Paying for a car note is one of the financial responsibilities we love and hate to have. It can eventually get to be a struggle, especially if you just lost your job, or you start having many issues with debt.
Having to maintain a current and good standing of your bills is a task we all try to accomplish each month and I know it can get tedious and annoying. So to have one more to worry about is like a thorn in the foot.
The struggle is real
If you are really struggling to come up with the money and have even made a few late payments, then this article is the one for you. If you are really behind on car loan payments, then there are some things you could do to get out of that financial mess.
The following are some things you can do in order for you not to lose your car.
Have a talk about it with your Lender
Before anything else, have a talk with your lender. They are more willing to keep you on board, than to let you loose. Always remember that. In this same process, the following should be said or done:-
- See if you can be paying a lesser amount by prolonging the allocated time period.
- Request for a thirty day deferral.
- Negotiate with the lender so that he or she can lower your interest rate.
Always keep in mind that sometimes, your efforts to get out of the hole might get you sinking further into it, so just be wise and make sure your expectations are not so big.
Take your car back-and get a cheaper one
Take a drive back to where you bought the car and get one that does not give you so much headache financially. There is no need in having a car that is so expensive, yet you are barely making it. You have to learn to start living within your means and forget getting behind on car Loan payments.
You could have a friend or relative help out
You don’t have to be ashamed when you hit bad times. Getting behind on car loan payments can happen and you should have the courage and sense to ask for help.
Ask a relative or friend to take over paying your car note every month until when you can be financially stable. I know it is a hard thing to try because people have their own financial issues to deal with, but sometimes desperate times call for desperate measures.
Sell the car
I know it might be a tough decision to make, but if you are behind on Car loan payments, then there isn’t much of a choice you would have except to sell it. There are sites online willing to buy used cars or you would publicize your intentions of selling it on an ad or just write it on cardboard and stick it on your car. There might be someone in your neighbor hood that might be interested.
Look for a loan that will pay off the difference
If your car is about to hit the road back to the dealership, then it is time to consider taking out a loan to pay off the lender so that you can be free in whatever you want to do with the car.
That is of course, if you have good credit.
Last but not least, give up the Car
This is the last and final thing you can do for yourself that eliminates the whole problem. If they want it back, they can have it. But you have to be prepared of the repercussions of being reported to the credit bureaus out there. Chances are, you might not get another car anytime soon after taking the one you have back. You can live with that. Having to be behind on car loan payments is Just one other thing that happens in life.
What you cannot live with is the word ‘repossession’ haunting you everywhere you go to try and buy a car. It is worse. So thank your lucky stars that even if you don’t have a car, you wont have to worry being behind on car loan payments. Be warned though; the lender might sue you for the remaining balance.
Being behind on Car Loan payments is not unheard of. You are not the first and you are not going to be the last either. Options for other means of transportation are there for the taking, so don’t look at this as if it’s the end of your world. While making sure that you make a much wiser decision the next time around, you can meanwhile get familiar with various modes of convenient transportation.