In this fast-paced life, owning a vehicle is now becoming a necessity instead of a luxury. Commuting is becoming more difficult every day, and the roads are getting more and more congested. You weigh out your options, and decide that you really do need a car - but what if you can’t afford a brand new one just yet?
Getting a car lease in Brisbane is one of the many options that you have when trying to get a car. The payment scheme is actually perfect: you get to pay the car every week, or every fortnight, just as soon as your pay gets credited to your bank account. But what if you have so many bills to pay and can’t afford that, too, but you have already started paying for your loan?
Here are things you can do if you get stuck with a car loan
1. First of all, do not vent your frustrations out on your manager or agent. They are there to guide and help you, and might even offer options that you never knew you had. Explain your situation calmly, ask for advice, and let them talk. They are only doing their job, and they won’t be able to help you if you start the conversation with a bad tone. Ask if you have other options and if you can modify your auto loan. Ask if you can make lower payments, or even miss one payment but promise to pay it all off on the next deadline.
2. Have someone close to you help you with the loan. If you have a husband, wife, partner, parents, siblings, or friends that you can split the bill with, then by all means, please do so. You can share the car with them, or simply ask them to help you with paying it until you feel like you can handle it on your own again. You should, of course, pay them back once you’re settled down again.
3. Ask if you can let someone else assume your loan. Again, talk to your agent. If you really have no other option and you need to pay it ASAP, you can look for another person to get the car and the car loan from your hands and pay it off themselves. You have to choose someone who’s completely able and willing to pay the loan - one that will meet the credit and income qualifications of the lender. You, of course, should also let someone you truly trust to assume the loan for you.
4. If you can and when you’re completely able to, make a one-time payment. This is to avoid spending the money on other things aside from your car loan. This way, you’ll save more on interest as well.
5. If all else fails and you really cannot pay your loan any longer, then turn the keys in to your lender. This depends on the lender though. Most companies ask for a fee before you can turn the keys in. They can pursue you for the payment deficiency, too.
We all know money problems are inevitable, and unexpected things can happen in an instant. Remember to always have a backup plan, and be responsible especially with your finances. We wish you the best of luck!