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How can I lower the monthly payment on my car loan?
"How can I lower the monthly payment on my car loan? I was looking at lenders for a car loan, but some of the monthly quotes are out of my price range."
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“To lower your monthly payment, you can do a number of things:
You can extend your loan for a longer period.
Although your interest rate will be higher, your monthly payments will be lower.
You could also pay a larger downpayment.
And as you would with
car insurance
, make sure that you shop around at credit unions and banks to get the best rate possible, which will also help to lower your monthly payment.”View full answer
- Gregory R.
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