Vantage Score has reported that missed payments and late payments for automobile loans are on the rise. This is NOT GOOD!
Lots of people were sold cars, trucks, and SUVs they could not truly afford. Between people not understanding their finances and the greedy auto sellers, they find themselves with payments they can’t make.
Your credit is your reputation and testimony. You must protect it!
Your good name is more important than impressing friends with your fancy ride.
If you pay late on your automobile loan, then all your credit card interest rates will skyrocket!!! The credit card companies watch your credit report so if they think you’re getting into financial trouble, they immediately charge you more. And yes, it is legal.
If you’ve discovered that your car/truck/SUV payments are too high, and you cannot sell your vehicle because you are “upside down” in value to loan, this do this:
Drive into a dealership and tell them you want to TRADE DOWN. Even if you have no “equity” in your vehicle, they can still trade you into a less pricey vehicle. I know, because I did it myself years ago when I made a buying mistake.
Trading down is relatively painless. You drive in with your too-expensive car and drive out with one that is affordable. Your pristine, beautiful credit remains unblemished. No late payments, no credit score hit!
Please pass this on to anyone who might need it, because it’s better to be proactive than suffer later.
Choose a good name over great riches; being held in high esteem is better than silver or gold.
Proverbs 22:1 New LIving Translation