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 aim is to assist you make better financial choices by offering you interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare information for free - so that you can make sound 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 Earn money The products that are advertised on this website are provided by companies that compensate us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they may be listed within the categories of listing, except where prohibited by law for our mortgage, home equity and other home loan products. But this compensation does not influence the information we provide, or the reviews appear on this website. We do not cover the entire universe of businesses or financial deals that might be accessible to you. SHARE: Maskot/Getty Images
3 minutes read. Published 29 April 2022
Written by Rebecca Betterton 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 taking out loans to purchase cars. 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 manage their finances by providing precise, well-studied information that breaks down complicated topics into bite-sized pieces. The Bankrate guarantee
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They ensure that what we write will ensure that our content is reliable, honest and reliable. The loans journalists and editors focus on the things that consumers are interested about most -- the different types of lending options, the best rates, the top lenders, the best ways to pay off debt , and more -- so you're able to be confident about investing your money. Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you manage your money for more than four decades. We strive to continuously give consumers the professional guidance and the tools necessary 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 truthful and reliable. Our award-winning editors, reporters and editors create honest and accurate content that will help you make the right financial decisions. The content we create by our editorial staff is objective, factual and uninfluenced by our advertisers. We're open about the ways we're able to bring quality content, competitive rates, and helpful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and, services, or through you clicking certain hyperlinks on our website. This compensation could impact how, where and in what order items are listed and categories, unless it is prohibited by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other factors, like our own website rules and whether a product is available in your region or within your personal credit score can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include the details of every financial or credit product or service. Paying your car loan late or avoiding it completely has the same consequences, regardless of whether the payment is the first time you make it or your very last. Not being able to make the payments on your car could lead to repossession. However, there are ways to secure your car and avoid repossession even if it's your final payment. Options if you can't afford the final payment on your car you have found yourself struggling to make your final car loan payment you have several options to stay clear of future credit-related consequences and the associated costs. 1. Request loan modification. This will result in exactly what it sounds like: the modification of a loan. This is different from the process of refinancing your loan. Modification of your loan is carried out directly with your current lender to alter the terms of your loan. A typical modification could result in lower interest rates, or deferred payments. This could be more difficult far into your loan contact your lender as soon as you can. 2. Trade in your car To your vehicle , you'll have contact several dealerships and see which ones have a more affordable car available. This is possible when you finance your car through a dealership and work with said dealership, but it's still possible to do you don't. Don't accept the first deal you are offered look around and determine the value of your vehicle when you ask for estimates. 3. Sell privately, although it requires an extra look, it can alleviate the burden of your vehicle and enable you to purchase a lower-cost alternative. It is particularly popular right this moment, so you are likely to be able to get a decent price. But selling your vehicle will mean the need for an entirely new vehicle and in a market that is booming, it may be challenging to find a vehicle for your requirements and budget. 4. Ask family and friends for assistance. Another option is to reach out to friends and family for help. While the assistance you receive doesn't have to be financial, it might feel uncomfortable. Make this an effort to pay for vehicle repossession instead of your first option. Ask your friends and family if they know anyone interested in purchasing or selling a less pricey vehicle, and then work from there. The possibility of refinancing your loan isn't an option.
However, 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 things like age of the 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 that next loan to ensure that you pay on time. Plan your next car purchase The key to avoiding future financial difficulties is to only financing a vehicle that you are able to afford. Before signing off on your next auto loan determine how your monthly payments fit into your budget while also factoring in any catastrophic adjustments to you bank account. Set up automatic payments Not all lenders offer the option of automatic payments, but most offer it. If you're able to make a regular pay, it is an excellent way to make sure you make your loan payments punctually and fully. You may even benefit from a rate discount, which some lenders offer when you sign up for autopay. Look for loan additional fees if you're financing through a dealership and you're not sure of the terms, take a look at the fine print in your loan agreement and be sure you're not spending more cash each month for . Be aware of typical extras such as extended warranties, tire and wheel protection, rustproofing and GAP insurance. The bottom line Trying to make your final payment can result in you losing your vehicle in the event that you don't act quickly. There are options. Think about loan modification, selling your vehicle, selling it privately or contacting relatives and friends prior to accepting vehicle repossession. Be aware of the latest news available to ensure you aren't in this precarious situation with your next vehicle. Learn more
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of borrowing money to buy an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to control their finances through providing precise, well-researched and well-researched details that cut complex topics into manageable bites.
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