Is car payment too high? What to do?

Question

Okay, so a coupleyears ago when our family had 1 car, that 1 car broke down. We absolutely needed something and had to buy a car (a used, 04 Kia Spectra). We had little money down, and fin'd most of it (near 10,000- we owe under 7,000 now). Our car payment is over $200. We can afford it- and usually make 1 extra payment a year, and have excellent credit, but is there anything that we can do to lower the payment or get something else at a lower payment? I'm seeing what cars are going for now and kicking myself in the butt for not shopping around before!

Answer 1

IDK

Answer 2

Since the average car payment in he US in $458.00 per month then I'd say, no your payment isn't too high. The amount financed, the APR, and term of the loan determine your monthly payment. If you had spent the same amount of money on a different car your payment would still be the same.

Answer 3

try refinancing it- trading it in is only going to result in a higher car payment.

talk to the company your financing your car with and see what options they have for refinancing, and if you have good credit, that should be no problem to do so.

And dont worry, everyone makes a car buying mistake once in their lifetime.

Answer 4

Your payments is great. Not too much cheaper because a lower one would be many years long and most banks would never finance taht low of loan over that many years to be that cheap of a payment.

Answer 5

You can either re-finance or you can trade it in.  Shop around and see which method would save you more money in the long run.