Unhappy with a Car Loan? Here's What to Do
If you are feeling unhappy or pressured by your car loan, this article will help you find a clear way through. We recommend following these steps:
- Figure out what's not working
- Consider car loan refinancing
- Consider paying off your car loan early
- Speak to Positive Lending Solutions to find alternative car loans
Why am I unhappy with my car loan?
Circumstances change. Your life is probably different than it was a few years ago. There are several reasons why your car loan may not be right for your current situation. Here are some common reasons that people grow unhappy with their loan:
- They decide that their car loan simply doesn’t suit their financial situation.
- They are dissatisfied with the terms and conditions and repayment schedule.
- They didn’t fully understand the terms and conditions of their car loan at the outset.
It doesn't matter why you are unhappy with your car loan. The important thing is that you do not have to suffer. Below are several common problems that affect satisfaction with car loans. Do any apply to you?
- Interest rates seem too high
- Unfair loan terms
- High early repayment or exit fees
- High monthly repayments
- High penalty charges
- Changes in your personal financial situation
Once you decide exactly how and why your car loan is making you unhappy, you can move forward to the next step of assessing all of the options at your disposal.
Car loan refinancing
Now that you've decided why you are unhappy, you should consider refinancing your car loan. If your financial situation has changed, you may be able to get a much better deal on your car loan. Refinancing your car loan can:
- Make your repayments more manageable in the long run
- Provide you with greater financial security and peace of mind
- Potentially reduce your monthly repayments and save you money on current fees
If you do decide to refinance your car, you’ll need to be prepared to potentially pay exit fees for leaving your existing loan. There is also no guarantee that your interest rate will improve.
Paying off your car loan early
If you are unhappy with your situation and are in a strong financial position, you could consider paying off your car loan off early. This means that you would end your agreement with the lender in advance of the end of the loan term, freeing you from the loan.
If you decide to pay the loan off, you’ll need to be prepared though for early repayment fees. These may be charged by your lender for not fulfilling the full loan term.
Ask for expert help
If you're unhappy with your car loan, asking for help from Positive Lending Solutions allows you to instantly speak with experts. Our team are experienced in these matters and will be able to advise on what course of action you should take.
Make your next move with confidence by speaking to Positive Lending Solutions. Contact us today and find out how you can get the most satisfaction out of your car loan.
Tom Caesar is the Managing Director of The Positive Group, a group of Australian financial services companies offering a broad range of finance to clients Australia wide. The Positive Group assist clients in the areas of car finance, mortgages, insurance & wealth management. Tom has been in car & asset finance for over 10 years. Tom regularly contributes articles on car finance, insurance, technology and business growth, drawing on his experience of starting his own brokerage in 2009.