How to lower your monthly car payment in El Dorado, AR

Karl Malone Toyota of El Dorado has the solution you’re looking for when it comes to lowering your monthly car payment. We created a simple-to-follow guide below to help you understand the many ways you can lower your current or future monthly car payment no matter your situation. Our payment calculator can also help you estimate costs that’ll fit your budget to help you secure an even lower monthly payment. Follow the tips below to find out how to get a lower monthly payment on your ride.

Consider the Affordability of a Lower Trim

Choosing a lower trim can significantly lower your monthly payment. You’ll also have plenty of trims to choose from in our Toyota lineup. For instance, if you’re interested in a rugged SUV, the new 2023 Toyota 4Runner offers trims like the SR5, TRD Sport, SR5 Premium, TRD Off-Road Premium, 40th Anniversary Special Edition and Limited. And that’s just one example! When your goal is to lower your monthly car payment, you should opt for a lower trim, like the Toyota 4Runner SR5 or TRD Sport and save thousands on your purchase rather than upgrading to a higher trim.

Choose a Used or CPO Model Over a Brand-New Toyota

If you’re not in the market for an entirely new vehicle, then choosing a used vehicle or TCUV (Toyota Certified Used Vehicle) may be the better choice for you. With these models, you can expect a more reasonable purchase price and lower monthly payment compared to purchasing a brand-new ride. You also have a wider variety of models to choose from when you shop used or pre-owned, including luxury options. You can choose from different brands, model years, body styles and features. Plus, when you purchase any of our TCUVs, you’ll receive a CARFAX® Vehicle History Report™ and a 12-month/12,000-mile Limited Comprehensive Warranty* for your peace of mind.

Extend Your Loan to the Maximum Term

Another great way to lower your monthly car payment is to request an extension of your loan terms to the maximum length of time allowed by your creditor. Your loan officer can let you know if this is possible and how long you can extend your term. Factors like credit history, credit score, income and present debt can affect your loan terms — but don’t let that discourage you from asking if you would qualify for a lower monthly payment by extending your loan terms. The average extension you can expect on a loan term is typically five years (60 months) long, with some lasting as long as seven years (84 months).

Consider Placing a Larger Down Payment

You should consider placing a larger down payment on your purchase. This can help lower your monthly payment significantly. And if a larger down payment is not possible, whatever you can pay will always help. You may also want to consider trading in your current ride and using its value as a down payment on your intended purchase. This can help lower your monthly payment tremendously, depending on how much your trade is worth. Visit our website today to value your trade and you’ll receive a great offer in minutes.

Remember That Your Credit Affects Your Monthly Payment

Your creditworthiness is very important when it comes to financing a vehicle. By pulling your personal credit report, our finance team can determine your purchase eligibility based on your score and let you know whether or not you will need a co-signer or a larger down payment. Determining the factors mentioned here can aid in lowering your monthly payment.. You can always check your credit for free at annualcreditreport.com to get an idea of where your credit stands in the meantime.

Visit us today to shop for new Toyota cars, trucks and SUVs. You can also get pre-approved today from the comfort of your home. And if you don’t see the vehicle you want on our lot, you can place a custom order online for the ideal Toyota model you’ve been searching for. Contact our finance team today to discuss your budget. Because our goal is to make car-buying easier for you, we love to say YES !

To find out more about how you can lower your monthly payments, contact us today or stop by our dealership at 1830 West Hillsboro, El Dorado, AR 71730. We look forward to serving our customers near Magnolia, Camden, Junction City and Crossett.

*12-month/12,000-mile Limited Comprehensive Warranty: Whichever comes first from date of Toyota Certified Used Vehicle (TCUV) purchase. Program available in continental U.S. and Canada. See TCUV Warranty Supplement for details