What If I Can't Make My Car Payment?

Have you recently sad, “I can’t make my car payments, what are my options?” You are not alone. While this scenario can be stressful, there are still plenty of steps that you can take to keep moving forward. The finance team at Rusty Wallis Honda is here to help you determine what to do if you can’t make car payments in Garland or Mesquite, and we’re happy to help you with your auto financing needs in Dallas!

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

So, what if you can’t make your car payment for the month? There are several options that you can explore. First, let’s go into some of the better choices to take if you have a good history with your lender:

• Speak With The Lender: We recommend talking to your lender to start out. If you’ve been in good standing with them, there’s a chance that they can modify your loan for a period of time until you get back on your financial feet.
• Refinance Your Loan: If you have a good credit score and you have been payments on time for a year or so, you can also try refinancing your loan through your original lender or someone else. This can lower your interest rate and/or your monthly payments. 
• Have Someone Assume Your Loan: Some lenders allow a third party to take over loan payments for you. If you have a low-interest loan and you can find a potential buyer in the Richardson area, this can be a valuable option.

Additional Options If You Can’t Make Car Payments

We’ve covered what to do if you can’t make car payments in a more ideal scenario, but what if you don’t have the option to negotiate with your lender? Here are some other paths that you can try:

• Sell Your Car: Depending on the current value of your car, you could sell your vehicle and use the profits to pay off your loan. You can either sell on the private market or just stop by dealership like Rusty Wallis Honda.
• Trade In Your Vehicle: If you still need a vehicle, you can also trade in your car for a less expensive model. Use our value your trade tool to get a quick and free estimate.
• Repossession: While not an ideal solution, repossession is a last resort that is sometimes necessary. Be aware that this can have a negative impact on your credit score and you might be charged for the cost of the repossession.
• Bankruptcy: Bankruptcy is another last resort solution, but it may eliminate the balance of your repossession or stop your repossession completely.

Get Expert Financial Advice at Rusty Wallis Honda

The team at Rusty Wallis Honda can help you determine what to do if you can’t make car payments, so no need to stress a minute longer. Contact us to get started or stop by our finance department in Dallas for more tips, such as how to trade in a financed car. We can go through your options in detail, so you can move forward with total confidence.