Many people struggle to pay their bills and to especially pay them on time. When bills are not paid on time and they become overdue, it can end up costing people more money in late fees and higher interest rates. It can also lead to poor credit and make it more difficult to get financial assistance for other things. There are many people who may need car payment assistance who have overdue bills.
When this is the case there are some options that people can consider. Having overdue bills, however, may limit your options regarding getting car payment assistance. Most banks and mainstream lending institutions will not give you a loan when you have overdue bills or bad credit. This does not mean that you don’t have any options at all. You still have some options, but you may need to consider the ones beyond a typical loan from a bank or credit union.
When You Fall Behind on Bills
If you already have a car payment and you have fallen behind on making the payment, the first thing you should do is call your lender. Put in a call to whatever lending institution or company it is that you owe the money to. Let them know you are having a difficult time financially and making the payment has become difficult. Discuss the options with them.
When you call the car company to discuss the options regarding car payment assistance when you have overdue bills and are struggling, you may find out that they have options to help. Some companies may give you a grace period to get the payment in, they may be able to refinance it to get the payment lower each month, or they may be able to allow you to skip a month or two of making the payment. You won’t know what the options are until you call the lender, so that should be first on your list of things to do.
Options Beyond Banks
Once you know that you need to come up with car payment assistance and can no longer stall the situation, it is time to take action. There are numerous options you have to help get the money together to make the car payment. Below are some of the options you can consider to help you come up with the money to make the car payment.
Payday Loan Centers – Many cities and towns around the country offer what are called payday loan centers. These are places that will provide you with a small loan, to be paid back with interest, if you can prove that you do have an income coming in. You can go to one of these places and take a paycheck stub and have a good chance of getting a loan. You should be able to borrow enough to make your car payment. You will have terms that you agree to regarding how much you will need to pay back each month until it is paid back in full.
Pawn Shops – There are many pawn shops around the country. You can take something of value into them and they will usually give you a loan against the item. This means they will retain the item of value, provide you with the funds you need, and then you will have to pay back the money with interest, in order to get your item of value back. If you don’t pay back the money in full then they keep the item of value that you put down for the loan and they will sell it to recover their funds. Depending on your item of value, you may be able to get a big enough loan to make your car payment.
Use the Car – Since you have a car and need to come up with money to pay for it, consider using it to make the money you need. There are ways that you can use the car to earn money to make the car payment. Consider doing things like making deliveries, driving people around, renting it out to friends (be sure the insurance will cover them), and more. There are often people looking for a ride to the airport, to have groceries delivered, etc. You can also pick up a part time weekend job delivering pizza or something else in order to raise the money to make the car payment.
Take Other Assistance – There are many charities that will help people with things, such as paying their energy bills and purchasing food. There are not many that will directly pay for your car, because it is not considered a basic need. However, if you get creative you can make it work to where you take the help they are providing and then use your funds for making the car payment. For example, if you get help from a charity purchasing your groceries and paying your energy bill, then you can take the money you would have spent on those things and use it to pay your car payment. The funds from charities are not usually expected to be paid back and they are provided to most people who say they need the assistance. They don’t typically have strict policies regarding who gets the assistance.
Churches – In addition to the above options, you can also reach out to local churches and organizations in your area. Some of them may help you get caught up on your overdue bills, as well as getting your car payment made. Places such as Salvation Army and Catholic Charities, which are found around the nation, are helpful places that may be able to provide you with some car payment assistance, or give you a referral to a place that can. There are churches around the country and they have a mission of helping people in the community who need assistance. If you let them know you need help paying the car payment, they may be able to provide assistance.
