What If I Can’t Make My Car Payments?

Hands Holding Car and Money

 

It’s an unfortunate situation, but plenty of people at one time or another will have to ask, “What if I can’t make my car payments?” The finance team at Old Saybrook Chrysler Dodge Jeep RAM can help if you need to know what to do if you can’t make car payments. Let’s work together to keep you on the road in Middletown. Take a look at these answers to, “I can’t make my car payments. What are my options?”

What to Do if You Can’t Make Your Car Payments

If you can’t make your car payments, you have several options, depending on your situation in New London. Here are the most common ones: 

  • Contact Your Lender: First and foremost, let your lender know your situation. They might be able to alter your loan to get you through this rough patch. Whatever you do, don’t skip a payment if you haven’t talked to your lender.
  • Refinance Your Loan: If you’ve been making consistent payments on your vehicle and your credit score is in good shape you might be able to refinance your auto loan. This can lower your payments by changing either the terms or interest rate of your loan. Start with your original lender and see if they offer refinancing. If not, try other lenders 
  • Sell Your Car: Depending on what you owe and the value of your vehicle you might be able to pay off your loan if you sell the car. 
  • Trade-in Your Vehicle: You might not get as much money if you trade in your vehicle as you would if you sell it, but trading your vehicle will ensure that you have a vehicle to drive while lowering your payments. Use our value your trade tool to get an estimate of what your trade-in is worth. 
  • Have Someone Assume Your Loan: Some lenders will allow you to transfer your loan to a third party. If you have a low-interest loan you might be able to sell your vehicle to a buyer who’s willing to do this. 
  • Repossession: This will have a negative impact on your credit score, so it’s not ideal. You could also incur the cost of the repossession and selling of the vehicle on top of the loan balance. 
  • Bankruptcy: In some cases, bankruptcy can wipe out the balance of a repossession, or stop your can from being repossessed completely. 

Let Old Saybrook Chrysler Dodge Jeep RAM Provide Your Automotive Financial Advice

If you’d like more information about any of these options if you can’t make your car payment, contact us and we’ll do our best to provide you with financial information tailored to your situation.

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