What If I Can’t Make My Car Payments?

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Fear. Disappointment. Worry. There are so many emotions that you might feel when you’re asking, “What if I can’t make my car payment?” You don’t have to muddle through this situation alone in Waterford. The finance team at Old Saybrook Hyundai is here with answers when you ask, “I can’t make my car payments. What are my options?”

What to Do if You Can’t Make Your Car Payments?

Many different situations can lead to being in this situation, and the answer to, “What if I can’t make my car payment?” is going to depend on your unique situation in Madison. Here’s what to do if you can’t make car payments:

  • Speak With The Lender: Please don’t hide your situation — that will only make it worse. Tell your lender, “I can’t make my car payments. What are my options?”. They may be able to modify your loan for a period of time while you work out your finances.
  • Refinance Your Loan: Have you been making consistent payments and is your credit score good? If so you might be able to refinance, which can make your monthly payments lower. Check with your original lender to see if they offer refinancing. If not you may have to go elsewhere.
  • Sell Your Car: Depending on the amount you owe and the estimated value of your vehicle, you may be able to sell your vehicle and make enough to pay off your loan. One of our finance experts can help you find out if this is a worthwhile option.
  • Trade In Your Vehicle: Use our Value Your Trade tool and get an estimate of what you might get if you opt to trade in your vehicle and put the money towards a less expensive model.
  • Have Someone Assume Your Loan: Some lenders will allow you to transfer your loan to a third party, like a buyer for your car.
  • Repossession: Letting your vehicle be repossessed will negatively impact your credit score so this isn’t an ideal solution. You also may end up being charged the cost of repossessing and selling the vehicle on top of your loan balance. You’re better off opting for most of the other options.
  • Bankruptcy: In some cases, bankruptcy can wipe out the balance of repossession, or stop your can from being repossessed completely. Filing for bankruptcy will have repercussions that last for years, though.

Get Car Finance Advice From Old Saybrook Hyundai

This is just the start of the information our finance team has to offer Branford drivers who are wondering, “What if I can’t make my car payment?” Contact us for more information, and feel reassured that there are options available to you.

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235 Middlesex Tpke. • Old Saybrook, CT 06475

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Old Saybrook Hyundai 41.2918, -72.37619999999998.