What If I Can't Make My Car Payment?

Sometimes life throws a few curveballs your way, and you can face major strains on your finances. So, what if I can’t make my car payment? All is not lost! Honda of Kirkland is here to help. We’ll walk you through some of your options, so you can move forward with confidence. Learn what to do if you can’t make car payments below, and pick up more financing tips at Honda of Kirkland.

I Can’t Make My Car Payment. What Are My Options?

If you just can’t make your car payment in Redmond or Woodinville, you have options. Some options may not be as suitable as others, so it’s important to speak with a financial advisor who can help you make the best decision possible. Here are a few options for what to do if you can’t make car payments.

• Talk to Your Lender: Start by talking to your lender. Let them know the hardships that you are facing, and see if they can help you alter your payment schedule.
• Refinance Your Loan: If you’ve been making payments on time, you might be able to pivot and refinance your auto loan. This can lower your interest rate and monthly payments, which can help give your finances a break.
• Sell Your Car: If your vehicle is worth more than you owe, you can make a clean break and sell your vehicle. The money you make can go toward your car loan.
• Trade In Your Vehicle: If you still need a vehicle, trading your car in for a lower priced model can be a great option. Use our online tool to estimate your trade-in value.
• Have Someone Assume Your Loan: Some lenders allow a third party to take over the loan payments. If you have a low-interest loan, you may be able to find a buyer to relieve you of the loan payments.
• Repossession: Repossession has a number of downsides, including a major impact on your credit score. You might be charged for the cost of repossessing and selling the vehicle.
• Bankruptcy: Declaring bankruptcy is the most drastic of the methods. However, bankruptcy can eliminate the balance of a repossession or stop your car from being repossessed completely in many cases.

Explore Your Financing Options at Honda of Kirkland

Now you know the answer to, “What if I can’t make my car payment?” If you’d like to discuss your options in person, feel free to visit the finance team at Honda of Kirkland. We’re located in Kirkland, near neighboring Seattle, and we’d love to help you get back on your feet. Contact us to get started!