What If I Can't Make My Car Payment?

Car Being Repossessed & Towed

Wondering what to do if you can’t make car payments? The finance experts at Cactus Jack's Auto area here to help you out. We understand that sometimes things happen, and you’ll want to be prepared for that. So if you find yourself thinking, “I can’t make my car payments; what are my options?”, we have your back. Read on to find out what to do if you can’t make car payments. Still looking for an affordable option to drive home to Mesa? Explore our $500 down options.

I Can’t Make My Car Payment — What Are My Options?

Curious what to do if you can’t make your car payments? Depending on your specific situation, there are a few options to consider:

  • Refinance Your Loan: If you have a good credit score and have made consistent payments in the past, then refinancing your auto loan might be an option. Refinancing your auto loan allows you to either extend your loan or lower your interest rate. You can either see if your lender offers refinancing or seek out options elsewhere.
  • Reach Out to Your Lender: If you reach out to your lender and fill them in on your current situation, they may be able to work with you. This will depend on the specific lender and your specific situation, but it’s possible for them to modify your loan for a period of time.
  • Trade In Your Car: If you can’t make your car payment, trading in your vehicle for a more affordable model is an option. Learn more about how to trade-in your car from the experts at Cactus Jack's Auto.
  • Sell Your Car: If you can’t make your car payments and are seeking options, selling your car might be something to look into. Find out how much you still owe on your vehicle, and see if selling would provide you with enough money to pay off your loan.
  • Repossession: While allowing someone to repossess your vehicle will negatively affect your credit score, keep this in mind if need be. However, you may also end up being charged for both the cost of repossessing and selling your vehicle.
  • Ask Someone to Assume Your Loan: While this may not be an option from all lenders, some lenders do allow a third party to take over your loan payments. If you have a low-interest loan, this is a good selling point for potential buyers.
  • File for Bankruptcy: If none of the above options work, you can file for bankruptcy (assuming you meet the qualifications). Bankruptcy could possibly undo the balance of repossession or even stop your car from being repossessed for the time being.

Rely on Cactus Jack's Auto for Car-Buying Tips

If you need additional information on what to do if you can’t make car payments, please don’t hesitate to contact us at your convenience. We’re here to help you navigate all things car financing, from calculating your down payment based on your credit to determine a good interest rate for a car loan. We’re here to help drivers from Surprise to Glendale and beyond better understand the car finance process!

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