If you face such difficulties with making ends meet and paying your car loan in time without going into arrears, you should definitely seek help before having the problem exacerbate. You certainly do not want to lose your vehicle, do you? In fact, this is not even the worst case scenario you will encounter – besides losing your car, your credit score will be affected and you may find it difficult to obtain a loan in the future. be it for a home or another vehicle.
When facing car loan repayment troubles in Australia, you can turn to these parties for help:
- Consider calling your financial institution and request for leniency on your payments. Most will be happy to accommodate your request by altering your repayment terms for a short period of time while you deal with your issues and work towards getting your financial problems solved
- If you find it difficult to get your loan provider to comply with your request, then perhaps it would be wise to turn to the Financial Ombudsman Service. If you have a car loan dispute that you need solved, be it incorrect interest rates or financing fees, you may bring up the matter at the FOS by calling them at 1300 780 808
- Additionally, there are Financial Councellors in each state in Australia that will lend a helping hand to your mounting debt problems. If you are at a loss as to what to do, you can turn to them and be guided on what to do, how should you proceed when negotiating with your lenders and how you can better manage your debts and finances. You may get in touch with them via these numbers based on your state in Australia:ACT : (02) 6257 1788
NSW : 1800 808 488
NT : 1800 898 500
QLD : (07) 3321 3192
SA : (08) 8202 5180
TAS : 1800 243 232
VIC : (03) 9663 2000
WA : 1800 889 364 - Want to manage your debt better and have greater peace of mind? You may find yourself in arrears with your car loan repayments but fret not, all is not lost for you can enlist the help of a debt consolidation organization to combine your car loan with other loans such as your personal loan or home mortgage.
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