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When unexpected life events happen, it can cause you to no longer be able to
afford your car payment. Or, maybe you realized down the road that the car you chose
is way out of your budget. Whatever the reason may be as to why your payments are
taking a toll on you, there are steps you can take in order to help your situation. It’s
important that you take these steps quickly though, in order to avoid a missed payment
I’m going to tell you what steps you need to take in order to make your car expenses better fit your budget and hopefully, get back on track!
1. Before Skipping a Payment, Talk to Your Lender
You know the saying: it doesn’t hurt to ask! Instead of assuming that missing a payment is your only option, talk to your lender first and see what he or she can do for you. It’s important to communicate with your lender because they may be able to work with you instead of just taking back the car. If you explain your situation, your lender can give you the option to skip payments for a period of time, or reduce your payment amount. Your lender may need to extend the number of months you need to make payments, and you may end up paying more in interest, but it’s definitely better than a repossession that will damage your credit!
2. Calculate the Numbers
Before you proceed any further, you need to take a better look at your situation and check your numbers.
First, use an online pricing guide to find out your car’s value. You need to know how much your car is worth. Next, confirm with your lender how much you owe. Finally, determine what your interest rate is and how many months you have left before the loan is paid. You’ll have positive equity if you owe less than the value of your car. This will give you more options, like refinancing or downsizing. If you have negative equity, or owe more than the value of the car, it may be a little harder.
3. Create a Plan
Your best approach is to create a realistic plan based off on how much you can actually afford for a long-term solution.
These are your options if you have positive equity:
Now, if you have negative equity, this is what you can do:
Knowing your options ahead of time and taking action right away can help you avoid damaging your credit in the event that you can no longer afford your car payment
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Founded by Justo Villalobos back in 2015. BWS has estabilished itself as one of the greatest and prestigious Credit Repair Resources.