The rising cost of living has been putting pressure on households and it’s seen many people looking at ways to save money.
One of the biggest expenses people face outside of their mortgage is the cost of buying and owning a car. These days it’s not uncommon for car loans to run into the hundreds of thousands of dollars.
Here are some steps you can take if you find yourself in a position where you are unable to make your car loan payments.
ASSESS YOUR FINANCES
The first step if you’re struggling with your car repayments is to take stock of your finances. It’s vital that you have a clear understanding of your monthly expenses and income. Make a budget to find out where you stand financially and where your money is going every month. If you have the scope in your budget to pay your loans, it’s worth continuing to make those repayments, but you can also assess your options.
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