I’m sorry to hear about your financial situation, but do not stop paying your car loan
. If you default on your car loan, your credit score will be negatively affected
and, the lender could repossess your vehicle
. Fortunately, lenders don’t typically repossess the car over a single missed payment, but the delinquency will stay on your credit report for seven years
Alternatively, if you have trouble making the payment each month and not just when finances are tight, you may want to consider refinancing
the loan. Refinancing will replace the current loan agreement with a new one that can make repayment more manageable.
If you want help finding low rates for new car loans, try using the Jerry
app. No matter what your credit score is, Jerry makes refinancing your car easy by comparing quotes from multiple lenders to find a rate that works best for you. On average, car owners pay $85 less every month by refinancing their auto loan.
You also don’t want to miss a payment on your car insurance
because it is illegal
to drive without insurance, and you risk having a lapse
in coverage that could end up being more costly in the long run.
You can find ways to save money on your car insurance, too! Jerry
also compares car insurance rates from more than 50 top providers, including Nationwide, Allstate, and Travelers, and delivers the best deals to your phone in minutes for free
. The average Jerry driver saves $879 a year on car insurance!