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.

Answer provided by
Eric Schad
Answered on Jul 13, 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.
“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.”

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