What If I Can’t Make My Car Payment?

Finance Agreement

Not being able to pay your monthly car payments can be very detrimental to your finances and credit scores. Nobody wants to be in that situation, but unforeseen things do appear suddenly out of nowhere. If you’re going through this situation, you’ll be glad to know that you have options to help you out financially. Our finance center located at our Mt Dora dealership can assist with any problems if you don’t know what to do if you can’t make car payments.

If you’re asking, “I can’t make my car payments; what are my options?”, then visit us at Advantage Chrysler Dodge Jeep RAM to get the best financial help in the Eustis-area. Contact us today to learn more about financial services and what we can offer if you don’t know what to do if you can’t make car payments.

What to Do If You Can’t Make Car Payments

Depending on your current situation, there are options that you can take if you’re looking for answers to “What if I can’t make my car payments?” Use the following tips that our financial experts suggest to our customers who visit our Eustis-area dealership:

  • 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 to refinance. If not, you may have to go elsewhere. 
  • 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. 

More Options If You Can’t Make Car Payments

If you have already tried the steps above and it doesn’t help, using the following steps can help even further:

  • 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 they not get as much as they would from a private seller, trading in a vehicle is another way drivers in Tavares lower their payments. Use our online tool to estimate your trade-in value

If this still doesn’t help, your last options include:

  • 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 repossession or stop your can from being repossessed completely. 

Get the Best Help at Our Finance Center at Advantage Chrysler Dodge Jeep RAM 

If you’re asking “What if I can’t make my car payments?”, then come down to our Sandford-area dealership and get the help you need. Visit us before things get too hectic for you and your finances. Contact us or visit our Mt Dora dealership for any questions you may have about not being able to pay your monthly auto fees today!

 

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