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 mission is to help you make better financial choices by providing you with interactive tools and financial calculators as well as publishing high-quality and impartial content. We also allow you to conduct your own research and compare data for free and help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies who pay us. This compensation can affect the way 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 for our mortgage, home equity, and other home loan products. But this compensation does have no impact on the content we publish or the reviews that appear on this website. We do not include the entire universe of businesses or financial offerings that could be available to you. SHARE: Maskot/Getty Images
3 minutes read. Published 29 April 2022
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of borrowing money to buy a car. The article was 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 the confidence to take control of their finances with precise, well-studied information that breaks down otherwise complex subjects into digestible pieces. The Bankrate promise
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You have money questions. Bankrate has the answers. Our experts have been helping you manage your finances for more than four years. We are constantly striving to provide consumers with the expert advice and tools needed to make it through life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our information is trustworthy and reliable. Our award-winning editors and journalists create honest and accurate information to assist you in making the right financial decisions. The content created by our editorial staff is objective, factual and is not influenced from our advertising. We're open about how we are in a position to provide quality content, competitive rates, and useful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and services or through you clicking certain hyperlinks on our website. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other elements, such as our own website rules and whether or not a product is offered in your area or at your own personal credit score can also impact the manner in which products are featured on this site. We strive to offer the most diverse selection of products, Bankrate does not include the details of every financial or credit product or service. Making your car payment late or not paying it at all has the same consequences, regardless of whether that payment is the first time you make it or your last. Inability to pay your payments to your vehicle could result in repossession. There are alternatives to secure your car and avoid repossession even if it is the final payment. Options if you can't afford your final car payment If you have found yourself struggling to pay for your final car loan payment, there are several options to avoid long-term credit impacts and the associated costs. 1. Request a loan modification loan modification. This result exactly what it implies, a modified loan. This is distinct from refinancing your loan. Modification of your loan is done directly with your existing lender to modify the terms of your loan. A typical modification may lead to lower rates of interest or deferred payments. This could be more difficult far into your loan contact your lender as soon as you can. 2. Exchange your car for your vehicle you will have to reach out to various dealerships to see if they have a more affordable car available. This may be simpler if you financed your vehicle through a dealer and worked with that dealership, but it's possible even if you don't. Do not settle for the first quote you receive, shop around and know the value of your car whenever you are seeking quotations. 3. Sell privately, although it requires some extra consideration, it can alleviate the burden of your current car and allow you to find a cheaper option. It is particularly popular right in the present, and you'll likely get a good price. But selling your car could result in the need for the purchase of a new vehicle. And, with a hot market, it may be challenging to find a suitable vehicle that fits your particular requirements and budget. 4. Request help from family and friends. assistance. The last option is to contact friends and family for help. While the assistance you receive doesn't have to come from a financial source, it can be uncomfortable. Make this an effort to pay for vehicle repossession instead of your first line of defense. Ask those around you if they know anyone interested in purchasing or selling the vehicle at a lower cost, and work from there. Refinancing your loan isn't an option
If you're nearing the end of the payment phase of your loan you're not able to refinance. There are strict rules for lenders in terms of refinancing 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, spend some time to prepare for your next loan to ensure that you pay on time. Set aside money for your next car purchase. The most effective way to avoid future financial hardships comes down to financing only a car that you are able to afford. Before signing off on your next auto loan, how the monthly payments are incorporated into your budget and also incorporating any drastic adjustments in you bank account. Set up automatic payments. Not all lenders have an automatic payment option however, the majority offer this feature. If you're able to make a regular payment, it's the best way to ensure that you are able to make your loan payments on time and in full. It is possible to get discounts on rates, which certain lenders provide when you enroll in autopay. Be sure to look for loan additional fees if you're financing with a dealer, read the fine print in the 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 make your final car payment can result in you losing the car you want If you don't take action quickly. However, there are alternatives. Think about loan modification, trading in your vehicle, selling privately or contacting your family and friends before committing to repossession of your vehicle. Stay up to date on available to ensure you aren't in this dangerous situation when you purchase 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 specializes in assisting readers in navigating the ins and outs of securely taking out loans to buy an automobile. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to take control of their finances with precise, well-researched and well-researched details that cut otherwise complex topics into manageable bites.
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