What If I Can't Make My Car Payments?

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Sometimes, you are facing life difficulties that make it challenging for you to keep up with your financial responsibilities. In some of those times, you are left thinking “what are my options if I can’t make my car payments?” The silver lining is that there are several answers as to what to do if you can’t make your car payments and Cornerstone Plymouth will tell you about all your options in this quick guide. Even for Minneapolis drivers who aren’t currently in this situation, but who are wondering what happens if they can’t make their car payments, this guide will be informative as well. 

What Are My Options If I Can’t Make My Car Payments? 

All Maple Grove drivers have their unique situations, so their options will differ if they can’t make their car payments. For drivers who have established a good history as a loanee, what they can do if they won’t be able to pay off the monthly amount is the following: 

  • Speak with your lender about your current situation and they might change your loan as you figure out your finances.
  • Minnetonka drivers can try to refinance their loan for lower payments. If your original lender doesn’t refinance, then you will have to try another lender near Plymouth. 
  • Look for someone to assume your loan or to take over loan payments for you. This could be a family member or friend or potential buyer, especially if you have a low-interest loan. 

Additional Options for When You Can’t Make Your Car Payment

If the above suggestions aren’t options for you, consider doing the following: 

  • Trade in your vehicle to help lower your payments. For an estimate of your trade-in value, use our online tool
  • You might be able to sell your vehicle and have enough to make your car payment depending on how much you still owe and how much your car costs.

Have you tried all of the suggestions so far and none works for you? When worst comes to worst, these are your options despite them being unideal: 

  • If you can’t make your car payments and don’t take any active action, your car will be repossessed. Your credit score will be negatively affected and you could be charged the cost of repossessing and selling the vehicle on top of your loan balance. 
  • In the event that you declare bankruptcy, the balance of repossession could be wiped out or your car can be prevented from repossession. 

Seek Financial Advice at Cornerstone Plymouth

Now that you know what to do if you can’t make car payments, the finance center at Cornerstone Plymouth is still here for you if you have more questions. Reach us directly at 763-559-5300 or contact Cornerstone Plymouth. Our finance experts can guide you based on your personal financial situation, so you can know what your actual options are if you can’t pay off the monthly amounts of your loan.

 

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