that is similar to or equal to the amount of remaining on the current loan. Otherwise, you will get an easier payment, but you could spend several hundred or thousands of dollars more in interest over the loan term. If you’re unable to come to an agreement with your lender or swap your car to a ride that meets your requirements, refinancing could aid in avoiding repossession. In addition, you’ll receive the lowest amount of payment and will also protect the credit rating, even though that requires you to pay the lender more interest. Following steps A large vehicle payment can strain your budget and make you think about changing your loan. However, you will likely have to pay more interest if obtain a higher interest rate or an extended term, so you should talk to your lender to ask for an loan modification. Consider also changing your car to an affordable one. Consider having your car appraised in order to find out how much it’s worth. Then, shop around to determine the most affordable cars available with lower monthly payments and will meet your requirements. If you come across alternatives that are viable, then get in touch with an 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 career began more than 10 years ago as a digital content strategist. She’s been featured in a variety of top financial media 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 editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances by providing precise, well-researched and well-documented information that breaks down complex topics into manageable bites.

Auto loans editor

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