Yusra3
VIP Contributor
If you're in the middle of a car loan and you find yourself unable to make your payments, don't panic! There are a few things you can do to get out of your car loan.
First, consider whether or not this is a temporary situation. If it's only going to be a few months before things get back on track, then it might not be worth trying to negotiate with the bank. However, if it's been going on for more than six months and you're looking at permanent damage to your credit score and other financial issues down the road, then maybe it's time to start looking into ways of getting out of debt faster.
Next, look at your options for getting out of debt without paying off all of your other bills first. if there are any! This could mean taking out another loan on top of your current one (or even just using some cash reserves), or using credit cards or debit cards instead of cash so that they don't report back against your score as much as they would if you were paying them off in full each month (this will also help keep them from reporting back against other accounts).
First, consider whether or not this is a temporary situation. If it's only going to be a few months before things get back on track, then it might not be worth trying to negotiate with the bank. However, if it's been going on for more than six months and you're looking at permanent damage to your credit score and other financial issues down the road, then maybe it's time to start looking into ways of getting out of debt faster.
Next, look at your options for getting out of debt without paying off all of your other bills first. if there are any! This could mean taking out another loan on top of your current one (or even just using some cash reserves), or using credit cards or debit cards instead of cash so that they don't report back against your score as much as they would if you were paying them off in full each month (this will also help keep them from reporting back against other accounts).
