6 Tips for Lowering a Car Payment

A car payment represents a huge chunk of the monthly budget

It’s important to be strategic about this type of debt. 

Tips for Lowering a Car Payment

Large Down Payment

A larger car down payment lowers the overall size of your auto loan. You’ll have a lower car payment because your principal balance is smaller.

Refinance for a Lower Interest Rate

A lower interest rate could reduce your monthly payment if you keep the same loan term.

Buy or Trade In for a Less Expensive Car

The average new car costs $41,000 but that doesn’t mean you have to spend that much.

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