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How long do you have to pay off a car loan? |
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Answer
When you took out the loan for the car the banking institution worked out how many months and for what amount the payment would be each month. If you have lost a job or are between jobs, were ill, were in an accident, then if you are honest you can talk to the bank manager and they will usually be quite willing to adjust your loan payments. The smaller the loan payment the longer it will take you to pay it off because of the interest applied on the outstanding loan. So, you could spend an extra couple of years paying this off. Banks don't want the vehicle, they want their money.
Good luck
Marcy
First answer by ID407240693. Last edit by ID407240693. Question popularity: 19 [recommend question]
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