How can I pay off the remaining balance on my car loan after I lost my job?
"I have $2,000 left on a car loan, but I'm 45 days late on my payment after losing my job.
I don't want them to repossess the car, but I'm not sure what else to do. How can I pay off this remaining balance?"
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Answered on Jun 14, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“Your first move should be to talk to the lender. Despite what many people think, most banks will work with you after a job loss, especially if you made payments on time before and if you have such a small balance left.
Usually, they’ll come up with a solution, like stretching the payments out for a few months.
If that doesn’t work, you might be able to get a personal loan or put the remaining balance on your credit card. While this won’t solve your financial problems, it will at least buy you some time with lower payments and prevent a repo that could hurt your credit history.”
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