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There are many reasons why you might need some extra room in your budget. That’s why getting a lower interest rate or extending the term of your loan may help lower your monthly payments. Be sure to keep an eye on the total fees and costs of borrowing because extending the term or refinancing your loan could increase monthly interest payments and the overall expense you pay over time.
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Strategies that may help reduce monthly payments
Lower your rate.
You may be able to lower the rate of your current loans or your credit cards, especially if your credit score has improved or if overall interest rates have gone down since you initially applied for the loan. Make sure to consider any fees that might be associated with refinancing.
Consolidate your debt.
You may be able to lower your monthly payments if you consolidate multiple loans or credit cards into one new loan with a lower rate or longer term. And because there are different ways to consolidate for different needs, Wells Fargo will work with you to find the right option. We encourage you to carefully consider whether consolidating your existing debt is the right choice for you. Consolidating multiple debts means you'll have a monthly single payment, but it may not reduce or pay your debt off sooner.
Extend the length of your loan.
Another way to potentially pay less each month is to qualify for refinancing that extends your loan repayment period or term length. Just be aware that your repayment period will increase, which can increase the overall amount that you repay and your total cost of borrowing.
Compare debt pay down strategies.
If you are working to pay down your existing debt, there are a couple of different strategies you can take, each with its own pros and cons. See which may work best for you by reviewing the Snowball versus Avalanche methods of paying down debt.
