How To Write A Hardship Letter For Car Loan?


3 Answers

David Gill Profile
David Gill answered
To write a successful hardship letter, you need to prove to the company that gave you the car loan that you are still willing to pay off the amount needed even though you cannot afford to pay the current rate. You should always be polite and make sure that you reassure the company that you are not simply trying to get away without paying the loan off.
You should suggest in the hardship letter an amount to pay per month, or per week, whatever your agreement happens to be, that you can afford. You should not state a lower number than you could afford as honesty is always the best policy and if you lie they are less likely to allow a hardship letter from you in the future should another situation arise.
You should always attempt to address the letter with a person’s name rather than sir or madam because this shows that you have researched into who you need to write to. Simply write that you are having financial troubles and are currently struggling to pay off the amount requested per month. For the period that you need to pay less, request that you can afford to pay a lesser amount per month.
If there is a specific reason that you cannot afford the repayments, for example feeding your family, stating this could increase your chances of your hardship letter being a success. The letter does not need to be long or over wordy, simply stating the facts as they are with a few figures is enough. If a letter is too long, it is less likely to be read in detail and this could lead to problems with communications between you. It should always be polite as letting you pay less per month is at their discretion.
Arthur Wright Profile
Arthur Wright answered
Never try to cover something up by making it to appear worse than it is. Just explain your situation and tell them what you need/want to do and then see if its acceptable to them and stick to your words

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