Overhaulin'

I want to reduce my car loan payments how?

currently I am paying a $40,000 car loan payment at a 6.25% but they say is a daily interest rate, I am making $600 dlls payments every month, but I think it is too much. I wanted to see if there is any way of saving me some money by doing something else, also is there a way to calculate myself my car loan balance, I read online that it is hard because the banks use a different software etc. any advice would help thank you.

Public Comments

1. That's a daily *compounded* interest rate... not a daily interest rate. It sounds like you can't afford a $40,000 car, and you should probably sell it (even at a loss) and buy a car you can actually afford - you'll be much better off that way.
2. if your payment history is good after a year or two you could see if your insurance provider offers a refinance program, some do, and refinance for a lower payment. the downfall of refinancing to get a lower payment is it takes longer to pay it out. look online and see who can refinance at a lower interest rate. good luck.