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

Sometimes Albuquerque drivers contact the finance team at University Mazda and say, “I can’t make my car payments, what are my options?” Try not to worry. We understand that life can throw you a curveball, and we are here to help you decide what to do if you can’t make your car payments on your new Mazda. Read on to learn your options and contact us if you have any questions.

Options If You Can’t Make Your Car Payments

So, if you can’t make your car payment, what are your options? If you have a good history as a loaner, try the following alternatives first:

• Speak With Your Lender: Talk to your auto lender and let them know you’re having difficulty making your car payment. They might be able to modify your loan payments for a while you try to resolve your finances.
• Refinance Your Loan: If you have been making all your payments on time around Rio Rancho and have a good credit rating, you might be able to refinance your current auto loan. This could lower your payments by either extending your auto loan or reducing the interest rate. Check with your auto lender to see if they offer refinancing. If not, shop elsewhere.
• Have Someone Assume Your Loan: This isn’t always an option because it’s up to the lender. Still, some allow for a third party to assume loan payments for you. If you have a low-interest loan, you might be fortunate enough to find a potential buyer who would do this.

Additional Options If You Can’t Make Car Payments

If none of the above options work for you, consider the following steps:

• Sell Your Car: Depending on how much you owe and the estimated value of your vehicle, you might be able to sell it around Santa Fe and make enough to pay off your loan.
• Trade-In Your Vehicle: While you may not get as much money as you would from a private seller in Farmington, trading in your vehicle is another way to lower your payments. You can use our online tool to estimate the trade-in value of your car.

If none of these suggestions work for you, then like it or not, you’ll have to choose between these options:

• Repossession: Getting your vehicle repossessed will negatively influence your credit score, so this isn’t a perfect solution. You might also end up having to pay the cost of repossessing and selling the vehicle. Plus, you still have to pay off your loan balance.
• Bankruptcy: Bankruptcy may eliminate the balance of repossession or stop your vehicle from being repossessed.

Trust the Finance Team at University Mazda

Now that you know the answer to the question, “I can’t make my car payments, what are my options?” check out our answers to other questions like, “what does MSRP mean”. If you need additional advice about auto loans, contact the finance team at University Mazda near Farmington. Our financial specialists will walk you through your options and make recommendations for your unique situation. Reach out to us today.