3 Ways to Lower Your Honda Finance Monthly Payment

If you’re having trouble keeping up with your monthly payments, our Honda finance team is here to help. With these tips, you can find a way to adjust your loan, whether through refinancing or negotiating with your lender. At Lester Glenn Honda, we’re here to find a plan that works for you, so take advantage of these ways to lower your payments today.

Refinance Your Loan

Refinancing is the simplest and easiest way to adjust the terms of your loan. When you refinance, you take out a new loan for the remaining balance of the old one, and if your credit is stronger, you may qualify for better rates. However, if your credit hasn’t changed or has gotten worse, refinancing could give you a plan that is even harder to catch up with.

Extending Your Loan

You may be able to renegotiate your terms with your financier and extend its length. If you do, your monthly payments will go down, as you’ll be paying off less of the principal each month. Before you commit, though, check an online interest calculator and compare how much more you’ll be paying over the course of the loan. Extending its term can add up in the form of additional interest payments.

Switch to Bi-Weekly Payments

It may seem small, but paying bi-weekly instead of monthly can make a difference when you’re trying to lower your payments. Owners who pay bi-weekly make 26 smaller payments over the course of the year, and the more frequent payments help reduce accruing interest. Bi-weekly payments can also trim off a few months of payments at the end of the loan.

Speak with Our Honda Finance Experts in Sea Girt, NJ

Falling behind on your payments can be stressful, but we’re here to get you back on the road again. Stop by our Honda dealership in Sea Girt, NJ, and find out more about refinancing or renegotiating your loan. Find a plan that works for your budget and keep driving today!