What If I Can't Make My Car Payment?

No one enjoys getting behind on their car payments, but sometimes it happens, and you find yourself wondering, “I can’t make my car payments, so what are my options?” These are some suggested steps to take if you can no longer make your monthly car payment due to the pandemic or other life situations. Learn what to do if you find yourself in this situation from the finance pros at Sunshine Chevrolet, LLC in Arden. If you still have questions, don’t hesitate to contact us.

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

Depending on your specific financial situation, there are several options for you if you can’t make your car payments:

• Talk With Your Lender: Speak with your lender to notify them of your situation and discuss your options. They might be able to modify your loan temporarily while you work on your finances.
• Sell Your Vehicle: Depending on the amount of money you owe and the estimated value of your car, consider selling it to get enough money to pay off your loan.
• Trade In Your Car: While you may not get as much as you would from a private seller, trading in your vehicle to a dealership is another way drivers around Asheville or Hendersonville can lower their payments. You can use our online tool to estimate your trade-in value.
• Refinance Your Loan: If you have been making consistent payments and still have a good credit score, you may be able to refinance your car loan. This could lower your car payments by either extending your auto loan or decreasing your interest rate. Check with your original lender to see if refinancing is possible. If not, you may have to shop around for a refinance loan.
• Have Someone Assume Your Loan: This is not a common occurrence with lenders, but sometimes they will 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 assume your loan.
• Repossession: Having your Chevy Tahoe or Chevy Silverado repossessed will negatively impact your credit score, so this isn’t a wise solution. You also may end up being charged the cost of repossessing and selling the vehicle on top of your loan balance!
• Bankruptcy: In some cases, bankruptcy can wipe out the balance of repossession or stop your vehicle from being repossessed. Talk with a bankruptcy attorney for details.

Get Auto Loan Financial Advice From Sunshine Chevrolet, LLC

If you need additional financial advice or help with your auto loan, chat with the friendly finance team at Sunshine Chevrolet, LLC near Fletcher. They will patiently walk you through your options and make recommendations that fit your unique situation. We’re here for you in good times and bad, so let us know how we can help. Contact us today!