6 Tips to Lower Your Car Payment Today

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A car payment is an example of a massive piece of the every month spending plan.

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

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Advice on How to Reduce Your Auto Payment

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High Initial Payment

A higher down payment on a vehicle reduces the total amount of your auto loan. Due to a decreased principal debt, your auto payment will be lower.

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Refinance at a Reduced Rate of Interest

If you maintain the same loan period, a lower interest rate may result in a smaller monthly payment.

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Purchase or Exchange for a Cheaper Vehicle

Even if the typical new car costs $41,000, you don't have to spend that much money.

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