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    what happens to my car loan if i lost my job

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    Will a job loss cause me to lose my car loan?

    When you lose your job, a car loan can be tough to pay. Learn what else you should do about your loan when you lose your job.

    Will a job loss cause me to lose my car loan?

    "I recently lost my job. I still have some money saved up for my car loan.

    But will the lender revoke my loan if they find out I lost my job?"

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    Answer provided by

    Eric Schad

    Answered on Jun 16, 2021

    “No, you won’t lose your car loan, even if your lender finds out you lost your job.

    As long as you keep making the payments, you shouldn’t run into any issues.”

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    Handling Your Car Loan When You Lose Your Job

    Losing a job is not something anyone wants to think about, but it is something everyone should be prepared for if they have an auto loan.

    How to Handle Your Car Loan if You Lose Your Job

    Meghan Carbary Apr 27, 2022

    With the proper planning, a job loss doesn't have to lead to a car loan default. "Hope for the best, prepare for the worst", is a common saying that has a lot of wisdom to it. Losing a job isn't something anyone wants to think about, but it's something everyone should be prepared for if they have an auto loan or other bills. There are a few options you typically have if you suddenly find yourself without income and need to pay for your car.

    Communication with your lender is key. The first step to saving your car loan in the event of a job loss is to communicate with your lender. Your lender doesn't want you to default on your auto loan. In many cases, they may work with you to come up with a temporary solution to make your loan affordable during the hardship.Auto loan deferment may help. For a short-lived situation, your lender may help you by offering a deferment. In deferment, payment can be skipped without penalty for a short time. Your missed payment is then added to the end of your loan. If you're in good standing, your lender may allow you to defer payment for around 30 to 60 days.Long-term options to consider. If deferment isn't an option, your lender may be able to help you restructure your loan. In a restructuring, your lender extends your loan term in order to lower your monthly payment to something more manageable. Similar to refinancing, you typically negotiate an entirely new loan contract with a lender. Another option that may be available in some cases is auto loan assumption.Is auto loan assumption for you? The auto loan assumption process allows someone else to take over the car loan, and ownership of the vehicle, while keeping the same terms as the original borrower. This option isn’t offered by all lenders, and the new borrower has to qualify for the loan under the same terms as you did. Loan assumption is more commonly seen with leased vehicles. This option leaves you without a car, but it's better than facing repossession if your lender can't help.Seling your car for profit. Another option that leaves you without your car is selling it. If there's equity in your vehicle, where you owe less than the vehicle is worth, this means you may be able to put some cash in your pocket after the sale. You have the option to sell it privately or to a dealership. At best, your profit might be large enough to allow you to buy an inexpensive car for cash after you pay off the loan.

    Right now might be a good time to look into selling a car for profit, since the value of used cars has been on the rise. The current industry-wide inventory shortages due to supply chain and chip issues have caused the value of used cars to soar, meaning you could get more for your used car right now than ever before.

    What Not to Do if You Lose Your Income

    Losing a job can be stressful, and so can the prospect of losing your car. Even though you may be grasping for anything that could logically help in this situation, there are a few things to avoid altogether. These include:

    Doing nothing – You run the risk of default if you stop paying on your auto loan. This affects your credit in more ways than one: each missed payment that gets added to your credit reports can drop your credit score, and once the vehicle is repossessed by the lender, the negative effects of this remain on your credit reports for up to 10 years!Giving the car back – Returning a vehicle that you feel you can no longer afford may seem like the right thing to do, but, in reality, you're just speeding up the repossession process. The act of returning a car you can no longer afford before your contract is up is called voluntary repossession, and it affects your credit just like a normal repo.

    These options not only add to the issues you're currently facing with the loss of employment, but they impact your ability to get a loan or any line of credit in the future. If you're unable to get help from your lender, and are trying to avoid the negative effects of repossession, you can always consider selling the vehicle.

    Once You're Back on Your Feet

    If you weren't able to keep your vehicle after a job loss, it's likely you need auto financing again after the dust settles and you're back on your feet. You should know that you don't need to worry about a lower credit score or a fresh job standing in your way if you find the right kind of lender to work with.

    Chances are you're going to need a subprime lender – the type that looks beyond credit scores to help people get loans, even if they're struggling with bad credit, no credit, bankruptcy, or repossession. In the meantime, if you've lost your job, but don't want to lose your vehicle, keep talking with your lender. Remember, you don't have to lose your car in every case.

    $1 Credit Report Vehicle Warranty

    Source : www.thecarconnection.com

    How to Handle Your Car Loan if You Lost Your Job

    Losing a job can cause a ton of different problems - including tons of stress. With the loss of income, it can be quite a challenge to keep up with bills such as your auto loan.

    How to Handle Your Car Loan if You Lost Your Job

    Jun 20, 2018 | By Dave LaLonde Income and Employment

    Losing a job can cause a ton of different problems - including tons of stress. With the loss of income, it can be quite a challenge to keep up with bills such as your auto loan.

    There are many different ways you can respond to this - some can be very helpful, but others can completely ruin the credit you built. At Auto Credit Express, we know times are tough and we want to help you through to greener pastures. That's why we gathered a few pointers about how to handle your loan after job loss.

    What NOT to Do

    There are two choices that many have made as a way to adapt to their new financial circumstance. However, these choices can cause an incredible amount of damage that will be difficult to overcome in the future.

    Stop Paying

    Defaulting on your auto loan (or any loan!) is the absolute worst choice you can make. Not only will this continue to ding your credit for every missed payment, but if and when your car is repossessed, your credit will be completely trashed. In the future this will be a major obstacle as lenders and dealers will see it as irresponsible lending behavior on your part.

    Returned Vehicle

    Some may feel that taking their car back to the lender or dealer is the better option. This is known as a voluntary repossession and it can be just as damaging as the alternative. There is a better choice!

    Deferring Your Loan

    You may not believe it with all their rules and regulations, but lenders are people too. They have the capacity to understand your circumstances and empathize. In the recent years there have been thousands of people in the same situation as you. Just go to your lender and talk to them and you'll be surprised that they may already have a solution for you! It's called deferment.

    What this means is that the dealer or lender will give you a few months to find a job again without the worry of missing your payments. If they already charged late fees, they may even be able to reverse them. Typically what happens is that the payments you missed while looking for a job will be applied to the end of your loan. However, you can discuss other payment options with your loan officer.

    At Auto Credit Express, we worked hard to get you into the car, truck or SUV that you needed even with bad credit. We don't want to see you lose your vehicle or lose your rebuilt credit score. Choose the option that will make you and the lender happy. It's a win-win!

    $1 Credit Report Auto Refinance Vehicle Warranty

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    Source : www.autocreditexpress.com

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