7 Tips for Lowering a Car Payment

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
1. Put Down a Large Down Payment
2. Refinance for a Lower Interest Rate
3. Refinance for a Longer Term
4. Buy or Trade In for a Less Expensive Car.
5. Talk to Your Lender
6. Lease a Car
7. Reducing Your Payment Before Purchase
Buy a Less Expensive Car
Up-Front Sales Tax
Paying Off Other Debt First
Shop Around and Compare Terms
Using Your Car to Earn Money
Rent Your Car Out
Delivery Driving
Ride-Sharing
Is Lowering Your Car Payment Always Ideal?
The Takeaway
Frequently Asked Questions
Photo credit: iStock/deepblue4you
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About the Author
Lauren Ward is a personal finance expert with nearly a decade of experience writing online content. Her work has appeared on websites such as MSN, Time, and Bankrate. Lauren writes on a variety of personal finance topics for SoFi, including credit and banking.
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