Thursday 18 July 2024

How to overcome motoring money trouble

If you’re having money problems, it might seem like your vehicle needs to be one of the first things to go. With the cost of fuel, insurance, tax, maintenance and perhaps a monthly finance payment too, it can be expensive to run. However, getting rid of your car might not be possible, and could have a huge impact on your life. It’s especially important to keep it if you live in a rural area or need your car for work. When you think your money issues could mean losing your car, these are the steps you should take to keep it.

Cut your motoring costs

When owning a car is becoming too expensive for you, it doesn’t mean you have to get rid of it completely. You might need to have a vehicle, but there are ways to cut your costs to make it a bit more affordable. Firstly, you can consider switching your car insurance to a more affordable option. Another possibility to drive less so that you use less fuel and find other ways to be more economical. You could even consider trading down your car to something that’s more affordable for you to run. If your car is too big or too expensive, look for something cheaper.

Deal with your debts

If you’re struggling with debt, finance payments for your car might or might not be contributing. Either way, you know that you don’t want to lose your vehicle. You need to find the right way to deal with your debts, whether it’s through consolidation, a payment plan or even bankruptcy. If you’re considering bankruptcy, you should call a bankruptcy attorney to discuss your options. It could affect your assets, including your car, but it could also help you to avoid losing your vehicle.

Communicate with your auto lender

It’s important that you don’t suffer in silence if you’re having trouble making payments towards your car financing. If you’re finding it hard, you should let your lender know, rather than trying to avoid them. They want you to be able to pay the money back, so they’re usually happy to help if let them know what’s going on. They can help you by possibly reducing your payment amount for a few months. While this isn’t always the case, it’s best to keep them informed of what’s happening and ask if they can be lenient. Don’t just assume they won’t help.

Prioritise your vehicle

When you need your car for work or other commitments, you don’t want to risk losing it. That’s why you might make a choice to prioritise your vehicle over other expenses. If you can’t find ways to cut the costs of running your car, look for ways to save elsewhere. You might be able to spend less on your food shop so that you’re better able to pay for your car and all of its related expenses.

You don’t have to lose your car if you’re struggling with your finances. You might be able to choose from a variety of solutions to help yourself and keep your vehicle.

** This is a collaborative post

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