It can be a great relief when you finally finish financing a RAM truck near Memphis. After all the time it takes to research and find the one that works for you and then go through the auto loan process, you feel like you can finally take a sigh of relief. But you can’t predict what the future holds, and while you had your payment plan all laid out, unforeseen money troubles can throw a wrench into your plans.
Losing your job or encountering medical troubles can happen to anyone, and falling behind on loan payments can lead to increased fees or even repossession. However, there are things you can do if you get into financial trouble to help you adjust your auto financing plan.
The worst thing you can do in a situation where you know you won’t be able to cover a payment on your car or truck is to let it go by without saying anything. If you know you’re going to be late, reach out to your lender as soon as possible. They understand that things happen and are often willing to work with people who are proactive about letting them know you won’t be able to pay on time. If you explain your situation and show that you will be able to cover the payments a little later than expected, they might delay the due date or even revise your schedule of payments.
Some will even work on a new agreement to change the original contract to make it more beneficial to both parties, but this only works if you’re up front and honest about what’s going on and when you’ll be able to pay. Remember, when financing a Jeep near Memphis, your lender technically owns your vehicle until the loan is paid off. That means if you fall behind on payments without notifying them, then they can repossess your ride. Avoid that by contacting them and trying to make an adjustment while you get your financial situation in order.
Contact Mid South Auto Loans if you’re looking to finance a new vehicle near Memphis. To get started, please give us a call today at (901) 316-3434.