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Bought a new car $20,000 nothing down but payments $600 a month. How can i get the payments lowered or is it too late. If i send like 6 months off payments 3600 at one time can it go down then?

Answers from the Automotive Experts

Jessica Howe, Automotive Expert & Coach at


Thank you for writing in. When you agree to the terms of a loan, you and the lender are bound by that contract to uphold both ends of the deal. If you need to change those terms, you are looking at "refinancing", as you are reconstructing the loan agreement. You may also be able to extend the duration of the loan, which will likely end up costing you more money in interest over that extra time. If you have the ability to pay off a larger chunk of the loan, then refinancing may actually be a good option, but only after you have lowered the total loan amount. You will do best to discuss your options in full with the lender of the loan. Make sure you ask about total costs after interest and other fees have been included, so you know the full financial impacts of all of your options. 

Good luck!

LeeAnn Shattuck, Chief Car Chick at The Car Chick

Paying a lump sum will not lower the monthly payments.  The "extra" money will simply be applied to the principal, and it will payoff the loan faster.   But the monthly payment will remain $600.  The only way to lower the monthly payment would be to refinance the loan IF you can get a lower interest rate than what you have now.  You could put cash towards the refinance, and that would lower the monthly payment since it would be considered a "down payment", and you would be financing less.  However, be aware that refinance rates tend to be higher the original auto loan rates, so you may not gain anything by refinancing.  

Sandy Belvedere, Founder at The Car Maven



it is not not too late. However, you will need to refinance your loan either with the same lender or a different source. 


You also have the the option of contacting the dealer where you purchased the vehicle to express your concerns. They can elect to assist you in re contracting. 


Paying more ore on the loan will not lowere the payments, it will just help you to pay the vehicle off faster. 


Hope this was helpful. 

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