Everyone by now has heard of a home loan modification. Even commercial loans have crept to the public forefront. But car loans?
Yep. Without as much publicity, many people don’t realize that even your car loan can be modified. And you may be surprised to know it’s not all that much different from the more highly publicized forms of loan modification.
What Is It?
The simple answer is that a car loan modification is a permanent reduction of your monthly loan payment as agreed upon between you and your lender.
Through our consultations and negotiations, we will work to secure you a payment that is affordable based on your current financial standing.
Do I Qualify?
It’s possible you can qualify, but it takes a consultation to figure that out. We have to know details about your financial situation, any hardships you may have faced (or are currently facing) and your current payment status.
Without getting in depth on your situation, there is know way to make a reasonable judgement about your qualification.
What if I lost my job?
You can still qualify. Your car is often important to getting a job and you want to do everything you can to keep your vehicle in your driveway even when times are tough.
Read more about what to do when you lose your job.
I’m Upside Down on My Loan. Can I Be Helped?
Absolutely. In fact, that’s a chief reason to consider a car loan modification. For whatever reason, sometimes people end up with a car that is worth less than what is owed on the loan and it can be a financial burden.
Read more about being upside down.
How Do I Get Started?
You can call us or fill out an online inquiry to get started. Our consultations can last up to an hour depending on your situation and they are always free.
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