Yes, car loan settlement is possible, but since it is a secured loan, the process differs from unsecured loans like credit cards or personal loans. In a secured loan, the lender has the right to seize the vehicle if you default. However, if you’re facing financial distress, you can negotiate a car loan settlement to avoid repossession, reduce your debt, and prevent legal action by loan recovery agents.
If you’re struggling with EMI payments, take immediate action to avoid vehicle repossession:
Contact Your Lender – Request a repayment plan modification to lower your EMI or extend the loan tenure.
Explore Refinancing Options – If your interest rate is high, refinancing with another lender could help reduce your financial burden.
Negotiate a Car Loan Settlement – If refinancing isn’t an option, ZeroLoan can help you negotiate a car loan settlement to clear the dues and avoid loan recovery agent harassment.
