How do you lower your monthly car payment?

I feel like I’m paying too much for my monthly car payments. Can I lower them?

Car loans can feel like a burden, especially if you have a long loan term of 60 months or more. Thankfully, there are a few ways you can try to lower your monthly payments.
First, you can refinance the car. This will get you a new loan on your old loan, and you can either lower your interest rate or extend the loan term to try to get smaller monthly notes.
If refinancing interests you, the Jerry app is a good place to start. On average, car owners pay $85 less every month by refinancing their auto loan. (Check to see if Jerry’s refinancing services are available in your state.)
If refinancing isn’t an option, you can try to trade your current car in for a cheaper one, whose loan will also be cheaper. You can trade in a car with a loan, but you will be responsible for any remaining balance on the existing loan if you still owe more than the car is worth.
Will Baldwin
Answered on Nov 03, 2021

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