Not Financial Advice: One big problem with auto loans and cars in general, is that sometimes people may be financially secure at one time, but down the road, they aren't. So from the very beginning, make sure to weigh all of your options carefully and you'll make the choice that's right for you.
Here are four overarching ways to lower your car payment from Veteransunited.com:
Refinance
"This is easiest to do if you got into a higher-rate loan a year or two ago and now have improved your credit scores. You can shop for an auto loan refinance online or through a local credit union." - Gerri Detweiler, Director of Credit Education.
Please note that a bank won’t refinance a loan that is larger than the car’s retail value because that car’s owner is more likely to stop making their payments.
And be careful, don’t try to refinance too many times. Every attempt causes your credit score to drop a few points, so more than a few requests could be detrimental to your overall credit score. A way around this credit drop would be to file all requests within a two-week period, which would only count as a single hit to your credit report.
Negotiate
Although negotiation isn't easy, this could alter the time or amount of the loan. If your financial situation has changed and you need lower payments, you may be able to negotiate with your auto lender to stretch out the loan or allow you to make lower payments for a period of time. The remaining amount will be added to the loan balance.
Consolidate
While consolidation is not the right choice for everyone, you can consolidate your car loan with other loans in order to lower your monthly payment. But be sure to confirm that consolidation would work in your individual case. If so, that one single payment might be able to help you pay off your loans more quickly.
Sell or Trade
If you run out of options, selling or trading your car might be the way to go. You should be able to trade your car in for another one if you have good credit history from your current vehicle. This would allow you to make lower car payments and possibly have a shorter loan lifespan.
Are you swimming in debt and don’t know how you’re ever going to pay it off? Check out some strategies to become debt-free at US News.