Trouble Making a Car Payment: Here’s What You Can Do

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Some months are rough. Costs add up, and income isn’t enough. When that happens, what are you going to do? You need electricity and water. You certainly can’t forfeit your grocery budget, and rent or mortgage keep you off the streets. That usually means one thing: the car payment is a problem. If you’re having trouble finding funds for this bill, consider the following three options.

1. Look for a Cash Advance

When you only require assistance once, locate a loan company Mississippi that specializes in cash advance. If you have a paycheck coming soon, you could use it to get money early. This avoids a penalty for the late fees and could protect your credit.

2. Contact the Lender

If you’ve recently lost your job or had a recent permanent change in income, reach out to the car loan lender. These professionals may be able to aid you in changing your financial responsibility, or they could have a forgiveness program. These are particularly of use during harsh economic times or severe weather events.

3. Work With a Bank

Sometimes, it’s worth it to take out a larger loan and pay off the debt. Then, you have to deal with the new loan instead. That may seem strange, but it’s an exchange for a lower payment over time which could ease your stress.

Speak with a banker to see if you qualify for a loan that covers the amount of the car. You could pay off the car with it and look to have a longer, spread-out payment with less interest. This may work better with your budget. Essentially, it’s similar to refinancing your home.

If you’re worried about managing the car payment, reach out to agencies in your area. You may be able to alter the original loan, seek a one-time payment or refinance with another agency.