28
VIEWS
1
COMMENTS
 
SHARES
About this iReport
  • Not verified by CNN

  • Click to view jcaoxuan's profile
    Posted June 12, 2014 by
    jcaoxuan

    More from jcaoxuan

    Stop Paying An Arm And A Leg For Your Car Loan

     

    Negotiate With Your Creditors ASAP

     

    Are you unable to pay your car bill due to a hardship such as a job loss, medical issues or bankruptcy? Lenders may be willing to renegotiate terms or lower monthly payments if you contact them and provide them with proof. Lenders aren't obligated to accommodate hardships but often they will because they would rather receive some form of payment than none at all. The key is to contact the lender as soon as possible; procrastinating will delay in late payments, negative marks on your credit and late payments.

     

    Refinance

     

    If you have a solid credit score you may be able to refinance the car loan through another lender. Contact your personal bank or credit union and find out if they would be able to offer you a lower interest rate. Having a lower rate mean significant savings over time. Refinancing can be a good idea if your credit score is now higher than when you originally purchased your car. Make sure to order a copy of your credit report from Transunion, Equifax and Experian in order to ensure that your credit history is accurate prior to refinancing. Keep in mind that applying for credit repeatedly will decrease your score due to excessive inquiries so make sure not to apply at a large number of financial institutions at once.

     

    Consolidate

     

    Consolidating may not be the best solution for everyone but it's one more option to explore if you want to lower your car loan payments. Auto loans tend to have lower rates than consolidated loans. However, if you are currently paying higher interests rates on your other loans the difference may end up saving you money.

     

     

    Sources  :  http://www.veteransunited.com/money/is-it-possible-to-lower-my-car-payment/

    http://www.motortrust.com/carloans/abilene

    Add your Story Add your Story