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How can you lower a car payment?
I'm trying to lower my month-to-month spending, and my car loan payments are taking up a solid chunk of my paycheck. How can I lower my car payment to put some more money in my pocket every month?
Matthew Macgugan · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Kudos to you for looking for extra ways to be frugal! There are a few easy ways to lower your car payment so you can keep both your vehicle and a few extra dollars in your pocket.
Refinancing your auto loan can be a good solution if you’re worried that you’ll have a hard time making payments for a while. Depending on your credit score and financial situation, you can get a lower monthly payment and lower interest rate.
Another option is talking to your lender. This is a better short-term solution, and is a common situation that lenders run into all the time. You can ask for a deferral of your payment, if you need a little time to get back on your feet, or ask for your payments to be temporarily lowered.
You can also try cutting the costs of your vehicle in areas other than its monthly payment, such as your car insurance premium. If you want to easily make sure that you’re getting the best deal on the coverage you need, check out the
Jerry
app. We’ll get you personalized quotes from over 50 of the nation’s leading providers, so that all you need to do is pick the plan that works best for you. And once you pick a plan, we’ll even help you switch.Best of luck with the budget!
MORE: Does refinancing a car hurt your credit score?
View full answer
- Gregory R.
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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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