The current US economy is full of challenges for the everyday working family. There are pay cuts, rising consumer prices and a depressed housing market that has taken personal savings to the lowest levels in years. People who purchased homes in the height of the housing market are now stuck with inflated payments, especially if their mortgages contained adjustable rates. All these dynamics are creating pressure on their finances and calling for a change. So how do you bring your head back above water? After your mortgage payment, a car payment is the next largest consumer expense. Here are a few tips that will help you lower that payment in negotiations with your car loan financing company:

? Ask them for an extension to your loan to reduce your payments. This is a known reality in the vehicle financing arena and one concession that auto finance companies are doing on a daily basis. If you are the type of customer that has consistently, with a few exceptions, made your payments on time, there is no reason why they would not approve this type of extension. An extension will increase the number of payments that need to be made but also lower the payment amount. In today's market, it's not easy to source reliable customers who make their payments on time, so you are more valuable to them than you think. They know your payment history and benefit from the extension as they collect more money from you in interest payments if you have a longer term.

? Request a payment break. What this means is that you request a short period - 2 or 3 months - where you receive approval from them to not have to make any payments and have those payments you missed added to the ended of the contract. This way you have the opportunity to get through a tough period and they have the opportunity to earn more money because the outstanding balance is higher than what was on the original loan schedule. You will want to ensure that they don't add excessive fees or costs for this extension that mitigate the benefit.

? If you are a very good customer, ask your finance company to lower your rate in light of your excellent payment history. Again, this comes back to the fact that a lower margin good customer is better than no customer at all. The costs of losing you far outweigh the costs of cutting a valuable customer an interest break.

Use the current economic environment to your advantage. There are many  car loan companies in the market that are interested in keeping good accounts rather than losing them to expensive collection procedures or competitors. These times bring challenges but not without opportunities too.

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Individuals get personal loans in order to care for a wide variety of financial needs. If you have debts to care for, something pricey like a car or motorcycle to buy, or want to complete a
renovation project on your home, these loans can help. When thinking about which bank or lender to get your loan from, remember to carefully analyze your options. Personal loans are not all created equal, and looking around to find a good offer will let you save money in fees and interest charges.

Personal loans are given by banks, credit unions, and additional financial institutions. If you already have a good relationship with a bank, that is a smart place to get started on your search for a loan. Unsecured loans tend to be charged higher interest rates than secure loans, so presenting collateral can help you get a better rate. A second option to think about is getting a variable or fixed interest rate. Variable rates can be dangerous because they can randomly slide up and down; if you are concerned about that risk, go with a fixed rate.

Peer to peer lending has become a popular way to get a personal loan in recent years. These lending networks permit members with good credit to offer loans to one another. The community will process your loan request after they have added you as a member. This is only an option if you have excellent credit; applications from people with bad credit will not be accepted.

Does that mean that you cannot get a loan without having excellent credit? You can get your loan, but you will not have access to the same number of options. To balance out your bad credit score, most lenders will ask you to secure your loan with some kind of collateral. Do not expect to be offered the lowest interest rates either; those are only for clients with perfect credit.

Regardless of your credit score, be cautious when applying for personal loans whose terms seem to be too good to be true. Illegitimate lenders are just waiting to take advantage of you. When you are reviewing a loan contract, be sure to ask for clarification regarding any questions you have so that you understand all the terms clearly. That way you can get good rates on personal loans from reliable lenders

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