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 smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing high-quality and impartial content. We also allow you to conduct research and compare information for free to help you make informed financial decisions. Bankrate has partnerships with issuers, including but not limited 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 where products appear on the site, such as for instance, the order in which they appear in the listing categories, except where prohibited by law. This applies to our loan products, such as mortgages and home equity, and other home lending products. However, this compensation will affect the information we provide, or the reviews that appear on this website. We do not contain the vast array of companies or financial offerings that could be accessible to you. SHARE Maskot/Getty Images
3 min read published April 29, 2022
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers with the details of borrowing money to purchase an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to control their finances with concise, well-researched and researched information that breaks down complex topics into manageable bites. The Bankrate guarantee
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We make sure that everything we publish is objective, accurate and trustworthy. The loans reporter and editor concentrate on the areas that consumers are concerned about most — the various types of loans available as well as the best rates, the top lenders, ways to repay debt, and more . This means you’re able to be confident about making a decision about your investment. Editorial integrity
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If you have questions about money. Bankrate can help. Our experts have been helping you master your money for more than four years. We strive to continuously give our customers the right advice and the tools required to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and reliable. Our award-winning editors and reporters produce honest and reliable information to assist you in making the best financial decisions. Our content produced by our editorial team is objective, factual and uninfluenced through our sponsors. We’re honest about the ways we’re able to bring quality information, competitive rates and useful tools to our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and services, or through you clicking certain links posted on our website. This compensation could affect the way, location and in what order products are listed, except where prohibited by law for our mortgage home equity, mortgage and other home loan products. Other factors, such as our own proprietary website rules and whether or not a product is available within the area you reside in or is within your self-selected credit score range can also impact the way and place products are listed on this website. We strive to offer the most diverse selection of products, Bankrate does not include the details of each financial or credit item or service. If you make your car payment late or skipping it altogether will have the same effect, regardless of whether that car payment is your first or your very last. Not being able to make your payments to your vehicle could result in repossession. But there are options to secure your car and avoid repossession, even if it is the final payment. Options if you can’t afford your final car loan payment you’re having difficulty to make your final car loan payment, there are a few options to avoid future credit-related consequences and the costs associated with it. 1. Request loan modification Requesting a result exactly what it sounds like, a modified loan. This differs from the process of refinancing your loan. Modification of your loan is that is done in conjunction with your current lender in order to change the terms of your loan. A typical modification may lead to lower rates of interest or deferred payments. Although this could be more of a challenge in the middle of your loan contact your lender as soon as you are able to. 2. Transfer your car to your vehicle , you’ll have contact several dealerships and see whether they have an affordable vehicle. This is possible if you financed your vehicle through a dealership and have a relationship with the dealership, however it’s possible even if not. Don’t accept the first quote you receive take your time and research the value of your vehicle when you request quotes. 3. Sell privately, although it requires some extra consideration, it can alleviate the stress of your vehicle and let you get a more affordable option. It is particularly popular right now so you will likely receive a fair price. But selling your car could result in the need for an entirely new vehicle and since the market is hot it could be difficult to find a suitable vehicle that fits your needs and budget. 4. Ask friends and family for assistance. The last option is to contact relatives and friends to ask for help. While the assistance you receive doesn’t have to be financial, it could be uncomfortable. Consider this as an effort to pay for vehicle repossession rather than your first line of defense. Ask around whether they know anyone who is interested in buying or selling an affordable vehicle and then proceed from there. Refinancing your loan isn’t an option
However, if you’re in the final stage of payment of your loan you’re not able to refinance. Lenders hold specific constraints in terms of refinancing on things like age of the vehicle, mileage and 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 prepare for the coming loan to ensure that you pay on time. Plan your next car purchase. The most effective way to avoid the possibility of financial problems in the future comes down to financing only a car you can afford. Before you sign off on your next auto loan consider how your monthly payments are incorporated into your budget — and also incorporating any catastrophic changes on you bank account. Set up automatic payments. Not all lenders provide the option of automatic payments however, the majority offer this feature. If you are able to maintain a consistent pay, it is the best way to ensure you make your loan payments on time and fully. You may even benefit from discounts on rates, which some lenders offer when you sign up for autopay. Be sure to look for loan additional fees if you’re financing through a dealer be sure to read the fine print of your loan agreement to ensure that you aren’t spending extra money each month on . Be aware of typical add-ons like extended warranties as well as tire and wheel protection including rustproofing and GAP insurance. The bottom line Trying to make your final car payment can leave you without your car if you don’t act fast. However, there are alternatives. Consider loan modification, selling your vehicle, selling it privately, or reaching out to your family and friends before committing to vehicle repossession. Keep up-to-date with the latest information the latest information to make sure you don’t end up in this precarious position with your next set of wheels. Find out more
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of borrowing money to purchase a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances with concise, well-studied facts that break down otherwise complicated topics into digestible pieces.
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