If you’re hit with the stress of realizing you can’t afford your car payment, you’re not alone. Interest rates and auto prices are at record highs, with millions of Americans struggling to keep up. As of early 2024, over 3.52% of auto loans are more than 30 days past due, with the average monthly car payment in the U.S. around $737 for new cars and $520 for used.
As overwhelming as it may seem, Max Cash? is here to cover several options you may have to cover urgent bills like car payments when the clock is ticking against you. Keep reading to learn more about how a payday loan could be the speedy funding solution you’re looking for.2 5
Can You Get a Loan if You Can’t Afford Your Car Payment?
The short answer is yes, loans to help you cover your upcoming car payment are available, but the problem is choosing the right type of loan that best fits your individual financial circumstances.
What’s most important is to closely review the loan terms and other conditions of the repayment process to make sure that by just making your car payment, you’re not also digging yourself further into debt.
Probably the quickest, easiest loan to apply for is a cash advance, or payday loan, because you don’t have to offer any collateral. If your credit is poor, it isn’t an automatic dealbreaker like with other traditional bank loans. Payday loans are unsecured, and the amount you borrow is paid back on your next payday (hence the name), with amounts typically around $500.
When you can’t afford your car payment, time is short, and a payday loan offers a fast and flexible solution when other options just aren’t available. Again, it is vital to comb through the loan terms or ask questions if you’re in doubt about the repayment plan or interest rates. Find out more about how payday loans work and decide if it is the best fit for your current situation.
How Many Days Late Can You Be on a Car Payment Before Repo?
The end of 2023 saw a significant spike in delinquencies on auto loans across the U.S., pushing well above pre-pandemic levels, leaving many worried borrowers fearing repossession and credit impacts. But if you can’t afford your car payment, how many days late does it have to be before the tow truck pulls up?
For the most part, there’s a 10-15 day grace period given by lenders where a missed payment can be made without late fees and other penalties. Following 30 days of delinquency, the stakes get a little higher with lenders reporting to credit bureaus. After 60 to 90 days, repossession becomes a greater possibility, so time is of the essence!
Fortunately, repossession is the last thing most lenders want, and if you’re more proactive than reactive by calling to discuss what options you may have, it’s only better for your situation. However, if your car is repossessed, it could mean more fees and potentially ruin your credit. Payday loans just might be the lifeline you need to keep your car–and your peace of mind. Questions? Call 833-207-9052 today!
How Can I Get Help Paying My Car Payment?
Maybe you’ve explored other options like hardship programs your lender might offer, nonprofit counseling, or even friends/family members for help, and you’re not getting the results you’re looking for. Here are a few ways to get help when you can’t afford your car payment:
Title Loans
If you own your car with a lien-free title in your name, you may be able to borrow substantially more money if approved for a title loan. Here, your car’s title acts as collateral to secure the funds you need, even if your car is currently being financed.
In this case, some title loan lenders may work with you to pay off your existing loan after requesting a written permission/authorization form to get information about your current car loan and pay it off on your behalf. NOTE: If the title loan lender does pay off the existing loan, you’ll then only pay towards the new title loan moving forward.
Payday Loans
Unlike title loans, which work by using collateral, payday loans require no collateral but are based instead on your income and ability to make a payment on the funded amount. A payday loan is meant to be a swift way to bridge the gap between your next paycheck and when you must deal with a financial emergency immediately. All you need to show is your most recent pay stub, checking account information, and a valid, government-issued photo ID.
When time is short, a payday loan can be an ideal way for fast cash without the mountains of paperwork that come with traditional loans. Funds can be available the same day or the next business day, if you are fully approved. 2 5 Call 833-207-9052 to get caught up before falling too far behind!5
How Long Can I Go Without Paying My Car Payment?
Once you’ve stopped making regular car payments, the negative consequences start adding up almost immediately. Each missed payment incurs penalties and late fees that chip away at your credit on top of higher interest payments later. After 30 to 90 days, your car loan will most likely go into default, and your car may be repossessed, without notice in some cases. The notice, otherwise known as a right-to-cure, will be sent to an auto loan borrower on a state-by-state basis 10 days after a payment is late, as it is only legally required in several states.
Basically, if you can’t afford your car payment and you’re in the 30–60 day window, if you don’t want to see your car on the bed of a tow truck, getting the funds to pay towards those missed payments is crucial, and Max Cash can help get the money you need to keep your car on the road and out of the impound lot. Fill out our online inquiry form to get started today!
How Do You Get Out of a Car Payment You Can’t Afford?
When you can’t afford your car payment, don’t wait for the problem to get worse. One of the first steps you can take is to call your lender and request a payment deferral, which will allow you to temporarily pause loan payments. You can also look into loan forbearance or even refinancing your auto loan. With an auto loan refinance, you can take out a new loan to cover your existing loan’s balance.
With Max Cash, we have partners who offer auto loan refinancing. You can check your options without impacting your credit today! We can help you get connected to the funds you need when you can’t afford your car payment without losing your wheels. Just check out our easy inquiry form for payday loans that you can fill out online. Max Cash can possibly help save your car and the hassle of a complicated loan process!2 5
Can I Give Up My Car If I Can’t Afford it?
If there’s no other solution and you can’t afford your car payment, you can consider a voluntary car repossession or surrender. In this scenario, you return your car to the lender or dealership and they will then resell it at auction. The profits of the sale will go to the unpaid loan balance. However, you’ll still owe on any deficiency balance if the car sells for less than what’s owed. Although a voluntary surrender is only slightly better than repossession, it can be reflected on your credit report for up to seven years, and it’s a blemish you don’t want!
To avoid the credit-damaging effects of giving up your car, consider other options. You can try securing fast funding with payday loans instead!5
Can Surrendering a Car Hurt Your Credit?
As mentioned above, unfortunately it can. Giving up your vehicle will be listed on your credit report as a “voluntary surrender” with any remaining balance or missed payments still being reported on a regular basis. A vehicle repossession can be a devastating red mark on your credit, with a voluntary repossession being only marginally less severe.
Either way, repossession or voluntary surrendering will both sink your credit and make it difficult to get approved for some leases, jobs, or future loans. If you know you can’t afford your car payment, Max Cash may be able to help you keep your car, your credit, and your life moving forward with a loan agent available 24/7 to get the ball rolling!2 5
How to Get a Loan for a Car Payment
If you know you can’t afford your car payment, don’t panic–just act fast! With Max Cash, you might be able to get approved for a payday loan to make your car payment when you’re backed against the wall–here’s the simple steps:
- Get Online: Fill out our quick and easy online inquiry form, asking for some personal information about your finances, which takes only a few minutes to complete.2 5
- Get Matched: Max Cash will then review your submitted information and connect you with one of our hand-picked lenders from our extensive network.
- Get Paid: If approved, you may receive your money either the same day or by the next business day, deposited directly to your checking account or by any other available method you choose!1 2 5
It’s really that simple–and Max Cash works with all credit types, from great to not so great, to help you cover your car payment or if you just need some quick cash to stay afloat–all without the hassle!2 5
Don’t Struggle with Your Car Payment, Max Cash Can Help Today!
If you’ve fallen behind and can’t afford your car payment, it can be a major stressfest–but it doesn’t mean you have to lose your car. At Max Cash, we may be able to help bridge the gap to the funds you need to make ends meet when you’re stretched to your limit. If you’re feeling the heat, take action now by filling out our online inquiry form or calling us at 833-207-9052 to get back on track today!2 5
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