What If I Can't Make My Car Payments?

If you find yourself in a situation where you’re struggling financially, you might be wondering, “I can’t make my car payments. What are my options?” While this isn’t an ideal situation, there are recommended steps to take. Learn what to do if you can’t make car payments from Spitzer Chrysler Dodge Jeep Ram Homestead below.

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

What can you do depends on your situation, but if you have a positive history as a loanee, here’s what to do first if you can’t make your car payments in Princeton: 

• Speak With The Lender: Talk to your lender and let them know your situation. They may be able to modify your loan for a while 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 near Key Largo. This can lower payments by either extending your auto loan or lowering your interest rate. Speak with your original lender to see if they offer refinancing. If not, you may have to go elsewhere. 
• Have Someone Assume Your Loan: This isn’t an option with all lenders, but some may allow 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. 

Other Options If You Can’t Make Car Payments

If you tried the above options, what are your other options if you can’t make car payments? You should consider these options:

• 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 car is another way Florida City drivers can lower their payments. Use our online tool to estimate your trade-in value. 

As a last resort, you will have to choose between these options:

• Repossession: Letting your vehicle be repossessed will negatively impact your credit score. You also may be charged with the cost of repossessing and selling the vehicle in addition to your loan balance. 
• Bankruptcy: In some scenarios, bankruptcy can wipe out the balance of repossession, or stop your car from being repossessed completely. 

Get Personalized Help from Spitzer Chrysler Dodge Jeep Ram Homestead

Now that you’ve explored what your options are if you can’t make your car payments, be sure to speak with our finance team about your situation so that we can get you personalized help. Contact us today, and allow our dealership to lend you a hand.