Auto loan delinquencies are rising. Here's what to do if you're struggling with payments
Publishing timestamp: 2023-02-04 08:30:01
Summary
The share of borrowers who are 60 or more days behind in their auto loan payments has increased significantly in the past year. This is largely due to rising monthly payments, higher interest rates, and dwindling personal savings. If you are having trouble paying on time, it is important to reach out to your lender as soon as possible to discuss possible solutions. These solutions may include deferment, selling the car, or trading it in.
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Keywords: auto loans, automobile manufacturing, experian plc, transunion, personal debt, business news, autos, personal finance,