Here are your options when you’re struggling to pay.
This post originally appeared onReadyForZero.
That’s why they’re often much more willing to negotiate than most consumers realize.
But if you’re in a bind, this might not be the most important thing to consider.
(Even so, downsizing your car may save you money in the long run.)
confirm their name replaces yours on the loan documents to avoid any future liability for the debt.
you’re free to sell your car to websites likeCarmaxor use websites likeCarlypsoto sell to another owner online.
While tools like this are great, don’t forget to look at your local community.
And don’t forget about people you know that have teenagers.
Many parents prefer to buy their teens a used car until they can prove their skills on the road.
Your car (and its price) might be just what they need.
Before you sign any paperwork though, do the math.
Peer to peer lenders likeLending ClubandProspercan help you obtain a loan with lower interest rates than many traditional lenders.
This will have a deep impact on your credit score and will leave you without a car.
Be prepared for this possibility.
Final Word
For many, car ownership is nothing more than a necessary burden.
However, there are ways to reduce thecompounding stress of car ownership.
And if things get a bit tight, remember that you’re never without options!
Image adapted fromBplanet,Dooder, andalekseiveprev(Shutterstock).
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