In this article, we share our best tips and steps to take if you’re struggling to pay your car loans (vehicle finance). You’re not alone and this is not the end of the road.
If you’ve missed a repayment on your car loan, it can be very stressful, especially if you’re dependent on your car.
Get back on track with these steps.
What are the steps to take if you’re struggling with your car loans (Vehicle Finance)?
- Know your rights.
- Get up to date with your payments.
- Apply for debt counselling.
- Negotiate with the credit provider.
- Sell your car.
- Do not hide the car.
- Talk to a consumer law attorney.
- Buy it back.
- Reinstate your car loan.
- Get debt advice.
What happens when I miss a car payment?
A lot of bad things can happen when you stop paying your car loan. Each month you miss a payment lowers your credit score. If you can’t resume payments and get caught up, your car can be repossessed. Worse, you could still owe money on your former car after you no longer have it. The repercussions can stick with your credit rating for years, making it hard to borrow money again, and increasing the interest on any loan you do get.
I can’t afford my car payment anymore, What are my options?
Speak to one of our Debt counsellors
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