How to lower car payment without refinancing?

I tried cutting my insurance costs to balance the monthly expenses. Switching providers and increasing my deductible saved me around $50/month, which felt like reducing the car payment itself. Sometimes indirect savings help more than chasing loan tweaks.

If you qualify, consider selling the car and buying a cheaper one. Sounds drastic, but with used car values still relatively strong, you might come out better financially than stretching high EMIs.

One way is to make extra principal payments whenever you can. Even small amounts bring down the outstanding balance, which reduces interest in the long run. Some lenders also allow you to restructure the loan term informally—worth asking.