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Can’t Make Car Payments? Here’s Some Helpful Advice!Posted On October 17, 2017
There are tons of factors that can sneak up or make themselves known without warning. We can certainly relate. It’s the human experience and we all are in this together. In that spirit, we want you to know all you can about your car payments and what to do when you find yourself in a position where you are unable to make a payment on time.
Working with the financing department at Summerside Toyota ensures you the clarity of vision and the support system that has a personable touch meant to reassure and aid you in good times and bad times. So, what can you do when life steps up and puts an obstacle in your way that keeps you from making one of those important payments?
First of all: Be honest!
There is a very ‘normal’ reaction that people seem to have where avoiding the company you’ve worked with seems like the best option. Let’s just burst that bubble right now, shall we?
Do the opposite!
Inform your lender that you are experiencing some problems and outline the issues. If you feel there will be resolution to that issue soon – even better! But the point we really need to drive home is that you cannot and should not evade your responsibilities. Particularly when money is involved as it can become even more problematic for you if you choose to do so.
We understand that the inability to pay can come from a number of very reasonable personal or professional sources.
You are not alone in this – and there are solutions that can be offered and realized if you are open about your circumstances.
Reviewing the specific reasons you are either expecting to be unable to pay, or, alternatively, if you have missed a payment recently, will be the most effective practice for keeping yourself from further complications. Lenders will often work with you to review your payment history, your credit score, and your situation in order to offer advice and opportunities to get back on track or find options that have the least impact on your life and ability to drive the vehicle you’re paying for. Whether the decision leans towards shifting to a higher interest rate with an extended payment plan or refinancing your loan to offer you a lower interest rate, there are, without question, possibilities that are worth exploring before you misstep and cause yourself more headaches than the situation calls for.
Work with the team at Summerside Toyota and allow us to be your approachable, reliable, and practical guides to financial success now and in the future. Remember, lenders are, at the end of the day, here to improve your experience and reward your hard work with the resources that make life more enjoyable. In that same breath, we want you to know that you’re in good hands with us – every step of the way – and we’re prepared to offer in-depth explanations about our processes and your opportunities. We hate to be repetitive without reason, but we feel it’s important to really emphasize that the absolute worst decision you can make is to ignore your payments and avoid your lenders.
Let’s work together and find solutions that fit your means, your life, and your circumstances! At Summerside Toyota you have a team you can trust!