A FEW THINGS YOU CAN DO IF YOUR CAR PAYMENT IS TOO HIGH
A FEW THINGS YOU CAN DO IF YOUR CAR PAYMENT IS TOO HIGH
Posted on September 5, 2023
Are you stuck with a car payment that is too high and you are looking to lower your monthly payments? You do have options at your disposal. The first thing you need to do is drop by and speak with our financing experts who will be able to look at different options and find a solution for you that will lower your payment and make you happy once again to own your vehicle. Here we take a look at a few other things you can do to lower your monthly payment.
Replace your existing vehicle
Even if you still owe money on your current vehicle, it is still possible to replace it with a more affordable option. The first thing to do is to come and see us and we will determine how much money you owe on your current vehicle and how much it is worth. You may be surprised to learn that your current vehicle is worth as much as what you owe or even more. Pre-owned vehicle values have increased dramatically in the last 12 months and the trade-in value of your vehicle might be higher than the balance on your loan.
Even if that's not the case, you can still find a way to lower your payment even if we have to carry over the unpaid portion of your previous loan. You can get a lower monthly payment by choosing a more affordable vehicle, for example.
Check if you can get a better interest rate
Perhaps you signed your current car loan five years ago when you had poor credit, but over the years your credit score has improved. We might be able to get you a better loan with more advantageous interest rates that will help you get a lower car payment. Every situation is unique in finding solutions is what we do best. We will certainly be able to look at that option for you.
To recap, here are three things you can do if you want to lower your monthly payment on your vehicle:
- Come and see us
- Check if you can replace your current vehicle with a more affordable option
- See if you can get another car loan with better terms
Gives the call today to learn more about the different ways we can lower your monthly payment and get you a better loan. We look forward to meeting you today.