Blown Engine on Financed Car

What to Do if Your Financed Car’s Engine Blows

If your financed car’s engine blows, it can be a devastating financial blow. Here are some steps to take if you find yourself in this situation:

Stay calm. It’s easy to panic when something like this happens, but it’s important to stay calm and collected so you can make the best decisions possible.
Pull over to a safe location. If you’re able to, pull over to a safe location and turn off the engine.
Call your lender. Inform your lender about what happened and ask them what steps you need to take next.
Get a tow truck. You’ll need to get your car towed to a mechanic so they can assess the damage.
Get a repair estimate. Once the mechanic has assessed the damage, they will give you a repair estimate.
Contact your insurance company. If you have comprehensive insurance, it may cover the cost of the repairs.
Negotiate with your lender. If you can’t afford the repairs, you may be able to negotiate with your lender for a lower payment or a longer repayment period.

What Happens if You Can’t Afford the Repairs?

If you can’t afford the repairs, you may have to surrender your car to the lender. This will hurt your credit score and make it difficult to get another car loan in the future.

There are a few things you can do to try to avoid surrendering your car:

Negotiate with your lender. As mentioned above, you may be able to negotiate with your lender for a lower payment or a longer repayment period.
Get a personal loan. You may be able to get a personal loan to cover the cost of the repairs.
Sell your car. If you can’t afford the repairs, you may be able to sell your car and use the money to pay off your loan.

How to Prevent a Blown Engine

There are a few things you can do to help prevent a blown engine:

Get regular oil changes. Oil is essential for lubricating the engine and keeping it cool. Getting regular oil changes will help to prevent the engine from overheating and seizing up.
Don’t overheat the engine. Avoid driving your car in hot weather for extended periods of time. If you must drive in hot weather, make sure to keep an eye on the temperature gauge and take breaks if necessary.
Don’t drive with a low oil level. Driving with a low oil level can cause the engine to overheat and seize up.
Have your car inspected regularly. A mechanic can inspect your car for any potential problems that could lead to a blown engine.

Conclusion

Blowing the engine on your financed car can be a major financial setback. However, by following the steps outlined above, you can minimize the damage and get back on your feet as quickly as possible.