If you are having trouble making your monthly car payments, you can start by speaking with your current lender about your loan option choices. Some lenders will work with you to extend your repayment period so that your monthly loan payment is more affordable. But even if you can afford your current payments, you still may want to reduce your monthly payment. If your current lender won’t help you, a refinancing loan may do the trick. For starters, you may qualify for a lower interest loan rate if rates have declined and/or your credit score has improved. This alone will reduce your monthly payment even if you don’t change the loan term. You may qualify for a better interest rate and lower monthly payment if your credit score has improved since you took out your original auto loan. However, if you can’t get a significantly better interest rate, you can look for a refinancing loan with a longer term. By dividing the loan balance by more months, your monthly loan payment will decrease. It gets more complicated for cash-back loans since you will be increasing your loan balance. There is a tradeoff between loan amount, interest rate, and loan term. You may have to juggle all three factors to know whether a refinancing loan will reduce your monthly payment.