How can I lower my monthly car loan payments without refinancing?

"Can I lower my monthly car payments without refinancing? I have a car loan, but I want to lower the monthly payments."

Answer
“Unfortunately, you can’t lower your monthly payments without refinancing. You’re locked into that price each month until you pay off the loan or refinance.
You can trade in your car, but you have to be careful. Cars depreciate quickly and the value of your current car may not be what the current loan is worth.
The remaining balance of your loan will transfer to a new vehicle and you could be upside down on a new vehicle after trade in.”
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Eric Schad
Answered on Jul 28, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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