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    talleytime's Avatar
    talleytime Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 13, 2008, 03:59 PM
    Car payment is too much bad credit
    What can be done about a car loan that I can't afford and can only pay half of a 430.00
    jjwoodhull's Avatar
    jjwoodhull Posts: 1,378, Reputation: 239
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    #2

    Dec 13, 2008, 04:22 PM
    If you can not afford your car payment, then it is time to sell your car. If you continue to pay only half the bill, you will destroy your credit. Put your car on the market now. You can advertise in the local paper, on craig's list, in the supermarket, etc. Also, put a for sale sign on your car. Is there anyone at work you can carpool with? Is there anoter car in your household that you could share for awhile? Look into public transportation. I know this can be difficult in smaller towns or rural areas, but if you take the bus for a few months, you can save enough on car payment, gas and insurance to be in a position to buy another car. Sometimes we have to just suck it up and do something inconvenient that will help us in the long run.
    Julia99's Avatar
    Julia99 Posts: 2, Reputation: 1
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    #3

    Dec 14, 2008, 07:15 PM

    Check with your original lender first and see what programs they have in place. Some lenders for vehicles will allow you to postpone a month or two of payments. The payments are added to the end. You can also refinance your car to help lower the payments. If you have good credit now that would still be an available option. Of course selling it is an option as is having someone who could qualify with your lender take over the payments. But if your trying to keep the car, I would suggest trying the first two options.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #4

    Dec 14, 2008, 07:20 PM
    Quote Originally Posted by talleytime View Post
    what can be done about a car loan that i can't afford and can only pay half of a 430.00

    Are you unable to afford the loan for the term of the loan or is this just a temporary problem?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #5

    Dec 14, 2008, 07:23 PM
    Quote Originally Posted by jjwoodhull View Post
    Also, put a for sale sign on your car.
    Just a point here, In some jurisdictions its illegal to drive a car with a For Sale sign in the window.

    But other than that, you have gotten good advice. If you default on the loan and the car is repossessed, they will sell it for a fraction of what your loan balance is and you will still owe the difference.

    Check if the loan is assumable. Maybe yoyu can just get someone to take over the payments.
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