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How can I lower my car payments without refinancing?

You're trying to figure out how to lower your car payments without refinancing?
We can think of three ways to lower your car payments:

  1. Payoff your loan
  2. Renegotiate your loan
  3. Refinance your loan


Not what you wanted to hear? See, the problem is this: you can always make a higher payment and reduce your loan balance. However, if you make an extra payment, your monthly payment doesn't go down. The auto loan company instead reduces your loan balance and thereby shortens the term of your loan. You can try to renegotiate the terms of your loan with your lender but you won't have any luck there.

Your lender likely already sold the loan to another financial investor. When selling the loan, your lender made promises with regard to when the investor can expect to receive their cash flow and changing your monthly payment would break that promise. If you want to lower your monthly payment, you really only have one choice: refinancing.

All that said, there's absolutely no reason to not refinance your auto loan. Quite the contrary, you can refinance your loan free of charge, improve your rate, lower your monthly payment and save thousands of dollars. We recommend you take a look at our auto loan refinance calculator to calculate how much you could save.


Haven't explored refinancing yet?
WithClutch.com is a fully digital platform that lets car owners like you do so from the comfort of their own home. No need to set a foot in a bank or credit union. You can lower your rate or get cash in as little as 20 seconds.

Follow three simple steps to refinance your auto loan, get approved in seconds and save thousands in minutes.

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Tempe, AZ 85282