Not really sure what to do need advice!

@kylaerin (146)
United States
March 9, 2009 2:04pm CST
I am a 23 year old full time nursing student. By full time I mean mon-fri from 7am-5pm I am at school. I graduate in October. CUrrently, I am only working the weekends because that is all I have time for. I bought a car two years ago and am still making payments on it. However since I started school in October I have been late each month. I only make %500 a month and my payment is $400 I live 30 miles from school so between gas, parking, and my car payment there is not enough money. My credit score is not good neough to refinance and I want to keep the car. I am not sure if there is any way to lower the payment without refinancing I want to pay what I owe but I am not sure how to do it. I have no extra time so working more is not an option. Does anyone have any experience with this or any idea of what I can do. I want to honestly pay what I owe but I can not do it when they want it and I have no idea what to do. THANKS!
2 responses
@daneg33 (1131)
• Canada
9 Mar 09
Can you move closer to school and sell the car? I know you want to keep it, but it sounds like you need to make some serious decisions here. It won't be the last car you own, so you may have to part with it for now. Another option would be to talk to your bank and see if there is an option to make a couple of interest only payments.
@kylaerin (146)
• United States
9 Mar 09
its a great plan but I owe a few thousand more than its worth because i bought it brand new. And my credit is not good enough to get a loan to pay the difference.
@daneg33 (1131)
• Canada
9 Mar 09
Well, that would be my choice. I would sell the car, even though I would still owe money. I would take whatever money I got and pay most of the loan. Ask the bank if they will write off the difference or all you to make smaller payments until you are finished with school and able to pay off the loan in full. Can your parents help you out at all?
@kylaerin (146)
• United States
9 Mar 09
They can't within the past two years they have both lost their jobs and had to start all over. Before that they could have afforded to help me. I thought in order to sell the car I had to pay it off completely first. Can I sell it and then pay the difference on the original loan. I was on the understanding that it had to be paid in full to transfer the title otherwise I was still responsible.
@maria_k (925)
• United States
9 Mar 09
Another way is to find some one who live nearby and want carpool , it will help you a bit with gas money. Maybe that will help?
@kylaerin (146)
• United States
9 Mar 09
good idea I am working on it thanks :)