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Finance on a car. What can you do if your lost your job and cant afford the paybacks?

got brand new car mid last year job/money has fallen what can i do ? i have a 5 year finance with through the bank. is there anyway i can down grade so i have less to pay each month, thanks

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7 Responses to “Finance on a car. What can you do if your lost your job and cant afford the paybacks?”

  1. PhatCat said :

    See if you can refinance for a longer term. Trading it in for a cheaper car might be an option but you probably owe more on the car than it’s worth (common).

  2. ISABELE B said :

    contact them you can come to a new agreement ,are you sure that you do not have insurance cover ..

  3. elaeblue said :

    You can contact the bank and arrange to take the car back and have it sold to cover your loan. One bad thing is that if it doesnt sell for the full price you could still owe some on it. But it wouldnt look as bad on your credit report as having it taken back or repossessed.

    Bank unlikely to refinance for you since you have only paid up one years worth of payments but it cant hurt to try.

  4. cbr60037 said :

    If you can talk to them and explain your changes in financial circumstances they will advice you, only pay what you can afford then there is not a lot they can do because you have explained yourself.

  5. firebobby said :

    Go and see your bank and explain the situation before they start to pressure you for any missed payments. You are not the first person that has found themselves in this position.
    They will obviously want their money back, somehow, but it`s better to approach them before you get a “see me”
    Good luck, hope it turns out ok for you.

  6. Lindy-lou said :

    I totally agree with “firebobby”. Contact the bank sooner rather than later! Work out an honest budget, and go to them armed with figures. It might not get the loan extended, but it’s worth a try. If the worst comes to the worst, a brand new car (nice as it is!) is not an essential item – trade in for a second hand affordable model. Far better to have a roof over your head and food and warmth – you can’t live in a brand new car!

    Hope it all works out for you – been there, I know how it feels 🙂

  7. Donnie H said :

    start at local office that financed the car. find the person that can say y/n not some helper.. don’t get put off.


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