Car finance. I have only had my car since november but am now in a situation where i really need to cut down the amount i pay ea

shovel5, May 30, 7:41am
I have only had my car since November but am now in a situation where I really need to cut down the amount i pay each week, when i financed it ,it was over 4 yrs,so unsure of how much room i have to move. Is 4 yrs the max you can spread it over, as need to cut payments down by at least half for the next year or so. I realise i would end up paying alot more in interest but at the moment I dont have many options.If i was to sell the car I would still end up about 7k short. Any advice would be great.I asked MTF about it and they suggested i go back to the car yard I got it from and talk to them about refinancing.
alternatley, if I was to pay about half off in cash, would they then be able to spread the rest out longer halving the payments.
Help
I made a stupid stupid mistake buying this car
shovel5, May 30, 7:51am
does noone have anything to offer me on this one!
stusowry, May 30, 7:54am
Second option would be the go. Go see the people you bought it from, or better still, go see your bank.
kazbanz, May 30, 7:58am
Hi shovel--basicly you are in the brown smelly stuff.
Unless you are a home owner then 48 months is max term.
If you have the cash to pay half then I'd suggest finding out your settlement figure and selling the car for what you can get -topping it up with the half in cash you have.
The ONLY options I can see for you if you don't actually have the cash to pay half the loan offthat might work would be to talk to the caryard and seeing if you can trade down to something you can afford. OR
IF THEY WILL DO ITlook to refinance as a structured loan.
The way that works is say your payments should be $100 a week for four years.restructuring wouldmean the first year you pay $50 a week and the last three years the payments are $125 a week. (please don't take the figures as in any way exact)

I must ask though --if you have the cash to pay half then why not leave that money to make the car payments whilst you are in financial strife
jasongroves, May 30, 8:02am
Thats patience right there.
shovel5, May 30, 8:08am
Thanks for you advice:)
moosie_21, May 30, 8:55am
You'd sell it and still be $7K owing after 7 months owning and paying it off! Dear lord I'm in the wrong business!
kazbanz, May 30, 9:05am
Shovel--I asked in the other thread for info on your car.
somone assuming your car is worth say 10 k may be off the mark by thousands
What color is it !
What engine size is it!
Manual or auto transmission!
neville48, May 30, 9:32am
Have somebody "in the know" check out your finance deal and make sure it was all done right to the word of law etc and make sure there are no "outs" or wrong doings in it to your advantage.long shot but worth a crack to help out especially if you are bordering on default or !
tigra, May 30, 8:30pm
Possibly worth ringing your local C.A.B they have a budget service that may be able to negotiate with the finance company for you
a.woodrow, May 31, 12:48am
Whatever.

Maybe OP should just man up and dig themselves out of the hole they are in. Why do people think the answer to financial problems is to try and get off or run away and hid!
kazbanz, May 31, 1:27am
OMG we agree on something.
In fairness the op isn't asking for a way to get out of payingjust a way to make it all happen that means everybody is happy
kdcentralni, May 31, 1:50am
Welded. Call some larger car yards with MTf finance and have a chat to them they might have a cheaper car they can downtrade and finance you out of this mess, you are upside down with cash!. Why don't you just own this car and focus on bringing in more money.
ontwowheels, May 31, 2:39am
Shovel 5,
first things first, find out exactly how much you owe, and talk to the finance company about the terms and conditions, and any options they can offer you

secondly, go and speak to your bank, explain your situation, they may be able to offer you a loan to pay off finances at a much better rate, enabling you to sell the czar, downgrade and get a cheaper run around.

Thirdly find some financial advice, (proffesional not message boards). You may be surprised at how much they can help.

You are not the first and will not be the last to get yourself in a situation like this, and will not be the first. Keep your chin up, take ownership of the problem and work through it. It may seem like a long time but when you come out of it debt free one day it will all be worth it. I say this from experience.

Lastly, make sure you learn from this mistake!