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Despite the advice of financial gurus and debt management firms, emergencies cannot be planned for. If you suddenly owe a bill for $5,500 and all you have in the bank is $5,0000 you are now in the middle of an economic disaster. Missing a car payment in these situations doesn’t mean that you are irresponsible or that you didn’t do everything that you possible could to prepare. If you are dangerously close to having your car repossessed you might be able to look into car refinance to see if a lower payment will help.

Although a lot of car refinance companies won’t be in a hurry to approve you for a loan if you have a long history of late or missed payments, you can certainly explain your circumstances. Even though you may have credit applications rejected in the past, remember that there are some lenders out there who are considerate of the effects of major, life altering events. A death in the family or layoffs are in no way foreseeable, and a generous nest egg can dry up if you are not able to get back into the workforce quickly. If you are constantly saying to yourself, “I need to refinance my car today,” then you should stop thinking and begin acting on your thoughts. Wells Fargo has auto loan refinancing options that give existing customers a major discount. Even if you don’t do business with Wells Fargo, they will review your credit application and give you a fair and timely response. You can have your loan transferred over to Wells Fargo in as little as a few hours and your first payment won’t be due for approximately 45. Your interest rate will drop substantially, and the money you will save on your car payment will allow you to get back on your feet.