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What to do when you can’t afford your car payment Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive tools and financial calculators as well as publishing original and impartial content. This allows you to conduct your own research and analyze information for no cost and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The products that appear on this site are from companies that compensate us. This compensation could affect how and where products appear on this website, for example, for example, the order in which they may be listed within the categories of listing, except where prohibited by law for our loan products, such as mortgages and home equity and other products for home loans. But this compensation does not influence the information we publish, or the reviews appear on this website. We do not contain the entire universe of businesses or financial offers that may be open to you. Westend61/Getty Images
4 min read Published April 19 2022.
Authored by Dan Miller Written by Points and Miles Expert Contributor Dan Miller is a former contributing writer for Bankrate. Dan wrote about loans as well as home equity and managing debt in his work. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances with clear, well-researched facts that break down complicated subjects into digestible pieces. The Bankrate promises
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As part of your ongoing review of your budget, you may encounter a situation that you think you’re not able to afford your car payments. If this is the case there are a variety of alternatives to help you get your finances back. Each option comes with its own pros and cons, and you should look them over carefully to see which option is the best for you. Contact the dealership and ask for an offer to trade in your vehicle. One of the first steps to take is to contact your dealership and ask if you are able to trade in your vehicle to get a cheaper version. It might be simpler to figure out when you purchased the car from a dealer and your loan is financed through it. That might make the dealership more responsive in making arrangements with you. But even if that isn’t the case it’s worth calling the dealer to see what options are available to you. Based on the difference in price between your current and new cars, and the term and the length of time, you might be in a position to save a substantial quantity of dollars by changing choosing a less expensive vehicle. Be aware that current prices circumstances could make selling your car a bit more difficult. The prices of used cars have climbed significantly over the last few years ago. Also, depending on the kind of car you’re trading in and what type of vehicle you’re hoping to get instead this could prove more challenging than you expected. Request a loan modification Another option you have if you can’t make the monthly car payment, is to request an . Through the option of a loan modifications, you work in conjunction with your lender to alter the conditions of your loan. This may include lowering your interest rate, deferring payments for a period or altering your due date to align better with your plans. A loan modification may also prolong the term of your existing loan. This usually reduces the monthly payment, however you’ll be paying more in interest over the life of the loan. You’ll want to proceed carefully and make sure that the numbers are in your favor you prior to committing to any modification. Refinance your car loan When your lender is not willing to modify the terms of your loan You can choose to . You can search for a prequalification with several lenders to find the best rate and terms. If you have an account with a local credit union or bank You may be able to find better rates there since you have a long-standing relationship with them. Before you refinance your auto loan, find out whether you qualify. Even the case that you have a bad credit score, you may be eligible to if you have the ability to pay off your auto loan quickly or have improved the credit rating of your. Also, make sure to determine whether there are any charges related to refinancing an auto loan. Certain fees are fees for early termination and transaction fee, state registration fees, the cost of auto insurance and late payment fee. Consider this as a possible method to refinance your vehicle Choose if refinancing is the right financial move. Review your current loan. Check your score on credit. Calculate the value of your vehicle. Find the most competitive refinancing rates. Determine how much you’d save when refinancing. Get your paperwork in order. Sell privately and then buy within your budget. If you cannot afford the car payments in the present, a different option to think about is to sell your car privately and purchase a new vehicle that’s more in line with your budget. There are more steps involved with this, but it’s nevertheless feasible. The current market is favorable for the sale of a secondhand car, as prices are significantly higher than previous years and you could get the best price. However, the negative aspect of a booming used car market is that it may be harder to locate an appropriate replacement vehicle that is within your budget. It is important to research the market and find out how much it will cost to purchase your new car. That will provide you with an idea of how much you’ll save when you switch cars , and whether it’ll be worth it to you. Get help from your family and friends assistance. A last resort could be to ask your family and friends for help. This could or might not be the right choice for you depending on your relationship with your friends and family, and their own financial situations. However, if you’re in a situation where you can’t afford the cost of your car, speaking with those that are closest to you might be an option to consider. Be aware that assistance from relatives and friends doesn’t necessarily require a financial commitment. While it’s great having a wealthy uncle who would pay off your loan in a matter of minutes, the majority of us aren’t in that situation. However, in addition to financial aid Your family and friends may also be trying to sell their used vehicle or know someone who is. These connections could aid you in saving money. If you’re in a spot in which you’re unable to make car loan, being aware and assessing your financial situation is the first step. Ignoring the situation or, even more serious, failing to pay on your car loan can cause serious problems with your financial health overall. Once you’ve identified the issue you should look into the options. Call your lender first to determine whether they’re willing to alter the terms of your loan. They don’t want to modify existing loans, but they also don’t like repossessing cars. You must convince them of why it is important to modify your loan to continue making payments. Depending on your situation and credit score, you could be eligible to refinance your loan and possibly save money. Be sure to study the charges related to refinancing and understand the terms of your loan agreement before making any decision. Commonly asked questions What should I do if I’m unable to pay for my car? If you’re not able to pay your car loan and you are in a position to pay it, now is the best time to take action. Explore these options: reach to your lender to see if you can defer payments, consider getting another loan or sell your car, or sell it or surrender your car in exchange for a fee. What are the charges that are associated with refinancing an auto loan? Fees associated with refinancing an auto loan might include early termination fees and transactions fees including state registration fees, auto insurance costs late payment fees, and an up front cash payment. Can you refinance an auto loan even if you have a low credit score? You may be qualified for a refinance loan even if you have a low credit score. Learn more
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Authored by Points and Miles Expert Contributor Dan Miller is a former contributor to Bankrate. Dan wrote about loans as well as home equity as well as debt-management in his writing. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers feel confident to control their finances by providing concise, well-researched and well-documented facts that break down otherwise complicated topics into digestible pieces.
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