Reduce Your Auto Loan Payment

The Dollar 'Get Out of Debt' Course

You may be able to reduce the time and effort it will take to eliminate your auto loans by refinancing them. If you can, that extra money can be applied to paying down your auto loan(s) or other debt each month. Use this tool from to determine if you might be able to get a lower auto rate(s).

Open the Bankrate tool. Click the Change Search button and then select your location. Then under Loan Type, select Refinance. Lastly, choose a Term. Once you click on See Results you'll be taken to a page with a number of lenders. Each will display their APR. Select the lowest and click "Next". You'll be asked a number of questions about your vehicle. Work through the process and see how much you could reduce your car payment. Any money you save can be redirected to solving your debt problem. Go to the Bankrate auto loan comparison tool now to see if you can get a better auto loan rate that your current loan.

If you are working to get out of debt, our free weekly Surviving Tough Times newsletter can be a great tool. Each issue features great ways to help you stretch your dollars and make the most of your resources. Subscribe today! You can also like us on Facebook or follow us on Twitter. We post tips and ideas daily to help you make extra cash and trim monthly expenses so you can free up additional money to put towards your debt.

Take Action Now:

  • If it looks like you can get a lower auto loan rate, don't wait too long to apply. Rates will likely be creeping up this year.
  • Even if you can't get a lower auto loan rate, see if you can get a better auto insurance rate. Then make sure any extra money goes toward debt repayment.
  • Understand what the future may have in store for you if you decide not to do anything about your debt.

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