How to Lower Your Monthly Car Payment
How to Lower your Monthly Car Payment in Elmhurst, IL
Here at Honda on Grand, we always strive to help our customers attain reasonable monthly car payments that fit their lifestyle. No matter if you’re looking to improve your current car loan, refinance your ride at a lower rate, trade in your vehicle for a more affordable alternative or attain a cost-effective purchase of a new model, we can help you get there. To take a proactive approach to this process, you can tinker with our handy payment calculator from the comfort of your home so you can get an idea of what your monthly payments will look like if you’re in the market for a new ride . Ready to unlock savings? Keep reading to learn some tips and tricks you can use to lower your monthly car payment.
How to lower your monthly car payment on an existing or new car purchase:
Trim Down for Savings
A good rule of thumb is to choose the base trim of the model you're considering without the hefty price tag. In fact, choosing the base trim can help you save thousands of dollars and you’ll still get to enjoy a brand-new ride. Let’s take a look at the Honda Pilot as a good example. This model comes in a variety of trims which include the LX, Sport, EX-L, TrailSport, Touring and Elite. When you choose the base trim — the LX — you’ll get to enjoy cost savings without sacrificing quality for your next vehicle. This is the financially savvy choice, especially if you’re not looking for all the bells and whistles that come with more expensive trims.
Explore Used and Certified Options
Don’t forget to consider our used inventory as another path you can take in order to trim down expenses. Plus, our pre-owned models come in many different makes and models, so as far as the features and body styles you can choose from, the options are practically endless. Plus, with all our used and Certified Pre-Owned vehicles, you’ll have access to a CARFAX® Vehicle History Report™ for any of our models. If you decide on one of our Certified Pre-Owned vehicles, you’ll also get to enjoy a 7-year1/100,000-mile2 powertrain warranty.
Extend Your Loan Term
Don’t hesitate to inquire about extending your loan term in order to lower your monthly payment as much as you can. Other factors, such as your credit history, credit score, income and current debt, can influence your loan terms, but it doesn’t hurt to ask about a possible extension. These terms can vary in lengths that range from from three years (36 months) to as long as seven years (84 months).
Boost Your Down Payment
If possible, we highly recommend putting as much money into your down payment as you can. Any additional amount, big or small, can make a positive difference in your future monthly payments. Even if you’re just looking to lower your payments on your current ride, you can apply any additional funds you may have into the principal amount of your loan and pay it off faster as a result. If you crave an affordable upgrade, discover the trade-in value of your current ride and save significantly on your next purchase.
Assess Your Credit
Your credit score is a big factor in determining your monthly payment. This is why it’s crucial to obtain a current credit report before you make the leap to purchase a new ride or refinance your current one. If you have a good credit score, you’ll gain a higher purchasing power as well as the ability to potentially lower your interest rate. If you’re unsure of where to gather this information or need guidance in general before you make a big decision, our finance team can assist you and create a solid plan that fits your financial situation.
Get Started at Honda on Grand
You can easily start your car-buying journey by shopping our online inventory and exploring our current new vehicle specials before you sign the dotted line. Plus, you can get pre-approved before you even step through the doors of our finance office! If you can’t seem to find your ideal ride in our inventory, our team can also help you place a custom order so you’ll never have to settle. We’re here not only to help you buckle up in your ultimate ride, but we also want to help you secure the lowest possible monthly rate! We look forward to serving you soon at Honda on Grand.
To find out more about how you can lower your monthly car payment, contact us or stop by our dealership at 300 W. Grand Avenue, Elmhurst, IL 60126 . We look forward to serving our customers near Addison, Chicago and Villa Park.
1From original in-service date of the vehicle.
2Based on total odometer miles.