If you’re interested in purchasing a new RAM vehicle, you’ll want to monitor your budget to ensure you can afford the loan you take out. Thankfully, there are also many ways you can reduce your monthly payment for your desired model. Our RAM finance experts at Don White’s Timonium Chrysler Dodge Jeep® RAM are here to highlight effective ways to lower your monthly payment.

Make a Sizable Down Payment

One of the most effective ways of lowering your monthly payment when financing a RAM vehicle is making a higher down payment. By paying more money upfront, you reduce the total amount you need to lend. This lowers the monthly amount you’ll pay and the total interest due at the end of the loan term, saving you more in the long run.

Choose a Longer Loan Term

If you decide to choose a longer loan term when financing a RAM vehicle, you can reduce the amount you’ll pay for it monthly. However, be aware that the amount of interest you’ll have to pay during this extended period will increase based on your current credit score.

Improve Your Credit Score

Your credit score can also have a noticeable impact on the size of your monthly payment. You can improve it by paying your current bills on time or limiting how often you apply for new credit card accounts.

Consider Refinancing Your Current Loan

If you’ve already taken out a loan and need to lower your payment, you can refinance the vehicle you purchased. This option is ideal for drivers whose credit scores have improved after taking out their original loan, or if interest rates have lowered over time.

Apply for RAM Finance in Cockeysville, MD

Do you have any additional questions about reducing your monthly loan payments? Stop by our RAM dealership in Cockeysville, MD, to speak with our team of RAM finance specialists. We look forward to meeting with you.