NEW HAVEN, Conn. (WTNH)– A car is one of the most expensive monthly bills many of us have. If you find it’s ever difficult to make payments, you have options. We are helping you stretch your dollar with what you can do to get your bills under control. If you are still staring at a big car loan and figuring out how to pay for it each month, you are not alone. Consumer Reports found more than a million consumers are still 60 to 89 days late paying their auto loan.
So what can you do? Here are a couple of ideas Consumer Reports released. If you are struggling to pay, let your lender know! Maybe there’s something they can do, like change your due date to match up with when you get paid.
Make a deal you can keep. Analyze your own finances and make sure you’re creating a new payment schedule that you can successfully stick with and consider refinancing your loan. If yours qualifies, this could bring down your monthly payments and your total cost.
Another option is to ditch the vehicle. Trade it in for something that’s more affordable. There’s no shame in admitting maybe you bought something more than you can afford or maybe your circumstances have changed. What’s important is you take action. Not doing so will only cost you more overtime and hurt your credit score if you’re repeatedly missing payments.