Large Down Payment
An excellent method for minimizing monthly payments of the car is to make a substantial down payment. This will result into reduction in the money you take from car financing. This will minimize the amount you have to pay every month. But usually people do not have that kind of money and end up paying more every month.

Auto Refinancing
Many companies that work only into the field of refinancing auto loans are available today. Look them up and choose the one that suits you best. Auto refinancing increases the length of the loan, cutting down the monthly payment. Although some companies do not provide refinancing below a certain amount, there are also companies that refinance auto loans with bad credit.

Personal Loan
Applying for a personal loan is another way of effecting lower car payments. But then opt for credit unions instead of banks which have higher interest rates. This will also allow you to step-up your deductibles, as you will own the car.

Used Car
Go for a used car for a while. This way you can rent out your new car during the week days till you think the monthly payments are within your reach. The rent on the new car will pay for its own monthly payments and you can still use the car at weekends. And after a while you will have the new car without any pressure on your income.

Rate of Interest
Get your rate of interest modified. For doing that, your bank needs to have a system called the auto payment calculator. Make a proper request for changing your rate of interest after carefully calculating the rate that you will be comfortable with.

The Hardship Plan
Get in touch with your lender and request a hardship plan. Support your request with all the necessary documents like income related papers, etc. Get the hardship plan in writing and check if the clauses are going to ease your situation, prior to signing it. You may have to shuffle your budget and expenditures in case you are applying for a hardship plan.

Debt to Income Ratio
Having a high DIR (debt to income ratio) will result into problems for your entire budget system. All your monthly spendings divided by your gross income will give you the DIR (debt to income ratio). Keep it down and most of your financial problems including your monthly car payments will get reduced.

Home Equity Loan
Yes that's right. Using a home equity loan to buy a car. This is because home equity loans have a lower rate of interest so your monthly payments will be lesser. The interest on your home equity loan may also be tax deductible. Another way would be to get a loan on a personal level, that is from a relative or a friend, so that you get a low interest rate.

Lower Car Payments with Bad Credit
It simply means that you can get a loan even though you have bad credit, and it is called bad credit car loan. This is helpful for people who badly need a car. But big banks are not very keen on giving a loan to people with a bad credit. Instead, you have to look for small car dealers who also provide financing options. These people usually are the moneylenders for bad credit.

What you should really do instead of trying to lower car payments later, is to buy a car that fits your budget comfortably. But sometimes things turn out differently than you had imagined and you have to find your way out of the mess. And savings are the answer to that.