Repossession is one of the significant consequences that a person may face if he or she makes consecutive late payments on a car loan. That’s why it’s important for car owners to pay their loan statements on time. But what do you do if you really can’t make any payment?
Modify your loan
You may want to ask your lender, for instance, palmettocitizens.org, to modify your loan. Some lenders will allow you to change your loan for lower payments for a specified period, or even let you skip at least two payments and out it at the end of your loan until you’re able to catch up.
Refinance your existing loan
You may be able to refinance your existing loan by applying for a more extended loan that has lower monthly payments. Your current lender may allow you to refinance your current loan or let you look for a new one instead.
Consider reinstating your loan
Reinstating an existing loan is a great option for car owners who can make a lump sum payment for all the current past due amounts together with the late charges and other fees associated with it. Although not everyone is entitled to reinstate their loan, it would be best to ask your lender if you qualify for it.
Sell the vehicle
Lastly, if you don’t have any means to pay the monthly car loan statements anymore, then selling the car is probably the best option. You may not be able to get the maximum value of the car, but you’ll be able to get enough funds to pay the late dues or even the remaining balance on loan itself.
Applying for a car loan is a great option to get your own ride right away. However, failing to pay the statements on time may cause a lot more damage. Asking help from financial experts can help you create a plan to get yourself out of debt as soon as possible.