What if I Can’t Make My Car Payments?
Sometimes you’re faced with the unexpected and will have to make some difficult choices regarding your finances, which may leave you wondering: “I can’t make my car payments, what are my options?” There are a variety of options you can take if you find that you can no longer afford your monthly payment. Fisher Acura is here to lend a hand and some advice so you can keep moving no matter what comes your way.
What to Do if You Can’t Make Your Car Payments
If you’re wondering “what if I can’t make my car payment?” you should know that there are several ways you can handle this depending on your situation and what you feel most comfortable with. Here are some options if you can’t make your car payments:
- Speak With The Lender: Talk to your lender and let them know your situation. They may be able to modify your loan for a period of time while you work out your finances.
- Refinance Your Loan: If you have been making consistent payments and have a good credit score, you might be able to refinance your auto loan. This can lower payments by either extending your auto loan or lowering your interest rate. Check with your original lender to see if they offer refinancing – if not, you may have to go elsewhere.
- Sell Your Car: Depending on the amount you owe and the estimated value of your vehicle, you may be able to sell your vehicle and make enough to pay off your loan.
- Trade In Your Vehicle: While you may not get as much as you would from a private seller, trading in your vehicle is another way drivers in Aurora lower their payments. Use our online tool to estimate your trade-in value.
- Have Someone Assume Your Loan: This isn’t an option with all lenders, but some allow for a third party to take over loan payments for you. If you have a low-interest loan, you might find a potential buyer who would be willing to do this.
- Repossession: Letting your vehicle be repossessed will negatively impact your credit score so this isn’t an ideal solution. You also may end up being charged the cost of repossessing and selling the vehicle on top of your loan balance.
- Bankruptcy: In some cases, bankruptcy can wipe out the balance of a repossession, or stop your can from being repossessed completely.
Find Financial Advice at Fisher Acura
Now that you know what to do if you can’t make car payments, you can stay on track with even more finance features from Fisher Acura such as how to change the due date on a car loan, how to qualify for a car loan, and a breakdown of leasing vs. financing, difference between used and CPO vehicles, or good mileage for a used car. Our finance team is on hand to answer any questions you may have and walk you through all of your options. Contact us today to learn more and to schedule a visit to our dealership near Broomfield!