What If I Can't Make My Car Payments?

Are you struggling financially and falling behind on your car payments? While it’s not ideal, you can take certain steps to improve the situation if you’re in this scenario. If you went to Spitzer Subaru’s finance team and said, “I can’t make my car payments. What are my options?” we will go over the following with you. See what to do if you can’t make your car payments below. 

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

What you can do depends on your situation, but if you have a positive history as a loanee, here’s what to do first if you can’t make your car payments in Clearfield: 

• Speak With The Lender: Talk to your lender and let them know your situation. They may be able to modify your loan for a while while you work out your finances. 
• Refinance Your Loan: If you have been making consistent payments and have a good credit score, you might be able to refinance your auto loan near Brookville. This can lower payments by either extending your auto loan or lowering your interest rate. Speak with your original lender to see if they offer refinancing. If not, you may have to go elsewhere. 
• Have Someone Assume Your Loan: This isn’t an option with all lenders, but some may allow 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. 

Other Options If You Can’t Make Car Payments

If you tried the above options, what are your other options if you can’t make car payments? You should consider these options:

• Sell Your Car: Depending on the amount you owe and the estimated value of your vehicle, you may be able to sell your vehicle and make enough 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 car is another way Clarion drivers can lower their payments. Use our online tool to estimate your trade-in value. 

As a last resort, you will have to choose between these options:

• Repossession: Letting your vehicle be repossessed will negatively impact your credit score. You also may be charged with the cost of repossessing and selling the vehicle in addition to your loan balance. 
• Bankruptcy: In some scenarios, bankruptcy can wipe out the balance of repossession, or stop your car from being repossessed completely. 

Get Personalized Help from Spitzer Subaru

After learning more about what your options are if you can’t make your car payments, feel free to get in touch with our finance specialists and we’ll come up with personalized solutions for you. Whether you prefer to speak over the phone or meet with us at our DuBois dealership, we’re here to help!