wat happen if u cant pay ur car installment

[LOBSTER07]

I wish to buy my own car..mostly i rent..if i buy a 5 year coe car..exple after 1 year i have financial and cant really afford to pay monthly installment etc, can i sell e car?.. Or i stil nd to pay e balance installment monthly regardless i have financial problem

Tia

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[LOBSTER07]

U mean?.. I was jus askin if anyone knw

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[sundaymorningstaple]

U mean?.. I was jus askin if anyone knw

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Now you know the importance of using good English, grammar and spelling. You write on an Expat Forum like a dyslexic 3rd grader.

[tt1973]

I wish to buy my own car..mostly i rent..if i buy a 5 year coe car..exple after 1 year i have financial and cant really afford to pay monthly installment etc, can i sell e car?.. Or i stil nd to pay e balance installment monthly regardless i have financial problem

Tia

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The finance company will tow your car and have it auctioned off and on top of that, you are still liable for any outstanding loan and charges.

[midlet2013]

i think if u cant afford it should be easy to sell the car.

but it would be wise to buy a car when u can really afford.

[PNGMK]

Actually it can be hard to sell a car quickly here if there is an outstanding loan as sometimes the car is worth less than the loan.

[midlet2013]

ohh good point

btw, I bought a car last year on loan cuz it was < 2%. at that point, I wanted to invest all my money but I still have cash lying around. can I call the bank and pay it at one go and cancel the loan. I have a loan of around 40k left. I am happy to pay at one go.

[deek9091]

Your car will be repossessed by the bank.

[bgd]

ohh good point

btw, I bought a car last year on loan cuz it was < 2%. at that point, I wanted to invest all my money but I still have cash lying around. can I call the bank and pay it at one go and cancel the loan. I have a loan of around 40k left. I am happy to pay at one go.

Check whether the loan terms allow early repayment.

[PNGMK]

ohh good point

btw, I bought a car last year on loan cuz it was < 2%. at that point, I wanted to invest all my money but I still have cash lying around. can I call the bank and pay it at one go and cancel the loan. I have a loan of around 40k left. I am happy to pay at one go.

Check whether the loan terms allow early repayment.

They will but usually with a penalty.

[midlet2013]

thanks, I will look into it. either way , its fine.