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."

Answer
“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.

A larger down payment will decrease your total loan amount, which can lower your rates.
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.”
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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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