What to do if you can’t make your final car loan payment Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering you interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct research and review information for no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this site come from companies who pay us. This compensation may impact how and when products are featured on the site, such as, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law for our mortgage, home equity, and other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews that you read on this site. We do not cover the universe of companies or financial offerings that could be accessible to you. SHARE: Maskot/Getty Images

3 min read Published on April 29, 2022.

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers to navigate the details of borrowing money to purchase cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to take control of their finances by providing concise, well-researched and researched information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate guarantee

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You have money questions. Bankrate has answers. Our experts have helped you understand your money for over four years. We continually strive to give our customers the right guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct standard of conduct, so you can rest assured that our information is trustworthy and precise. Our award-winning editors and reporters provide honest and trustworthy information to assist you in making the best financial decisions. The content we create by our editorial staff is factual, objective, and not influenced from our advertising. We’re transparent about the ways we’re able to bring quality content, competitive rates and helpful tools to you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and when products appear within listing categories in the event that they are not permitted by law. We also offer mortgage home equity, mortgage and other home lending products. Other factors, like our own website rules and whether or not a product is available in your region or within your own personal credit score may also influence the manner in which products are featured on this website. We strive to offer a wide range offers, Bankrate does not include details about every financial or credit product or service. If you make your car payment late or avoiding it completely can have the same consequences regardless of whether that car payment is the first time you make it or the last. Failure to make the payments on your car could lead to repossession. However, there are ways to secure your car and avoid repossession even though it’s your final payment. Alternatives if you are unable to make your final car loan payment you’re struggling to pay for your final car loan payment you have several options to avoid long-term credit impacts and the associated costs. 1. Request a loan modification loan modification. Requesting a modification will result in exactly what it implies, a modified loan. This is distinct from the process of refinancing your loan. Modification of your loan is that is done in conjunction with your current lender to modify your terms. A typical modification may result in lower interest rates or delayed payments. Although this could be more challenging long into your loan contact your lender immediately if you are able to. 2. Trade in your car To your vehicle , you’ll have contact different dealerships to determine if they have a more affordable vehicle. This may be simpler when you finance your car through a dealership and have a relationship with that dealership, but it’s still possible to do not. But don’t settle for the first offer you get, shop around and know the worth of your car when you ask for estimates. 3. Sell privately Although it will require more consideration this can help ease the stress of your vehicle and enable you to get a more affordable option. The is especially strong right this moment, so you are likely to get a good price. But selling your car could mean the need for a new car and since the market is hot it could be difficult to find a car that meets your requirements and budget. 4. Ask family and friends for help The final option is to reach out to relatives and friends to ask for help. Although this assistance doesn’t have to be financial, it can make you feel uncomfortable. Use this as a final effort to afford vehicle repossession rather than your first protection. Ask your friends and family whether they know anyone looking to purchase or sell a less pricey vehicle, and work from there. The possibility of refinancing your loan isn’t an option

Unfortunately, if you are at the final payment stage of your loan you’re too late to refinance. Lenders hold specific constraints when refinancing based on factors like the age of your vehicle or mileage, as well as the loan amount. [/su_editorial-insight How to avoid car loan payment issues in the future Not making your final car payment can be discouraging, but one financial misstep does not need to result in a lifetime of headaches. Instead, take some time to plan the future loan to ensure timely payments. Budget for your next vehicle purchase The key to avoiding future financial difficulties is to financing only a car you can afford. Before signing off on your next auto loan consider how your monthly payments are incorporated into your budget as well as incorporating any major modifications to the balance of your bank account. Automate payments Not all lenders offer the option of making payments automatically however the majority of them offer this feature. If you’re able to make a regular pay, it is an excellent way to make sure that you are able to make your loan payments on time and in full. You may even benefit from a rate discount, which certain lenders provide when you enroll in autopay. Check for loan additions if you’re financing with a dealer and you’re not sure of the terms, take a look at the fine print on your loan agreement to ensure that you don’t spend extra money each month on . Check for common add-ons like extended warranties for tires and wheels, tire and wheel security including rustproofing and GAP insurance. The bottom line: Trying to pay your final car payment could mean you’re without your car if you don’t act fast. There are options. You could consider loan modification, selling your vehicle, selling it privately or reaching out to your family and friends before committing to vehicle repossession. Be aware of the latest news options to ensure that you’re not in this precarious situation with your next vehicle. Learn more


Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of taking out loans to buy an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to control their finances by providing precise, well-researched and well-researched information that breaks down complicated topics into digestible pieces.

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