6 Tested Ways To Get Lower Car Payment

It is becoming increasingly difficult to own a car in the USA even with a car loan to facilitate. Amidst the financial crush, to get a lower car payment can be the key to relieve some stress without having to compromise on the living style.

The average loan amount taken out for new cars has increased to $35,000 which is up by almost $2000. Whereas the average monthly payment is $563 for new vehicles, $397 for used and $450 for leased.

If your financial burden is becoming unbearable it is understandable to want to get lower car payment options. Here are 7 ways you can achieve it.

How To Lower Car Payment?

If you are searching for ways to lower your car loan, these 7 tips might come in handy to you.

Refinancing For a Lower Interest Rate

If you keep on paying high amount of car loan, it can take a big dig at your finances. Or you were lured to a bad deal and where the interest rate was higher than normal. For saving yourself from such scams, make use of an online auto loan refinance calculator and know how much saving you can do by switching to a lower rate. Refinancing has the ability to save you around $2000 annually.

Refinance For A Longer Term

It is very common to know that taking a short-term auto loan reduces overall interest rate – however, it also hikes the monthly car loan payments.

Increasing the time period can help lower car payment every month and give a smooth time span for repayment. Good news for you is that refinancing can give you the choice to choose from 36 months to 84 months.

Discuss your situation with the lender

This strategy works best when you are having trouble making payments on a temporary basis. Fix a meeting with your lender and talk to them or him about this situation which quite common these days. Just ask if there is an option to skip a payment like have a payment deferral or to have lower payments for some months.

Get A Cheap Car

If you can’t pay a long-term and refinancing seems like a miss to you, it is better to sell off your expensive car and trade with a less cost one. This way you can even make some money for your car. But how can you sell a car and get lower car payment for yourself while still on loan?

All you need to do is clean and wash your car, search for the best lighting to take its photos and then talk to the lender about it.

Otherwise you can log into your online account for auto loan to get the payoff amount. This is usually how much you would need to pay off the car in total. You can enlist the car at a higher price to decrease some in negotiation and still cover what you need.

Trade Off In Dealership

Trading is the best option when you don’t want to sell off the car on your own. This is also suitable if you cannot refinance to lower payments for the long term. The best part is that almost every dealer accepts trade-ins.

Lease Of Car

A major advantage related to it is the low car loan payment. If you have given away your car, and still require a vehicle and are hesitant to get into a long-term loan again, leasing is a good option.

You may be able to get 3 types of lease, which are:

  • New car lease
  • Used lease
  • Lease takeover


Getting a car in this day and age is difficult with the current inflation rate all over the world. And in such a case scenario, you can use these tips to lower your car payment. Contact us from Advantage Finance LLC for best title loans Visit us or call at 281 410 5337.

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