When you can't afford your car payment
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.
Looking for a car loan? Check out Bankrate's auto app for price comparisons, loan calculations and more.