What If I Can’t Make My Car Payments?

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If you’ve recently bought a car, you may have thought, “If I can’t make my car payments, what are my options?” There are a number of solutions to this problem! Sometimes you may find it hard to actually make your car payments on time due to an unforeseen incident, and if this is ever the case for you, the experts at All Star Dodge Chrysler Jeep Ram can walk you through the steps you can take to get out of this bad situation. Learn more about what to do if you can’t make car payments on time below.

What to Do if You Can’t Make Car Payments

There are actually a handful of options you can choose to go down if you are no longer able to make your car payments. Depending on your situation, you could:

  • Refinance Your Loan: In the case that you’ve actually been able to make your payments on time for a period of time and have a good credit score, then you may be able to refinance your loan. If you do this, then your monthly payments can be lowered by either lowering your interest rate or extending the loan period. You can do this by approaching your original lender or going to another outlet.
  • Sell Your Car: If you sell your car, you may be able to make enough back in order to pay off the loan depending on the value of your vehicle and the amount of money you still owe on it.
  • Trade-In Your Vehicle: Although you may not get as much back in a trade-in as you would if you sold your car to someone privately, trading your car in for a cheaper model is another way to lower your monthly payment. Take advantage of our helpful online trade-in valuer!
  • Speak With The Lender: If you are able to speak with your lender and tell them the situation you’re currently in, they could adjust your loan for a time while you get your money situation in order.
  • Repossession: Just how many payments before car repossession occurs? You can expect to only miss three payments before your car gets repoed. This will also negatively impact your credit score and you could end up being charged for the repossession itself.
  • Bankruptcy: In some cases, bankruptcy can wipe out the balance of repossession, or stop your can from being repossessed completely.
  • Have Someone Assume Your Loan: While this may not be an option you can choose with your lender, it’s worth a shot! Some lenders allow for a third party to take over your loan payments, and if you have a particularly low-interest loan, you may be able to find someone willing to do it.

Get More Financial Advice with All Star Dodge Chrysler Jeep Ram

Now that you know what to do if you can’t make car payments, it’s important to note that you can always contact the experts in our finance center at All Star Dodge Chrysler Jeep Ram for further information on this or any other financial subject. Our helpful financial advisors are here to help you with whatever you need. While you’re here, you can also take a look at our used inventory, which includes a number of vehicles priced under 10k.

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11503 St Charles Rock Rd • Bridgeton, MO 63044

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All Star Dodge Chrysler Jeep Ram

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11503 St Charles Rock Rd Bridgeton, MO

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11503 St Charles Rock Rd Bridgeton, MO

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11503 St Charles Rock Rd Bridgeton, MO
38.7427432 -90.4068732
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All Star Dodge Chrysler Jeep Ram
All Star Dodge Chrysler Jeep Ram
11503 St Charles Rock Rd
Bridgeton, MO, 63044 US
(314) 291-2050
https://di-uploads-development.dealerinspire.com/allstardcjr/redevelopment052019/uploads/2019/05/AllStarDodgeChryslerJeepRamOGImage.png
All Star Dodge Chrysler Jeep Ram 38.7427432, -90.4068732.