Why Is My Car Payment So High?

High car payments come from several factors most buyers don't fully understand. Here's exactly why your payment may be higher than expected — and what to do about it.

Written by Dustin, General Sales Manager at Lee Auto Group Tampa, FL. About Dustin · All Articles · Get Pre-Approved

Call or text Dustin directly at (813) 727-7168. Visit Lee Auto Group at 4027 S 50th St, Tampa, FL 33619.

Frequently Asked Questions

Can I refinance to lower my car payment?

Yes, if your credit has improved since you got the loan or if rates have dropped. Refinancing a $25,000 loan from 18% to 9% saves over $6,000 in interest over a 60-month term.

Is 72 months or 84 months a bad idea?

Not necessarily for buyers with strong credit getting low rates. But for buyers with high rates, a long term means paying a lot more in interest and staying underwater on the vehicle longer.

What is GAP insurance and do I need it?

GAP covers the difference between what you owe and what your vehicle is worth if it's totaled. It's most valuable when you have a long term, small down payment, or are rolling in negative equity.