A Fin24 user is unable to afford his monthly car payments any more and wants to know what to do. He writes:
I have a car which I cannot afford to pay off anymore.
What can I do? And would I be able to get a lower priced car?
Rudolf Mahoney, head of research at WesBank, responds:
It is advisable to discuss the change in your situation with your bank as soon as possible.
The bank can assist with options to help you get out of your current deal, such as selling or trading in your current car.
They can also discuss options to finance a cheaper alternative for you.
Remember to make contact with the bank as soon as possible, rather than waiting for the next payment to bounce.
It is always better for your credit rating for you to approach the bank, rather than the other way around.
And your credit rating will be important when the time comes to finance a cheaper vehicle.
- Fin24
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