PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
What should you do if you can't afford a car loan?
I recently moved to be closer to my family and help take care of my elderly parents. My new job doesn’t pay as well, and I’ve had to make some drastic lifestyle changes. I’ve been reviewing my budget, and there’s no way I can keep up with my car payments. What’s the best course of action if you can't afford a car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear about the lifestyle changes and struggling to keep up with your
car loan
payments, but I’m sure your family appreciates you being closer!If you can’t afford your car loan, you should immediately contact the lender to let them know about your situation. More often than not, the lender will work with you to modify the loan. Reaching out before you miss a payment shows you’re acting in good faith.
Besides modifying the loan, you can:
- Refinanceinto a loan with lower payments
- Sell or trade in the vehicle for one you can more easily afford
- Surrender the vehicle or allow it to be repossessed
Finally, once you inform your
car insurance
company of your move, they will likely readjust your rate. If you want to ensure you aren’t overpaying, use Jerry
, an insurance comparison app that shops for low prices with over 50 insurance companies for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away!View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
