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Worried about making your car payment? If so, you are not alone. Life can be full of unexpected circumstances such as unplanned expenses, changes in income, and emergencies. These situations can often have a significant and challenging impact on your finances and leave you worrying about how to pay your bills. Vern Eide can and will help you find a car and financing terms that fit your budget and match your needs!
When you have an auto loan, a change in circumstances can compound your anxiety as you rely on your vehicles to get to and from work or school, attend appointments, and visit friends and family. Late and missed payments can result in hits to your credit, monetary penalties, or even repossession.
One of the first areas our team can assist you with is communicating with your current lender if you’ve missed payments or have late payments. Lenders can help determine whether you qualify for one of their financial hardship assistance programs. We work with lenders on a daily basis, so we can help take the stress out of what to ask or work with you to ensure you have all the best questions and answers.
If you are up-to-date on your payments but anticipating a delay due to a change such as with your pay schedule or Direct Deposit getting set up, you may want to adjust your payment date. Lenders may be able to change your due date to better align with your monthly income.
If you are up-to-date on your payments but anticipating a delay due to a change such as with your pay schedule or Direct Deposit getting set up, you may want to adjust your payment date. Lenders may be able to change your due date to better align with your monthly income. Another short-term solution is to request a late-fee waiver. This allows you to make your payment within 30 days of the due date without any late-fee penalty.
Those in good standing with the lender may qualify for a short-term deferment. A deferment allows you to delay your payments for a month or two and extend the loan term for the same amount of time. For instance, a two-month deferment would mean that your next two months of payments would be essentially added to the end of your loan term, extending it by two months. A deferment allows you to keep in mind that you will still accrue interest across the full, now extended, term and there may be other associated payment terms that extend the overall term of your loan.
For those who may be looking at a longer-term resolution for their financial hardship, refinancing may be a satisfactory option. During a refinance, you would apply for a new loan to pay off your current loan and hopefully at a lower rate and/or longer term of repayment which would make your monthly payments lower.
If you do not qualify for any of the assistance programs, refinancing, or alternative loans, other choices are available but may have a bigger impact on your credit. Our team is ready to help you and answer any questions you have plus provide additional options to help get you on track.
Should you find yourself having an unexpected financial hardship that puts your vehicle payment at risk, know that our teams at Vern Eide Motorcars have access to many financial assistance programs that may help. Whether you have great credit, bad credit, or even no credit, we’ve helped thousands of customers get back on their feet and still drive a high-quality vehicle!
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5200 S Louise Ave • Sioux Falls, SD 57108
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