What If I Can’t Make My Car Payments?

In the midst of socioeconomic difficulties, it can be easy to find yourself in a situation where you’re saying, “I can’t make my car payments; what are my options?” Some of the biggest challenges facing Buffalo shoppers during their car buying process include: 

• Record high inflation rates
• Supply chain shortages
• Skyrocketing interest rates
• The aftermath of the COVID-19 pandemic

However, Joe Basil Chevrolet is here to help! Find out what to do if you can’t make car payments with the experts in our Depew Finance Center below! 

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

Every Cheektowaga shopper’s financial situation is different. Nevertheless, if you can’t make your car payments, you have a few options available to you. As long as you have a good loanee history, you should consider the following tactics: 

• Speak With The Lender: Talk to your lender and let them know your situation. They may be able to modify your loan for a period of time 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. This can lower payments by either extending your auto loan or lowering your interest rate. Check with your original lender to see if they offer to refinance, if not you may have to go elsewhere. 
• Have Someone Assume Your Loan: This isn’t an option with all lenders, but some 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. 

Are the following options not possible for your unique situation? Wondering to yourself, “what if I can’t make my car payment and my credit history is less than ideal?” You may have to consider more drastic steps: 

• Trade-In Your Vehicle: While you may not get as much as you would from a private seller, trading in your vehicle is another way drivers in Lancaster lower their payments. Use our online tool to estimate your trade-in value. 
• 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.

Get Financial Assistance at Joe Basil Chevrolet in Depew

Still not sure what your options are if you can’t make your car payments? Then you’ll want to reach out to us at Joe Basil Chevrolet for more solutions! Our knowledgeable advisors will provide you with the finance and insurance information you require to pay off your car payments as quickly and efficiently as possible!