What if I Can’t Make Car Payments?

Excited Couple Reviewing Trade in Offer with Salesman

 

We’re facing unpredictable times around Glendale, and that can cause you to consider your options and wonder, “I can’t make my car payments. What are my options?” If you’re struggling with your monthly payments, the experts at Bell Road Mitsubishi are here to answer, “what if I can’t make my car payments?” Don’t hesitate to contact us if you have any questions. 

What to Do if You Can’t Make Car Payments

“I can’t make my car payments. What are my options?” If this is running through your head, your options can vary depending on your situation. When you have a good history with your loaner, consider these options first: 

  • Speak With The Lender: Start by helping the lender understand your situation. There may be options available to modify the length of your loan while you get your finances in order. 
  • Refinance Your Loan: Your history of timely payments or a good credit score can help you obtain a refinanced auto loan. The loaner will reassess the terms of your loan, and you can find lower payments or a lower interest rate for a more manageable monthly payment. If your original lender doesn’t offer refinancing, you may be able to go elsewhere. 
  • Have Someone Assume Your Loan: If you’re wondering what to do if you can’t make car payments, you may have the option for a third party to take over loan payments for you. This isn’t available with all lenders, however, this can be a potential option if you have a low-interest loan and a buyer willing to do this. 

Other Options When You Can’t Make Car Payments

If the options above don’t work for your situations, there are a couple other options when considering what to do if you can’t make car payments:

  • Sell Your Car: You may be able to sell your vehicle to pay off your auto loan. However, that depends on the amount you still owe, and the estimated worth of your vehicle. 
  • Trade In Your Vehicle: You can lower your monthly payments by trading in your vehicle. Establish your estimated trade-in value with our online tool. 

When none of the above options are available for your Mesa-area loan, you may need to consider these resources:

  • Repossession: Repossession isn’t the ideal solution as the process can negatively impact your credit score. You can also face additional fines for the repossession itself and the cost of selling your vehicle on top of your loan balance. 
  • Bankruptcy: “I can’t make my car payments. What are my options?” Your final option may be to consider bankruptcy. This can wipe out the balance of a repossession, or halt the repossession completely. 

Explore Car Financing Questions with Bell Road Mitsubishi! 

If you’re still questioning, “what if I can’t make my car payment?” continue discussing your options with the Bell Road Mitsubishi finance center. The car financing process can be stressful, but our knowledgeable team aims to take away the confusion. Be sure to take a look at our other car buying tips when you’re ready to get back on Peoria-area roads.

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