Finance Q&A - Personal Circumstances

I can't afford to make car finance payments due to coronavirus. Is there any help available?

I can't afford monthly car finance anymore due to changed circumstances. Is there any help available if I can't make payments?

Joe Kirkby

Answer from the Stoneacre finance team:

Hi Joe, thanks for your question. These are difficult times for everyone, but luckily lenders can provide help.

If you need a payment holiday, you can request it up until 31 March 2021. Additionally, if you've already taken out payment holidays before, help is still available up to a maximum of 6 months. Previous payment holidays are counting towards those same 6 months.

There is also an option to arrange partial payment holidays. If you can afford to pay at least part of the sum, the interest rate will be lower. The same deadline of 31st March 2021 applies.

If you've already used 6 months' payment holidays, then you'll need to speak with the lender about tailored payment help options. 

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