When you can't afford your car payment1 of 8You lost your job, your commissions are down or maybe you single-handedly tried to help the economy by buying too much car. Then, you may be facing the dilemma of falling behind on your car loan.Your car should only consume 15 percent to 18 percent of your income, says Cate Williams, vice president of financial literacy for the nonprofit credit counseling agency Money Management International, in Houston. That should include car payments, auto repairs and car insurance.Since you can't undo what's already been done, follow these six tricks to fix your car loan.<< Back to the 2010 Fall Car Guide table of contents. Related Articles:Save on next new carAuto loan calculatorLease or buy car?6 car-buying mistakesRelated Links:Car buying hints for 2010Checklist for test-driveBrand-new or new-to-you?Negotiating a car's priceadvertisement
You lost your job, your commissions are down or maybe you single-handedly tried to help the economy by buying too much car. Then, you may be facing the dilemma of falling behind on your car loan.
Your car should only consume 15 percent to 18 percent of your income, says Cate Williams, vice president of financial literacy for the nonprofit credit counseling agency Money Management International, in Houston. That should include car payments, auto repairs and car insurance.
Since you can't undo what's already been done, follow these six tricks to fix your car loan.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
A little research could save you BIG on interest.