COVID-19 Anxiety Got You Sweating Your Car Payment? ‘Relief Is Available but You Have to Ask for It’
As the COVID-19 coronavirus pandemic continues to crater the economy across the country, consumer anxiety is on the rise. According to a new survey from personal-finance website Bankrate.com, most consumers with auto loans fear they’ll miss payments in the next three months. A big chunk of those borrowers haven’t asked their lenders for payment relief, however.
Related: Coronavirus Car Insurance Discounts Abound, So Why Haven’t You Gotten Yours?
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Bankrate surveyed 1,221 borrowers with auto loans nationwide, and 666 indicated they were worried about making upcoming car payments — but 60% of those respondents also said they haven’t asked for help.
Reasons for Not Seeking Assistance
Why haven’t car owners sought aid? The main reason respondents gave is lack of knowledge about relief programs. According to the survey, among concerned consumers who hadn’t contacted their creditors, 43% of auto loan borrowers said they didn’t know asking for financial help from a lender was an option, they hadn’t gotten around to it or they were waiting for the lender to reach out first.
You Have Options
Many payment relief options exist for auto loan customers and they vary based on the lender. Check out our coverage of automaker-financing relief programs for more information; many involve incentives like payment deferrals and late-fee waivers.
Car insurance companies are also offering payment relief plans. Check out Cars.com’s list of car insurance COVID-19 relief programs for more information.
“For households struggling financially due to the pandemic, payment relief is available — but you have to ask for it,” Greg McBride, Bankrate’s chief financial analyst, said in a statement.
More From Cars.com:
- How Are Auto Insurance Companies Helping Consumers During the Coronavirus Pandemic?
- Amid Coronavirus Pandemic Uncertainty, Automakers Offer Peace of Mind Via Payment Relief
- Coronavirus and Cars: Can I Get My Car Fixed During a Shelter-in-Place Order?
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