How to Lower Your Monthly Car Payment
Buying a car is a major financial decision. To keep your monthly payments manageable, consider these three factors:
- Down Payment: Aim for at least 20% to reduce the principal and avoid "gap" insurance.
- Loan Term: While 72 or 84-month loans lower your monthly cost, you will pay significantly more in total interest.
- Credit Score: A higher credit score can slash your interest rate, saving you thousands over the life of the loan.
Use our free Auto Loan Calculator to experiment with different terms and prices before you head to the dealership.