Now You Can Know the Answer to How Can I Lower My Car Payment
Now You Can Know the Answer to “How Can I Lower My Car Payment ?
Every month as you struggle to make your monthly car payment, isn’t it amazing that you wonder ‘How can I lower my car payment’? at that moment and then don’t do anything about it? High payments can bring stress into your life that you simply do not need. I’d like to share some simple strategies that will help you answer that question “How can I”?
“Lower my car payments” I told myself. I really wanted to do it and I put a bit of effort into it and found a solution that suited my lifestyle, needs, and budget. Now I never ask myself “How can I lower my car payments?” These days I’m happy to say, “What payments!!” but that is a different story but my debt free world began with that single question.
You may be tempted to sell the car or return it to the bank, but your original question was “how can I lower my car payment?”
How? Well, you probably like your car, so let’s not give it back to the bank. And, can you think of a reason why any bank should bear your personal expenses at its own loss? Let me know if you find a bank like that!
If you close your eyes and imagine simply trading your current car for a cheaper car, you’ll realize that you’ll come out far behind if you sell your current car. If it is a new or nearly new car, there will be a big penalty. If it is on loan, you’ll lose the depreciation that happened when you drove it off the lot. And a cheaper car means uncertainty in reliability and repair bills. Expenses you know about can be managed. Surprise repair expenses are never a pleasant thing.
Let’s restate the question.
What would happen if you looked at your car as a total expense? Include insurance, maintenance, fuel, depreciation, parking, and other expenses. They are a significant part of the cost of a car and they are totally manageable.
Drive less.
• Buy a bike. Bicycle more. You’ll be healthier, you’ll spend less fuel, less maintenance, less depreciation and yes, you can cancel that gym membership because you have found a great way to exercise. It’s also free recreation. By sometimes shifting your entertainment from something expensive, to something free and healthy like bicycling, you’ll discover you’ve reduced your expenses.
• Take public transit. Enjoy the same reasons as above, for buying a bike, but it’s less exercise unless you get off the bus one stop before your destination and enjoy a pleasant walk.
Shop around for car insurance.
• Usually we simply renew our car insurance every year with the same company. That’s the perfect time to shop around! Shop through brokers who have access to many insurance quotes. Check online insurance quotes.
• Take advantage of discounts that are available for a good driving record, age, driver’s education courses, automobile club, and other incentives. You can reduce your total automobile expense significantly by being aggressive every time you renew your car insurance.
Refinance
• Refinancing your car payments could save you from further money drain. Interest rates rise and fall, and you may be able to get a better deal from your existing bank than you got from your automotive dealer. In fact, you should use this as an excuse to check out a new bank.
• See if they want your loan business, and if they are willing to accept your other banking business for reductions in bank fees, better savings interest rates and other incentives, then you’ve saved more money!
How else can you reduce your expenses by simply asking “how can I….?
Instead of asking “How can I lower my car payment”, we have explored, “How can I reduce the total cost of car ownership”. It’s a perspective that allows you to lower your total payments with just a very little bit of attention. All because you began by asking yourself “How can I lower my car payment?”
Now ask yourself, “How can I lower all my other payments?”
Then ask yourself “How can I become totally debt free?”
Then imagine how well you’ll sleep at night!
Max Phillips is a frequent contributor of self help articles which help readers achieve debt free lifestyle, He is a firm believer that a great night’s sleep is best made by using free budget worksheets to being in control of one’s financial world.
Now You Can Know the Answer to “How Can I Lower My Car Payment ? / Author: Phil
