I am unemployed and can't afford car payments...?

Question

i have a loan with Honda Finance, interest rate 23%. I know what a mistake i have made now, i am paying 386.00 a month and now am unemployed and can't defer another payment b/c i am not working. I have been paying for 2 yrs on a 14,000 loan and still owe 11,000 I am in need of advice here, it is worth so much less any ideas what i can do don't think Honda will work with me, and my credit is bad as you can see by the interest rate...

Dixie Darlin&#39; · Accepted Answer

Short or refinancing at a lower interest rate there is nothing that can be done. If your credit is bad then you probably not find a lower interest rate, plus you are currently unemployed. 

It is only two things that can happen you can get a job quick to pay the notes, or allow Honda Finance to repossess the car.

Thomas V · Answer

I would try to get out of this car loan and get a good used car. For the last 23 years I never had a car newer than 5 years old. I would hate a monthly car payment and hope I never will. I never have the nicest car but I just consider a car transportation.

Jay P · Answer

I would not be concerned about your credit.  If you are paying 23% interest, you credit must have been pretty bad to begin with.  Focus on finding a job.  There are two sides to the finance equation.  What you make and what you owe.  It's time to worry more about what you make.

Anonymous · Answer

It's possible, but I'm not 100% sure

Sophie · Answer

Hi - that sounds stressful. I'd recommend getting some professional advice - in the UK we have Citizen's Advice Bureau, or you might see if there's a debt helpline you can call. Best of luck.

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I am unemployed and can't afford car payments...?

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