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| *Loan,banking and credit>>>auto loan |
What can I do If i can't pay off the auto loan? |
I can't afford to pay off my car loan. what's the best way to solve my problem? Any advice will be appreciated. Depends, are you financing through your automobile company, or are you paying a car mote? if you are financing, you could call them and try to request to have your payments consolidated.... meaning that one expense will depreciate in exchange for an extension of indebtedness (more payments, less money). if they won't allow you to refinance or consolidate your debt, request a loan, and pay your bank in smaller increments. if you are going through your bank (paying a car note) the process is similar, but if you can't get the bank to work with you, then you might want to try one of those debt consolidation agencies. while it may seem like a bad idea, you really don't have many options. car notes are SECURED loans, meaning if you can't pay them back, they'll reposess your car (take it away). so try your luck, but whatever you do, DON'T let it just settle. it you take no action, you may as well give up your car. Source(s): I've been in debt over my head before too. Maybe refinance so that you can afford the payments. CALL YOUR FINANCE COMPANY AND EXPLAIN TO THEM ABOUT YOUR PROBLEM.. LET THEM KNOW THAT YOU WANT TO COOPARATE WITH THEM AND THAT YOU DON'T WANT TO DEFAULT ON YOUR MONTHLY PAYMENTS. THEY HAVE A FLEXIBLE PROGRAM FOR PEOPLE LIKE YOU. TRY MAKING DEFFERED PAYMENTS (give as much as you can) go to the financer and see what they can do but try not to stop making payments or they will repo your car. they might be able to give you a longer loan so your payments are lower |
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