How do I lower my monthly car payments?

I had to change jobs and my new job has lower pay. How can I lower my car loan payments to adjust for this drop in income?

Answer
Sorry to hear that you had to switch jobs, but you can lighten the financial impact by lowering your monthly car loan payments. Your two best options to do this are:
  • Refinancing your car loan at a better interest rate
  • Refinancing your loan and extending the length or term of the loan
In the future, you could always purchase a used car, which can lower your monthly payments by about an average of $100 to $150.
If you want to save even more money, make sure to shop for car insurance every renewal period. The easiest way to do this is through the Jerry app—we’ll get you personalized quotes from dozens of top insurers so that all you need to do is choose the right coverage for your needs, at the best price point.
Best of luck with your car loan, and with the job hunt!
Eric Schad
Answered on Oct 25, 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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