How to Lower Car Payment: 5 Strategies to Try

Owning a car can be expensive. Next to your rent or mortgage, your car payment can be one of your largest household expenses.

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Luckily, there are some pretty simple ways to save money on car expenses without requiring a lot of sacrifices. One of the easiest ways is to evaluate your auto financing and see if you can save money by refinancing.

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With interest rates at all-time lows, refinancing your auto loan could save you a significant amount of money, especially if your credit score has recently improved or you originally financed with a high-interest rate.

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If saving money isn't enough, there can be additional benefits to refinancing your auto loan. Here are five of the biggest ones.

Over the life of an average car loan, you can end up saving thousands of dollars in interest payments by lowering your interest rate by just a point or two.

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Lower Your Monthly Payment

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The longer the term on your loan, the more interest you'll pay over the life of the loan. If you are able to make higher payments each month, you could end up saving a significant amount in interest.

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Add Additional Loan Policy Benefits

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How to Lower Car Payment: 5 Strategies to Try

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Owning a car can be expensive. Next to your rent or mortgage, your car payment can be one of your largest household expenses.

Luckily, there are some pretty simple ways to save money on car expenses without requiring a lot of sacrifices. One of the easiest ways is to evaluate your auto financing and see if you can save money by refinancing.

With interest rates at all-time lows, refinancing your auto loan could save you a significant amount of money, especially if your credit score has recently improved or you originally financed with a high-interest rate.

Should You Refinance Your Auto Loan?

If saving money isn't enough, there can be additional benefits to refinancing your auto loan. Here are five of the biggest ones.

Over the life of an average car loan, you can end up saving thousands of dollars in interest payments by lowering your interest rate by just a point or two.

Get a Better Interest Rate

Lower Your Monthly Payment

If your household budget has changed and your other expenses have gone up, it can make sense to secure a lower monthly car payment. One way to do that is by lowering your interest rate, which you should try to do first because that is free money.

The longer the term on your loan, the more interest you'll pay over the life of the loan. If you are able to make higher payments each month, you could end up saving a significant amount in interest.

Shorten Your Loan Term

Add Additional Loan Policy Benefits

For example, Guaranteed Asset Protection or GAP coverage can cover the difference between what you owe and what the car is worth in the event of a total loss.

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