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3 min read Published August 22 2022
Written by Allison Martin Written by
Allison Martin's career began more than 10 years ago as a digital content strategist. Since then, she's been featured in a variety of top 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 late 2021. They are dedicated to helping their readers feel confident to manage their finances by providing concise, well-researched, and well-documented facts that break down otherwise complicated topics into bite-sized pieces.
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can make the monthly payment easier to afford. However, you'll have to agree to an and pay more for the duration of your loan. It's good to know that refinancing isn't the only method to lower your car payment. Other options are available to ease the added stress of having to deal with a large vehicle payment and allow room in your budget. 3 methods to cut down on your car payment without refinancing on the dotted line to take out 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 amount seemed reasonable at the time you signed the loan however it hasn't been able to work due to changes in your financial situation There are alternatives that don't need . 1. Request an loan modification. Contact the lender to explain that you are struggling to stay afloat financially and are at risk of being over your car loan payment. The first person you speak to might not provide much advice or alternatives, however, you can ask for an loss mitigation team to find an individual who can assist. Repossessions are expensive and take a lot of time and time-consuming for the lender. So, they may be willing to alter the terms of your loan and this could mean cutting down on either the rate of interest or loan term, to make the . Or, the lender may offer a shorter-term payment plan , which involves delaying the payment for couple of 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 in a position to claim. However, you must inform the lender that you're experiencing financial difficulty sooner instead of later. The lender might agree to break the balance due in smaller installments that you'll be able to pay over a longer period. 2. You can trade it in for a less expensive car In the event that you're not or have a debt that is greater than it's worth , trading your car in for one that is less costly could be a good idea. The difference between the value of the trade-in and the amount owed on the current loan will decrease the amount of the new loan amount. You won't need to go through the hassle of listing your car for sale and trying to find the perfect buyers. Market conditions are making it easy to obtain the highest price in exchange for your used car. Prices for new cars are at record highs which is leading to an increase in demand for second-hand vehicles. Trading-in your car right now is a simple process that involves bringing it to the dealership to have them inspect the car and provide you with an offer. The value of your trade-in is contingent on the vehicle's model, manufacturer, model mileage, and the condition. By going to several dealerships prior to making a decision, you can negotiate a good deal. If you're looking to trade into your vehicle, however, it's best to do it soon. Prices for used cars are beginning to stabilize, meaning trade-in offers will likely decrease in the near future. 3. Sell privately and buy the cheapest car you're looking to earn more from your vehicle take a look . You will need patience and time and effort, but you could increase 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 your car purchase. A word of caution: There's still a car for sale across the country because of supply chain problems. But as mentioned above the market for used cars is shifting and a drop in price points is expected. This means that you won't earn as much for the car you had a few months back in the boom in used cars. It is advisable to refinance your loan. Refinancing your auto loan may be a good alternative if you've got good or excellent credit and can qualify for a lower rate of interest. But here's the problem: You should request an loan period that is similar to or equal to the amount of time left 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 agreement between you and your lender or swap your car to a ride that meets your needs, refinancing can also help you avoid repossession. In addition, you'll receive the lower payment you need and will also protect credit, even when it requires you to pay the lender more in interest. The next step is a large car payment could stress your budget and make you contemplate the possibility of refinancing your loan. However, you'll pay more interest if you get a higher rate or an extended duration, so speak with your lender to ask for a loan modification. Also, consider changing your car to a less expensive one. Have your car appraised to find out how much it's worth. Then, explore options to determine whether there are cheaper vehicles out there that come with a lower monthly payment and meet your needs. If you come across options that work, get in touch with a lender to secure the purchase of a new car and loan that could help you improve your financial position. 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. She's been published in numerous prestigious financial media 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 confidence to manage their finances with concise, well-studied information that is broken down into complex subjects into digestible pieces.
Auto loans editor
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