What If I Can’t Make My Car Payments?

Is your budget looking a little tight? Are you wondering to yourself, “I can’t make my car payments, what are my options?” Rest assured because there’s a way out. Find out what to do if you can’t make your car payments with the Finance experts at Basil Mitsubishi below! 

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

So, what if you can’t make your car payments? What’s your best move forward? You have a couple of options available to you. However, if you have a good credit history, you should consider the following courses of action: 

• Speak With The Lender: Talk to your lender and let them know your situation. They may be able to modify your loan for a period of time while you work out your finances. 
• Refinance Your Loan: If you have been making consistent payments and have a good credit score, you might be able to refinance your auto loan. This can lower payments by either extending your auto loan or lowering your interest rate. Check with your original lender to see if they offer to refinance, if not you may have to go elsewhere. 
• Have Someone Assume Your Loan: This isn’t an option with all lenders, but some allow for 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 do this. 

Other Options If You Can’t Make Your Car Payments

Have you tried the options listed above and failed? Are you not an ideal loanee in the Williamsville area? You’ll want to keep the following alternative steps in mind: 

• Trade In Your Vehicle: While you may not get as much as you would from a private seller, trading the vehicle in is another way you and other drivers around Clarence or Amherst can lower their payments. Use our online tool to estimate your trade-in value. 
• 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.

Get Financial Assistance at Basil Mitsubishi Today!

Not sure what to do if you can’t make your car payments? You can always feel free to reach out to us at Basil Mitsubishi for further clarification and assistance! Our savvy consultants are more than happy to provide you with the finance and insurance information you need to get your monthly car payments paid on time and in full!