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How can I lower my car payment?
How can I lower my monthly car payment? I just got a luxury car and paid a hefty down payment for it to lower my financing rate. Is there any way I can save further monthly?
Hana Sabah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Congrats on your luxury car—you deserve it! Luxury doesn’t tend to come cheap, though.
Luckily, there are some hacks to lower your car payment each month. You could:
- Choose a longer loan term: The longer the term, the less you pay monthly. But some buyers don’t think this is a cost-effective method because you will likely end up paying more interest in the long run.
- Make a down payment: It sounds like you’ve already done this, but the more you initially pay when buying a car, the less you’ll have to borrow and pay monthly. It could take a bit of saving up and time to do so, but it does help your wallet.
- Talk to your lender: If you’re feeling like you’re at risk of falling behind with your payments or have missed a few already, you should talk to your lender as soon as possible. Most of the time, your lender can offer you a payment plan to help get back on track.
- Refinance your auto loan: If your credit has improved, interest rates have dropped since your first loan, or you’re just not sure if you’ve got the best deal out there, you could apply torefinance your carfor a lower interest rate and better terms. If you qualify, it would lower your monthly payment.
Are you exhausting your monthly budget earlier and earlier? Saving money on your car insurance is one way you can lower your burden each month. And the
Jerry
app can help.Jerry will gather low-cost car insurance quotes tailored to your needs and help you switch to a new provider should you find a better rate. And Jerry can do the same with your car loan! Refinance through Jerry today to reduce your monthly payments and rest easier.”
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- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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