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Is it possible to lower your monthly car payment without refinancing?
Is there any way to lower your monthly payment without refinancing? I want to refinance my car to get a lower monthly rate. However, I'm also shopping for a home soon. I'm worried that the refinance will lower my credit score.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“In most cases, no. You’ll have to refinance to get a lower rate.
However, you might be able to contact your bank and see if they’re willing to negotiate a lower monthly payment by extending the
loan for a longer-term
.If you decide to refinance, make sure to shop around just like you would with
car insurance
to help you find the best rates. Don’t feel like you have to go through the same lender if they’re not offering a competitive rate.”
View full answer
- Gregory R.
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