Table of Contents
Why you should never have a car payment?
Most people get a ton of car debt, which makes it so much harder to really invest. When you increase your debts, you spend more of your monthly income paying those debts, and save less money each money for investments. On top of it, every loan you have puts you further away from buying a home or investment property.
What to do if you don’t want the car you financed?
I Can’t Afford My Car Payment—What are My Options?
- Modify Your Auto Loan.
- Refinance Your Vehicle Loan.
- Trade in Your Car.
- Let Someone Else Assume Your Loan.
- Sell Your Vehicle.
- Turn the Keys In.
- Let Your Car Be Repossessed.
- File for Bankruptcy.
How can I convince my parents to let me buy a car?
Tell your parents that you are willing to use your money from work to help pay for the car. Be realistic though about how much money you will have left over. After you get the car, you’ll have new expenses, like gas. Tell them that it will help build your credit.
How can I buy a used car for my mother?
The Short Version of My Answer Is: Look into what her insurance company will pay your mother. It may be enough to buy a serviceable used car. Insurance on your mother’s car. Even if she was at fault in the crash (as your wording implied), if her car was insured, she may be due something from the insurance company.
Why do I owe my mother money for my car?
As things are, you need them, which means you need to soldier up. From a legal standpoint this is your car and your mother is committing something in the direction of theft. From a human standpoint your mother helped you by cosigning and you owe her a favor.
Should I buy a used car after my mom’s accident?
It may be enough to buy a serviceable used car. Insurance on your mother’s car. Even if she was at fault in the crash (as your wording implied), if her car was insured, she may be due something from the insurance company. If she is at fault, the deductible will reduce the amount, perhaps substantially.