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What are my options if I can't afford my car payment?

Tied on cash and wondering 'what are my options if I can't afford my car payment?'
If you find yourself struggling with your car payment, we have a few options for you. The most important thing though is to not just stop making payments. If you stop making your payments, you will be delinquent and delinquencies heavily impact your credit.

Here are the three options you have when you can't afford your car payments:

  • You can refinance you loan and lower your monthly payment through getting a lower interest rate and extending the term of your loan
  • You can sell your car and buy a slightly lower priced one for which the monthly payments aren't as a big of a burden
  • If you are 'under water', i.e. the outstanding loan balance far exceeds the value of the car, you can negotiate to voluntarily surrender the car to the auto loan company and thereby protect your credit.


Feel free to contact us and we will help you out. We are advocates for financial health and love to help fellow Americans like you!


Haven't explored refinancing yet?
WithClutch.com is a fully digital platform that lets car owners like you do so from the comfort of their own home. No need to set a foot in a bank or credit union. You can lower your rate or get cash in as little as 20 seconds.

Follow three simple steps to refinance your auto loan, get approved in seconds and save thousands in minutes.

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WithClutch, LLC

2120 E El Parque Dr

Tempe, AZ 85282