How to lower your car payments

Looking to lower your CAR PAYMENT and save some money each month? Here are the top Five ways to minimize your monthly Car payment :

1. Become a sales Rep.
 about 4 years ago I was setting with a friend and I boasted that I could hack any bill at least by 1/2 if not goon all together. Well my friend tried to put me to the test and said "you can not lower my car payment." I was shocked, I had never thought of a car payment before as I do not drive and do not own a car. I did not want to be proven wrong, so I told him to give me all his details and to stay put because I would need him to tell people on the phone that I could speak for him. long story short by the time I was off phone a good 2 hours latter, I had his car bill cut in 1/2. All he to do was put a magnetic sign on the side of his car that advertised the car lot he got his car at.  He was so impressed that I spent the next 3 hours on the phone with his insurance company lowering his car insurance from $65 a month to  $150 every three months. Don't be afraid to just call and talk with companies you never know what deal you can work out, Think outside the box and you just my find yourself throwing the box away for good!

2. Refinance your loan

Refinancing simply means paying off your existing loan with a new one that carries a lower interest rate. Depending on the amount you owe, you could save thousands by going this route. Nearly all banks offer auto refinancing, and the whole process can be completed in a day or two. Refinancing is the most common (and effective) tool borrowers use to lower their payments.

3. Lease next time

Leasing gives you the use of a car for an extended period of time, usually two to five years. Lease payments are typically much lower than loan payments because you're not paying for the entire car during that time, but only for the "portion" that you use. Just be aware that you will have no equity or car at the end of the lease agreement. You simply walk away. Think of it like renting a car instead of buying.

4. Change your current lease

If you already have a lease, you can lower your payments by requesting a lower mileage allowance. Your payment amount is determined (in part) by the number of miles you are allowed to drive over the life of the lease. The lower the allowance, the lower your payment will be. However, you should be certain that you can stay within the new mileage limit. If you go over the specified amount, you'll have to pay a mileage penalty at the end of the lease. It does no good to lower your payment if it causes you to incur a major expense down the road.

5. Extend your payments

Whether you're about to buy or just looking to refinance, aim for the longest loan term possible. Loan terms up to 84 months are offered by most lenders. The longer the loan term, the lower your payments will be. In the end, you will pay more interest with a longer loan, but that may be less important to you than having a monthly payment you can afford.