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What should I do if I can't afford my car loan anymore?
My brother passed away a few months ago, and I’ve been helping take care of his family. Finances are tight, and I’ve had to cut back on my spending significantly. Keeping up with my car payments has been a major challenge. What’s the best course of action if I can't afford my car loan anymore?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear about your loss, and I’m sure your brother’s family is incredibly grateful for your help.
If you can’t afford your
car loan
anymore, you should contact your lender immediately to inform them of your situation and discuss your options. It’s in the lender’s best interest to help ensure you can make payments, and they’ll likely modify the loan to make repayment more manageable.Alternatively, you may want to consider:
- Refinancingthe loan for terms that better match your current financial needs
- Surrendering the vehicle or allowing it to be repossessed
- Selling or trading in the vehicle for something more affordable
To free up room in your budget, you should look to save on other expenses like your
car insurance
. The Jerry
app can help. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new car insurance. The average Jerry user saves $879 a year.View full answer
- Gregory R.
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