Car payments
I Owe more on my car than it’s worth my car payments are pretty high (it’s a 2019 SUV by Ford in excellent condition.) I’ve been out of work due to the pandemic and surgery so refinancing is hard to accomplish what can I do to lower my payments yes I need the car for my future job
Terry Says
Well, you must have taken out a huge loan — because used car prices are very high these days. And your cara is only two years old, so it probably hasn’t depreciated that much given the current demand for used cars. There’s really no way to refinance that loan — unless you belong to a credit union, where you could give it a try.
My only “creative” suggestion is to see what you could get for that car from a cash buyer. BE careful advertising it — but maybe you could get more than you think. Check www.KBB.com for used car values in your area.
If you can pay off the balance of the loan (or most of it), you could sell the car and then LEASE a new car when you need it. The monthly lease payment will be more affordable — but at the end of the 3-year lease you won’t have a car. Just be careful you don’t need to drive more than the allotted miles on your lease; that can be very expensive.
