{"id":256,"date":"2026-05-13T11:21:10","date_gmt":"2026-05-13T11:21:10","guid":{"rendered":"https:\/\/www.way.com\/auto-refinance\/guide\/?p=256"},"modified":"2026-05-13T11:21:40","modified_gmt":"2026-05-13T11:21:40","slug":"how-to-lower-car-payments","status":"publish","type":"post","link":"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-lower-car-payments\/","title":{"rendered":"How to lower car payments"},"content":{"rendered":"<p><i><span data-contrast=\"auto\">Here are the common ways on how to lower your car payments. Whether you&#8217;re already paying car loan monthly amounts or considering taking a loan to buy a new car, consider these options to get the most value for money.<\/span><\/i><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-lower-car-payments\/#How_to_lower_car_payments\" >How to lower car payments<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-lower-car-payments\/#Refinance_your_loan_to_get_a_lower_interest_rate\" >Refinance your loan to get a lower interest rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-lower-car-payments\/#Refinance_your_car_loan_payment_with_a_longer-term\" >Refinance your car loan payment with a longer-term\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-lower-car-payments\/#Refinance_and_get_a_co-signer_on_the_loan\" >Refinance and get a co-signer on the loan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-lower-car-payments\/#Avoid_dealership_lending_while_taking_out_a_loan\" >Avoid dealership lending while taking out a loan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-lower-car-payments\/#Lease_out_a_car_instead\" >Lease out a car instead<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-lower-car-payments\/#Can_you_lower_car_payments_without_refinancing\" >Can you lower car payments without refinancing?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"How_to_lower_car_payments\"><\/span>How to lower car payments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Refinance_your_loan_to_get_a_lower_interest_rate\"><\/span>Refinance your loan to get a lower interest rate<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">Continuing to pay high monthly installments can take\u00a0a big chunk\u00a0out of your finances.\u00a0It&#8217;s\u00a0also possible that you were offered a bad deal and were charged a higher interest rate than normal.\u00a0In that case,\u00a0it&#8217;s\u00a0<\/span><span data-contrast=\"auto\">always best to use auto loan refinancing to replace your current loan with more favorable terms.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For starters, use an online auto loan refinance calculator to find out how much you can save by switching to a lower rate.\u00a0Refinancing could lower your loan rate by up to 2.4% and save you thousands over the life of your loan.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h3 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Refinance_your_car_loan_payment_with_a_longer-term\"><\/span>Refinance your car loan payment with a longer-term<span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">Common sense dictates that taking a short-term auto loan can reduce overall interest charges. But it also increases the car loan monthly payments.\u00a0Lengthening your loan term can help in lowering the monthly payments\u00a0starting from\u00a036 months\u00a0to as long as\u00a084 months.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h3 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Refinance_and_get_a_co-signer_on_the_loan\"><\/span>Refinance and get a co-signer on the loan<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">If you&#8217;re a student or young professional who&#8217;s literally struggling to pay back an auto loan, we want to let you know of something. We mean, you can always ask for help from your parents or let&#8217;s say close friends as co-signers on that loan of yours. Refinancing your auto loan with a co-signer can significantly reduce your monthly auto payments to a manageable amount.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">However, we want to let you know that there is always an element of risk for the co-signer.\u00a0That person\u00a0would have to bear the burden of that loan repayment in case you default.\u00a0In addition, it could also affect the co-signer&#8217;s credit score.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h3 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Avoid_dealership_lending_while_taking_out_a_loan\"><\/span>Avoid dealership lending while taking out a loan<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">When you&#8217;re excited about buying your favorite car, mundane things like paperwork can often take a backseat. That&#8217;s why many folks settle for dealership finance when taking out an auto loan. While there are some benefits to dealership lending (like low credit score requirements), you are likely to be charged at a higher interest rate &#8211; which means higher monthly payments. Unless time is of the essence, we&#8217;d recommend shopping around for better loan terms with your bank and credit unions.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h3 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Lease_out_a_car_instead\"><\/span>Lease out a car instead<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">Leasing out is an underrated option for drivers who don&#8217;t want high premiums. When you lease a vehicle, you rent it out from a dealer for a certain time period &#8211; usually 36 to 48 months. After the lease period ends, you can either return it or buy it at a pre-determined amount. Lease payments are much lower than car auto loan payments, which frees up money in your wallet for other emergencies. The monthly lease amount is determined based on several factors:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Sale Price<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Expected car mileage<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Length of the lease<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Rent charge<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Residual Value<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Can_you_lower_car_payments_without_refinancing\"><\/span>Can you lower car payments without refinancing?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">The only other way you can lower your car payment\u00a0<\/span><i><span data-contrast=\"auto\">without<\/span><\/i><span data-contrast=\"auto\">\u00a0refinancing is by either\u00a0<\/span><b><span data-contrast=\"auto\">renegotiating your loan<\/span><\/b><span data-contrast=\"auto\">\u00a0or\u00a0<\/span><b><span data-contrast=\"auto\">paying off your loan<\/span><\/b><span data-contrast=\"auto\">. However, renegotiating your loan with that dealer of yours has a very low rate of success. Why? Because he might have already sold it to another financial investor.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">There are several other ways you can use to lower your car payment. \u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Make use of a loan modification by stating your current financial status. \u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Trade your car for a more affordable one.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Sell your car\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Try leasing \u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">However, refinancing is always a good option for lower monthly payments if you have a pretty good credit score. \u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here are the common ways on how to lower your car payments. Whether you&#8217;re already paying car loan monthly amounts or considering taking a loan to buy a new car, consider these options to get the most value for money.\u00a0 How to lower car payments Refinance your loan to get a lower interest rate Continuing&hellip; <a class=\"more-link\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-lower-car-payments\/\">Continue reading <span class=\"screen-reader-text\">How to lower car payments<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":["post-256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auto-refinance","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to lower car 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