Keep Making Payments After a Car AccidentSeptember 9, 2019
When you get into a car accident, your mind will go in many different directions: taking care of your family, recovering from injury, or even what you will need to do for transportation. But you need to remember that if your car isn't paid in full, you need to continue making payments. Failing to make payments can affect your credit score and hamper your ability to either keep your vehicle or finance a new one, You need a personal injury attorney you can trust to handle your claims while you keep up with this necessity.
Cost of Failing to Make Payments
Every time you miss a car payment, your lender can charge you with a late payment fee. Not only do these add up, but interest accumulates on the amount you still owe, meaning your loan balance builds with what you didn't pay and with the charges placed on top. If you stop paying after an accident, you can quickly find yourself owing far more than you would have if you kept your payments current.
Beyond this, every late payment puts a hit on your credit report. Depending on your score and the number of payments, this can cause a big hit to your overall score. The more you put off paying, the harder it becomes to refinance or to get a new loan. If the car accident totaled your vehicle, this would create more problems for you.
Act Quickly--But Carefully
After a car accident, you need to act quickly to get your vehicle examined. If you can repair it, do so, but be sure to take pictures of it first; if it gets totaled, you need to look into a new vehicle quickly. Unfortunately, you also need to protect your rights. The other driver's insurer may try to take advantage by getting you to sign away some of the recovery to which you are entitled. Save your receipts and keep track of what you lose in the accident, but also contact Stern and Stern. We will give you the guidance you need to protect yourself and get the compensation you deserve.