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Can your wages be garnished for a car loan?
I just missed a car loan payment that was due yesterday and can’t afford to pay it for another week or two. I’m not sure what the repercussions are, and the loan company hasn’t contacted me yet. Can your wages be garnished for a car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Repaying a
car loan
can certainly be challenging, and if legal in your state, your wages can be garnished for a car loan—but only if the vehicle has already been repossessed and sold for less than you owe.However, because you’ve missed a payment and can’t repay it for a week or two, you should contact the lender immediately to avoid repossession and discuss your options moving forward. More often than not, lenders are willing to work with you to find a solution that suits both parties. So, the sooner you contact them, the better.
If you regularly struggle to make your monthly payments, you may want to consider
refinancing
the loan. By refinancing, you can be approved for a new loan agreement that better accommodates your current financial situation. Additionally, you can make repayment more manageable by saving money on your
car insurance
using Jerry
, an insurance comparison app that shops for low prices with over 50 different insurance companies for free.Using Jerry, you’ll get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away. Jerry customers save an average of $879 a year.
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