Looking to save money on your car payment and keep more in your wallet each month? At First Hyundai in North Attleboro, MA, we have some tips to help you reduce your monthly auto expenses.
1. Choose a Longer Loan Term
While it may seem counterintuitive, selecting a loan with a longer repayment period will actually lower your monthly payment. You'll pay more interest over the life of the loan, but it can make your car more affordable month-to-month. Drivers in Seekonk often find that a longer term works better for their budget.
2. Make a Larger Down Payment
The more you pay upfront when buying a vehicle, the smaller your loan amount will be. That translates to lower monthly payments. Save up for a few extra months to increase your down payment. Many of our customers in Milford appreciate how this lowers their recurring auto expenses.
3. Improve Your Credit Score
Having a higher credit score will typically qualify you for a lower interest rate on your auto loan. This can significantly reduce your monthly payment. If your credit is less than ideal, take some time to pay down debt and make on-time payments to boost your score before buying a car. Mansfield residents with excellent credit love the low rates they get.
4. Buy a Less Expensive Vehicle
It may seem obvious, but purchasing a lower-cost car will mean a smaller loan and lower monthly payment. Consider if you really need all the bells and whistles. A base model or lightly used vehicle could be a smart financial choice that's easier on your budget.
5. Lease Instead of Buying
If you don't mind getting a new vehicle every few years, leasing typically offers a lower monthly payment compared to buying. You'll need to stay within mileage limits and keep the car in good condition. However, leasing is often more affordable month-to-month.
6. Take Advantage of Promotional Offers
Automakers frequently provide new vehicle promotional offers like low-APR financing. These can help lower your monthly payment, so be on the lookout for special deals. We strive to offer competitive incentives at First Hyundai.
7. Refinance Your Current Loan
If you already have a car loan, refinancing could get you a lower interest rate and decrease your monthly payment. Check out our finance specials to see if refinancing might be right for you.
For more assistance lowering your car payment, visit First Hyundai at 270 E Washington Street in North Attleboro, MA or contact our financing department online. Our friendly team is here to help you save!
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