I’m Late on My Car Payment, What Are My Options
Cars are large ticket items. For this reason, most people are not able to pay for them in cash.
Instead, they get the car financed by taking a personal loan or a car loan where the car serves as collateral. Unfortunately, at times, life circumstances make it difficult to service the facility as agreed. This can place you at risk of losing the car.
If you find yourself in this situation, do not picnic; here are some options to evaluate.
Get a Loan
Understandably, the last thing you want at the moment is to increase your debt. However, if the financial crisis is temporary, non-traditional, online loans, no credit check, and instant approval in Canada can be a lifesaver.
This will help you make the payment and safeguard your car while working on modalities to repay the online loan.
Put The Car To Work
How about making the car pay for itself, partially or fully? Technology has made so many things possible. There are many digital taxi-hailing apps in most large cities and towns.
You can explore how to use this to make an income. Think ferrying a few people to work on your way back and doing the same thing in the evening at a fee. This can help you make an extra buck while working your regular job. You can also take extra jobs over the weekend.
The cash you make from these exploits should all go towards loan repayments.
Have a Garage Sale
Garage or yard sales are excellent options for people looking to make some money quickly.
All you need is to find clothes, electronics, toys, and other items in good condition that you do not use or are happy to dispose of in order to keep your car.
Arrange these neatly, price them and sell them in a garage sale. You will need to print out flyers, advertise on social media and through word of mouth as well.
Take a Salary Advance
Most employers have this facility for their permanent employees. A salary advance is an advance payment of your salary.
Depending on the amount owed on the vehicle, the percentage you can get through an advance can cover the outstanding amount fully or partially.
Talk To the Lender
Another option to consider is to talk to the lender and try to come up with a solution. They might give you more time to come up with the cash, restructure your loan, and so on.
Whatever the case is, a successful meeting can buy you some time and give you some reprieve.
It’s not uncommon to be short of funds from time to time. However, it might be wise to evaluate your finances and seek lasting solutions if it becomes a common occurrence.