1 Lease or rent: Consider leasing or renting a new car while keeping your existing car. This allows you to drive a newer vehicle without taking on additional debt.
2 Refinance: Refinance your existing auto loan at a lower interest rate. This can help you lower your monthly payments, potentially making it easier to afford a new car.
3 Trade-in: Some dealerships offer trade-in programs where you can exchange your current vehicle for a new one. The value of your trade-in can be used as a down payment or to reduce the overall cost of the new car.
4 Private sale: You can also sell your current car privately and use the proceeds as a down payment on a new car. Selling a car privately may give you more control over the price you receive.
5 Combined loan: In some cases, a dealership may be willing to combine your existing loan balance into a new loan for the purchase of a new car. This would allow you to keep your current loan while financing the new car.
