Due to hour cuts at my job, and full time schooling, I cannot afford my car loan anymore. I still owe 8900 on my honda, and have tried to sell it (since in a private party setting, I could sell it for that) but not much interest has sparked.
What are some of my options? How much does a voluntary repo affect your credit?
Options for a car loan I cannot afford anymore?
Kills it; and may leave you with a deficency balance of whatever they can%26#039;t sell the car for against what you owe anyway.
Sell it; lose a few bucks if you have to.
Options for a car loan I cannot afford anymore?
Voluntary repo is still a repo.
You best bet is sell it for as much as you can and pay off the loan with the proceeds.
Options for a car loan I cannot afford anymore?
Sell it for what you can, and then you will have to borrow the difference to pay the car off so that the new buyer can have the title to it. You owe 8900, assume you sell it for 7000. Payments on 1900 will be much lower, and remember that if a bank was willing to loan you money for a car that isn%26#039;t worth 8900, then clearly know that someone will loan you money for a couple thousand.
That being said, this is a chance for you to learn from the mistake of borrowing money to drive a car....it%26#039;s never worth it. Always buy a car with cash, if you can%26#039;t pay for it in cash, then you can%26#039;t afford it. Cars drop like a rock in value, so they aren%26#039;t an investment...ever wonder how a car can be worth less when people buy them and all they do is drive them off the lot?
If you want a nicer car, you have to save up and buy a nicer car. It%26#039;s better to be house rich and car poor in life if you had to choose which road to go.
I do wish you well!
Options for a car loan I cannot afford anymore?
If there is a car max in your area go there they will give you a price what they will give you for it maybe you can get payoff on it and any kind of repo will kill a credit score hope this helps
Options for a car loan I cannot afford anymore?
I think the voluntary repo is still a repo on your credit. You can drop the price of the car, and then get a loan from a credit union or bank for the difference.
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