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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 published in several leading financial publications 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 passionate about helping readers to control their finances by providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.
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could make the monthly installment less expensive. However, you'll have to agree to an and pay more for the life of your loan. The good news is refinancing isn't the only way to reduce your monthly car payments. Other viable alternatives can alleviate the stress that comes with dealing with a high car payment and create wiggle to make room within your budget. Three ways to reduce your car payments without refinancing on the dotted line to take out an auto loan usually, you'll receive an installment payment due every month for a set period. If you thought the payments were feasible when you first took out the loan however it no longer works due to changes in your financial situation, there are options available that don't need . 1. Request a loan modification Contact the lender to explain that you're struggling financially and you are in danger of being in debt on auto loan payments. The first person you talk to may not be able to offer any assistance or options, but you can contact the loss mitigation department to find an individual who can assist. Possessions can be expensive and time-consuming and time-consuming for the lender. They may therefore offer to modify your loan and this could mean lowering either the rate of interest or loan duration, in order to reduce the . Or you and the lender may accept a short-term payment plan , which involves delaying your payments for a couple of months to give you urgent financial relief. If you've been unable to make the payment due to your auto loan, you may not be out of luck. But, it is important to let the lender know that you're experiencing financial difficulty sooner rather than later. The lender could agree to divide the balance due in smaller amounts to be paid over an extended period. 2. Exchange it to purchase a car that is less costly Assuming you're not -- or have a debt that is greater than you're able to pay, trading your car in for an affordable one might be a good idea. The difference in the value of your trade-in and the amount owed on the current loan will lower the new loan amount. It will also save you from having to endure the stress of advertising your car for sale, hoping to draw the right buyers. The current market conditions have made it easier to receive top-quality cash for your trade-in. The cost of new cars is at record highs and this is causing an increase in demand for used vehicles. Selling your car today is a relatively straightforward procedure that involves taking it to the dealership for them to examine the car and provide you with an offer. The price of the trade-in depends on the type, make mileage, and condition. By going to several dealerships prior to making a decision, you can negotiate a good deal. If you're considering trading for your car, it's best to make it happen as soon as possible. Prices for used cars are beginning to stabilize, which means trade-in offers will likely be reduced in the near future. 3. Sell privately and buy the cheapest car you're looking to earn more from your vehicle, consider . You will need time and patience however, you can maximize the cost savings as private sales generally mean more money for the pocket of the seller. This means you'll have more to put down on your car purchase. Be aware that there's still a for sale nationwide because of supply chain problems. But , as I mentioned the used car market is beginning to change and a decrease in the price is likely. Therefore, you might not 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 car loan could be a better option if you have excellent or good credit and are eligible to receive a lower interest rate. But here's the problem you must seek an loan term that is close to or equivalent to the remaining time on the current loan. If not, you'll get a lower payment but could pay thousands or hundreds of dollars more in interest over the loan period. If you cannot reach an arrangement with the lender or exchange your current car for one that will meet your needs, refinancing can assist you in avoiding repossession. Furthermore, you will get the lowest amount of payment and will also protect credit, even when it means paying the lender more in interest. Following steps A large car loan could stress your budget and make you think about the possibility of refinancing your loan. However, you will likely have to pay more interest if opt for a higher rate or an extended time frame, so it is advisable to talk to your lender to ask for a loan modification. Also, consider switching your current vehicle for an affordable one. Consider having your car appraised in order to determine what it's worth, and then look around to see if there are more affordable cars available with a lower monthly payment and can meet your requirements. If you discover alternatives that are viable, then work with a lender to get into a new ride and car loan that can 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 published in numerous prestigious financial 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 editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances with precise, well-researched and well-documented information that is broken down into complicated topics into bite-sized pieces.
Auto loans editor
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