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4 minutes read. Published April 19, 2022

Dan Miller Written Dan Miller Written by Points and Miles Expert Contributor Dan Miller is a former contributor to Bankrate. Dan wrote about loans home equity, loans and managing debt in his work. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances through providing precise, well-studied and well-informed information that breaks down otherwise complex topics into manageable bites. The Bankrate promises

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We make sure that everything we publish ensures that everything we publish is accurate, objective and reliable. Our loans reporters and editors concentrate on the things that consumers care about the most — different kinds of loans available, the best rates, the most reliable lenders, the best ways to pay off debt and much more. So you can feel confident when investing your money. Integrity of the editing

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There are money-related questions. Bankrate has answers. Our experts have helped you understand your finances for more than four decades. We are constantly striving to give our customers the right guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is truthful and reliable. Our award-winning editors, reporters and editors create honest and accurate content to help you make the right financial decisions. The content created by our editorial team is honest, truthful, and not influenced by our advertisers. We’re honest regarding how we’re able to bring quality content, competitive rates, and useful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products or services, or through you clicking specific links on our site. This compensation could impact how, where and in what order items are listed in the event that they are not permitted by law for our mortgage, home equity and other home lending products. Other factors, like our own rules for our website and whether the product is offered in the area you reside in or is within your own personal credit score could also affect the way and place products are listed on this site. Although we try to offer an array of offers, Bankrate does not include the details of every financial or credit product or service. A crucial aspect of the success of a budget is to fit every single expense within your income. As part of your ongoing budget review, you might encounter a situation where you feel like you can’t afford your car expenses. If this is the case, you have several options to find relief. Each option has its own set of pros and cons, so it is important to study them carefully to decide which is the best for you. Contact the dealership and request trade. One of the first steps that you can do is to reach out to your dealer to see if they can trade your car in to get a cheaper version. This might be easier to work out in the event that you bought the car from a dealer and the loan is financed by it. This could make the dealer more flexible in working things out with you. However, even if this isn’t the case, it’s worthwhile contacting the dealer to see what options might be available to you. Based on the difference in price between the two vehicles, as well as the terms and , you may be able to save a significant sum of cash by switching choosing buy a lower-cost car. Be aware that the current situation could make selling your vehicle slightly more difficult. Prices of used cars have increased significantly from the last few years ago. Therefore, based on the kind of car you’re trading in and what type of car you’re looking to buy it could be more challenging than you expected. Request a loan modifications Another choice that you can consider if you are unable to pay for your car is to request the loan modification . Through a loan change, you collaborate together with your lender to modify the terms of your loan. It could mean the reduction of your interest rate, delaying payments for a time or changing your payment’s due date to align more closely with your timetable. A loan modification can also extend the duration of your current loan. This usually reduces the monthly payment, however you will pay more in interest over the life of your loan. You’ll want to proceed carefully and ensure that the numbers work for you before deciding to accept any modification. Refinance your car loan If your lender is not willing to modify the terms of your loan You also can choose to . It is possible to shop for a prequalification with several lenders to get the best rates and terms. If you have an account with an institution like a local bank or credit union it is possible to obtain better rates since you have a long-standing relationship with them. When you are considering refinancing your car loan, find out whether you’re eligible. Even the case that you have a bad credit score, you could be eligible if are able to pay off your auto loan quickly or you have increased you credit scores. Be sure to check if there are any fees related to refinancing an auto loan. Certain fees are fees for early termination and transaction fee, state registration fees, the cost of auto insurance and late payment fees. Take a look at the following as a good process to refinance your car Consider refinancing as the right financial move. Check the current loan. Examine the credit rating. Determine the worth of your vehicle. Shop around for the best refinancing rates. Find out how much you could save when refinancing. Make sure you have your paperwork in order. Sell privately and purchase within your budget. If cannot afford the car payments right now, another possibility to consider is to sell your vehicle privately, and later purchase a new vehicle that’s more compatible with your budget. There are additional steps to take in this process, but it’s still definitely doable. This market has been particularly favorable for the sale of a secondhand vehicle, with prices substantially higher than previous years and you could get an excellent price. Of course, the flip downside to a highly-priced used car market is that it might be harder to find a replacement car that fits your budget. Be sure to study the market and understand the price to purchase your new vehicle. This will provide you with an idea of the amount you’ll save by switching vehicles and if it will be worth the cost to you. Request help from family and friends. assistance. A last resort could be to ask relatives and friends for assistance. This could or might be the best option for you based on your relationship with your relatives and friends, as well as their personal financial circumstances. If you’re in an extremely difficult situation in which you are unable to afford the cost of your car, speaking with those that are closest to you might be an option to consider. Be aware that assistance from relatives and friends doesn’t necessarily need to be financial. While it’s great to have a wealthy uncle who would just take care of your loan immediately, most of us aren’t in that type of scenario. However, in addition to financial help, your friends and family might be looking to sell a used car or have a friend who is. Those kinds of connections might aid you in saving money. If you’re in a situation in which you’re unable to make car payments, recognizing and assessing your financial situation is the most crucial step. Ignoring the situation or, even more serious, failing to pay on your car loan can cause serious problems with your overall financial situation. If you’ve discovered the issue then you need to look into your alternatives. Talk to your lender first, to see if they would be willing to modify your loan. The lenders don’t like changing existing loans, but they also do not like repossessing vehicles. Make your case as to why a modification is necessary to continue making payments. Based on your personal situation and credit score, you could be eligible to refinance your loan and possibly save money. Be sure to research the costs associated with refinancing and read the terms of your loan agreement before making any decision. Commonly asked questions What should I do if I’m unable to pay for my car? If you’re unable to pay for your car loan, now is the right time to act. Explore your options below: reach out to your lender to see if you can defer payments, think about taking out an alternative loan, swap your car in for a new one, trade it in or give up your car voluntarily. What are the costs associated with refinancing an auto loan? The costs associated with refinancing an auto loan may include an early termination charge, transactions fees, state registration fees, insurance for autos late payment charges as well as an upfront cash payment. Can you refinance an auto loan even if you have a low credit score? Yes, you could be qualified for a refinance loan even with a poor credit score. Find out more

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Authored by Points and Miles Expert Contributor Dan Miller is a former contributing writer for Bankrate. Dan covered loans, home equity and managing debt in his work. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers feel confident to control their finances through providing concise, well-researched and well-documented details that cut otherwise complex subjects into bite-sized pieces.

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