What Is A Loan Workout? Cars Loans

A Loan Workout Is A Financial Agreement Between A Borrower And A Lender To Modify The Terms Of An Existing Loan When The Borrower Is Struggling To Make Payments. If You're Wondering What is a Loan Workout. It’s Essentially A Way To Avoid Default Or Foreclosure By Renegotiating Loan Terms. Common Loan Workout Solutions Include Reducing The Interest Rate, Extending The Repayment Period, Or Offering Temporary Payment Relief.