What If I Can't Make My Car Payments

No one wants to get behind on their car payments, but sometimes life throws you a curveball, and you find yourself asking, “I can’t make my car payments; what are my options?” These are some steps you can take if you can no longer make your monthly car payment due to the pandemic or other factors. Learn what to do if you find yourself in this situation from the expert finance specialists at South Point Hyundai

What to Do if You Can’t Make Your Car Payments

Depending on your specific situation, there are several options for you if you can’t make your car payments:

• Talk With Your Lender: Talk to your lender to keep them informed of your situation. They may be able to modify your loan temporarily while you work out your finances.
• Refinance Your Loan: If you have been making consistent payments and still have a good credit score, you might be able to refinance your car loan. This could lower your payments by either extending your auto loan or reducing your interest rate. Check with your original lender to see if refinancing is an option for you; if not, you might have to shop elsewhere.
• Sell Your Car: Depending on the amount you owe and the estimated value of your vehicle, consider selling your vehicle to get enough money to pay off your loan.
• Trade-In Your Vehicle: While you may not get as much as you would from a private seller, trading in your vehicle at a dealership is another way drivers around Kyle can lower their payments. You can use our online tool to estimate your trade-in value.
• Have Someone Assume Your Loan: This isn’t a popular option with lenders, but some will 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.
• Repossession: Having your Hyundai repossessed will negatively impact your credit score, so this isn’t an ideal solution. You also may end up being charged the cost of repossessing and selling the vehicle on top of your loan balance!
• Bankruptcy: In some cases, bankruptcy can wipe out the balance of repossession or stop your vehicle from being repossessed.

Get Auto Loan Financial Advice at South Point Hyundai

If you need additional financial advice or help with your auto loan, talk with the finance specialists at South Point Hyundai near Round Rock and Cedar Park. Our financial advisors will walk you through your options and make recommendations to fit your situation. We’re here for you in good time and bad! Let us know how we can help. Contact us today to learn more about unsecured car loans, our vehicle specials, and more! Also be sure to learn more about how to refinance a car with our team today.