When your car loan interest rate is too high but you are not allowed to refinance, there is another way to make your car payments cheaper. Some lenders allow borrowers to make 2 payments per month, that means you can pay down the loan principal slightly faster.
This is a good way to save money and effectively lowers the amount of interest you have to pay throughout the entire term of your car loan. If you are paid twice monthly, consider asking your car loan lender for this payment option. The actual amount depends on the interest rate given by your lender and whether it is any different from the normal monthly payment plan. You can use a car loan calculator and select the biweekly payment option to compare the amount you need to pay.
Even if you are unemployed, some people do find the smaller amount easier to pay although some feel stressed as the time left before the next payment is shortened by half. If you have not been able to get approved for car financing when unemployed, try asking lenders if they are willing to accept twice monthly payments. Your willingness to pay frequently may help you score some points. Do watch the payment date carefully as you are now twice as likely to make late payments and this can be very bad for your credit score.