How to Lower My Car Payment

2022 Kia Sorento Parked by Lake


While you may love your current vehicle on your Federal Way commutes, you may be wondering about how to lower car payments to conserve your budget. Whether you’re struggling to make payments or you’re looking to make wiggle room for a fun surprise you have your eye on, the finance center at Sunset Kia of Auburn has a couple of tips for how to lower car payments without refinancing and how to start with low car payments when shopping for a new car.



Tips for How to Lower Car Payments

There are many ways you can obtain low car payments for your commutes around Sumner, even if you’re not interested in refinancing. When searching “how to lower my car payments?” find a method that works for you below:

  • Talk to the Lender: While the monthly payments may have been manageable in the beginning, situations change, and you may have temporary trouble making payments. The best strategy for keeping up with your monthly payments is to discuss your options with your lender. They can help you work out a plan that works for both you and them, like a payment deferral that allows you to skip a payment or lower payments for a short time. Deferral doesn’t lower your overall loan balance or interest accrued, but it allows easier payments without damaging your credit.
  • Larger Down Payments: When you’re taking home a Kia model you love, you can ensure you don’t end up with large monthly payments by paying more money upfront. If you’re able to place a large down payment, you won’t have to borrow as much when financing a car, and it allows you to have low car payments each month for more wiggle room in your budget.
  • Shop for Low APR: Another way you can get lower payments when shopping for a car around Puyallup is to shop for a lower APR. You can apply to several lenders without hurting your credit, as long as all the applications are within a 14-day window of time.
  • Lump-Sum Payments: Although it may seem like the opposite of what you want to do right now, making large, lump-sum payments whenever you’re able to will allow you to have lower monthly payments towards the end of your loan. Making large payments helps your overall loan amount and reduces the total amount of interest you pay.
  • Sell or Trade-In Your Car: If you’re interested in how to lower car payments without refinancing, your best option may be to sell or trade-in your more expensive vehicle for a more affordable model. When selling or trading in your car, you’ll need to look into how much you owe and how much your vehicle is worth, and make sure that amount is enough to pay off your remaining loan. Our trade-in value estimator can help you find the worth of your vehicle.
  • Refinancing: Refinancing a loan may be the right option if you know you’ll have long-term issues meeting monthly payments. Refinancing involves establishing new loan terms to pay off your existing loan with a longer loan term or lower interest rate. Sometimes this means you can refinance for a better rate as interest rates have dropped since you’ve taken out the initial car loan. However, keep in mind that when you extend the length of your loan for more manageable payments, you might also end up paying more interest over the life of the loan.

Explore Your Financing Options with Sunset Kia of Auburn!

If you’re still wondering how to lower your car payment, don’t hesitate to contact us. Our knowledgeable team at Sunset Kia of Auburn is here for all your financing questions. Please take a look at our other guides to learn more about paying off a car loan early and other payment relief options. And remember, when you shop with Sunset Kia of Auburn for a new Kia, you’ll have access to our exciting, exclusive perks like Warranty Protection for Life, Oil Changes for Life and Sunset Auto Used Car Reconditioning!


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