COVID Survival: How to Handle Your Car Loan

(FinancialHealth.net) – Millions of Americans are navigating the financial mess left by COVID-19. The shutdowns have left many workers struggling to pay their bills, including their car loans. If you’re having trouble making your auto payment in the wake of the pandemic, don’t panic just yet. The FTC recommends a few steps you can take to alleviate some of the financial stress.

Start by reaching out to the bank to explain what’s going on. Ask if your lender is offering assistance; most are trying to work with customers to defer payments for a period of time. Make sure to ask about the exact parameters of the deferral before you agree to one. Your state may also offer aid or protections, so be sure to check into that as well.

Edmunds, an automotive website, has some tips for Americans who need help with their auto loans.

The most important piece of advice we can give you is: Don’t ignore the issue. Sure, it’s easier to pretend the problem isn’t happening, but that will lead to a tow truck taking your car in the middle of the night. Take a deep breath and make the phone call. You’ve survived a global pandemic, and you’ll get through this bump in the road too.

~Here’s to Your Financial Health!

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