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What should I do if I have a car loan but I'm going to study abroad for six months with no income?
What should I do with my car if I'm traveling overseas? I'm going to study abroad in Spain, but I currently have a car loan. When I go abroad, I'm not going to be able to afford it.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You won’t be able to get out of the loan, but you may be able to do a few things to keep the car without damaging your
credit
.The first option is to ask your lender if they’ll defer your payments for six months. The
loan
will still accrue interest, but you won’t have to pay during that time.A riskier option would be to make the payments with a credit card that has a 0% interest introductory rate. You can put the car payments on this card and then pay the minimum until you get back home.
You could also ask a family member such as your parents to make the payments, but this may cause stress between you and them. This would probably be your worst option, but it’s something to do if nothing else works.”
View full answer
- Gregory R.
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