Unemployment can be tough, but losing your car is even tougher because it is an essential tool in finding the next job. Take the necessary measures to keep your car and avoid repossession. Negotiate with your auto lender to reduce interest rates and work on making consistent payments.
Losing your job can be heartbreaking and it may put you on a standstill. You may be worried about your credit card payments, mortgage payments, and even your car loan payments. However, this is the time to figure out the next step and a way out. Do not dwell on the misfortunes and seek for an efficient way out through this difficult time.
The Coronavirus Aid, Relief and Economic Security (CARES) Act helps you to get $600 per week as unemployment benefits in addition to other benefits provided by your state. Consider other benefits offered to unemployed individuals in your state and prepare a plan. Once you have figured out how to reassess everything, it is important to understand how to act towards your car payments and why a car is a necessity even in this difficult period.
Measures to Manage Car Payments in Difficult Financial Times
You can take help of the below pointers to keep your car payments in check.
1) Avoid Repossession
The first thing to do when you lose a job or get furloughed is to manage your finances. Think about reducing certain expenses which cause you to overspend such as online shopping or fancy brunches. However, do not stop making car payments amidst a difficult financial situation.
The last thing you would want is to get your car repossessed. The presence of a car is essential in the times of Covid-19 where public transportation can cause higher risk due to less social distancing measures. It will also help you in going for your next set of interviews. Therefore, make sure to take the correct steps so that your car does not get repossessed.
2) Negotiate with Your Auto Lender
In a situation where meeting your monthly auto loan payment seems difficult, you must contact your lender. Work on negotiating a lower interest rate on your auto loan. Explain your situation in detail. Provide information about the consistency of your past payments and convince the lender in giving you some respite.
Some auto lenders may agree to help you and some may not. So, it is essential to consider all options. You can take the help of online auto financing companies and search for lenders who are willing to refinance your auto loan in these times.
3) Make Consistent Payments
Unemployment means that you should explore every opportunity to make extra dollars. Search for other sources of income on Upwork, Fiverr, Indeed, and other online portals. Apart from online sources, you can even try looking for a job at Walmart, Target, or even Uber. The important thing is to not lose your shot at earning enough for yourself and making consistent auto loan payments.
A car will help you to commute and keep you and your family safe. You can even cycle your bill payments in a way that you pay your cable or phone bill last and save up enough money to pay for your loan payments first.
Make Auto Loan Payments: Your Car is Your Companion
At a time when you are unemployed or furloughed, losing your car is more difficult than canceling your Netflix subscription. A car will be your companion to get more groceries so that you don’t have to step out in public more often. It can also help you to avoid a subway journey that promises minimal social distancing measures. Therefore, focus on your car payments and do not let this tough time leave you will one asset less.
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