I Can't Pay for My Car Loan! What Can I Do?
Unfortunately, people often find
themselves financially 'in over their head' with their car loan
and other expenses. Bills start to go unpaid and debt starts to
pile up. This is a serious situation that needs to be addressed
and fixed immediately. There are things that you can do to help
minimize the blow of your financial burdens.
Consider the suggestions below. If you
would like to discuss your situation with Premier Auto Financing,
feel free to contact us. We will help
you to the best of our abilities.
Spend money on life's essentials
This will include purchasing food from the supermarket. Do not
forget to use coupons when you shop! Also, try and avoid going out
for dinners and lunches. Brown bag when you bring meals or snacks
Essentials also include utilities. You need heat, water and electric
to survive. Use all three sparingly! Keep temperatures moderate,
not too hot or cold. Also, avoid excessive watering of lawns or
general unneeded use of water.
Your place of residence is obviously
an essential as well. Continue to pay your rent or mortgage on
Get your priorities in order!
It is going to be impossible to only spend money on the
essentials listed above. So, what you need to do is determine what
is important to you in life, what is needed in order to survive
and what you can get by without.
Determine what you want to do with
your car loan!
If the balance of
your car loan is approximately what the value of the car is, you
can do one of two things. Sell the car, pay off the loan and buy a
less expensive car. Or, you can look to lower you monthly payments
by refinancing. When you refinance
to lower monthly payments, you increase the term, or length, of
your auto loan, resulting in you paying more in interest over the
entire life of the loan. Nobody wants to pay more than they have
to, but a car is an important piece of almost everyone's life.
If you owe more on the car than the
car is worth, you have a problem. Selling the car will mean that
you will likely lose money. You can explore
refinancing to lower your payments.
However, you may have to sell your car and absorb the loss if you
are really drowning in your debt.
**Please be aware that you may be able
to continue to pay your auto loan if you make adjustments in the
way you spend and how you deal with life's essentials, as listed
Do you have more debt in addition
to your car loan? Get professional help!
If you have excessive unsecured debts, like credit cards, you
should consider meeting with consumer credit counseling company,
otherwise known as CCC. A CCC will analyze your situation and
develop a plan for you and your family to follow that will help
improve your financial situation.
Again, feel free to
contact us if you have any questions.
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