Many Americans are struggling to keep up with car payments during the pandemic.

If you are struggling to pay your car payments, the worst thing you can do is ignore them and try again next month. If your budget won’t cover your lease or monthly payment. the first thing you should do is call your lending company. They will make arrangements to help you. This is especially true because of the pandemics. The worst thing to hear about is a repossession. This will not only impact your credit it will leave you without a ride and make it hard for you to secure a future loan or lease.

Americans are still shopping for cars out of need and necessity. If you are at the end of your lease, you are not alone. There are over one million vehicles coming off lease over the last three months. Leasing companies can extend your lease for a few months, but be careful as you may own your vehicle outside the warranty. Any additional repairs would be out of pocket.

If you are seeking a new lease or purchase, the deals are there and new cars are being produced as we speak. There are no-money-down car loans, and extended first payments. These can be tricky! Know that there are huge deals, you will pay the full amount but it will be over a longer time period, higher payments and most are far from a great deal. I suggest putting down a few thousand dollars if you can. Go for the low interest rates and add in all the incentives you can get. Don’t forget the Loyalty and Conquest discounts, if you don’t ask for them you will not get them and the dealer earns the extra money.

Another factor to not consider is refinancing your current loan. With the low interest rates some people have thought this is a smart idea. Sadly, you will most likely find yourself “upside down”. This means you owe more than the vehicle than it is worth. This is not a smart financial decision. Make your payments on time and never refinance the unpaid portion into your next vehicle. You will never get ahead with this strategy.

When is it time to get rid of your automobile and get a new one? The Car Coach Reports Tip: Never put more money in to a vehicle that it is worth! Consider trading in your car and use the money you were going to use to repair the automobile and get a safer one. Another tip, new safer cars will lower your insurance rates and save you even more money.

Lauren Fix, The Car Coach® is a nationally recognized automotive expert, media guest, journalist, author, keynote speaker and television host. Post your comments on Twitter: @LaurenFix or on her Facebook Page.