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?
- Refinance into 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