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 providing you with interactive tools and financial calculators as well as publishing high-quality and impartial content. This allows users to conduct research and compare data for free – so that you can make informed financial decisions. Bankrate has agreements 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 site are from companies that pay us. This compensation could affect how and when products are featured on the site, such as for instance, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity and other home lending products. However, this compensation will not influence the information we provide, or the reviews appear on this website. We do not cover the vast array of companies or financial deals that might be available to you. Share: Maskot/Getty Images
3 minutes read. Published on April 29, 2022.
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of taking out loans to purchase an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing precise, well-studied information that breaks down otherwise complex topics into manageable bites. The Bankrate promises
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You have money questions. Bankrate can help. Our experts have been helping you master your money for over four decades. We strive to continuously give consumers the professional advice and the tools required to make it through life’s financial journey. Bankrate follows a strict policy, which means you can be confident that our content is honest and accurate. Our award-winning editors, reporters and editors produce honest and reliable content that will help you make the best financial decisions. The content created by our editorial team is objective, factual and uninfluenced by our advertisers. We’re honest about the ways we’re in a position to provide quality content, competitive rates and useful tools to our customers by describing how we make 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 hyperlinks on our website. Therefore, this compensation may influence the manner, place and in what order items are listed in the event that they are not permitted by law for our mortgage, home equity and other home loan products. Other elements, such as our own proprietary website rules and whether the product is offered in your area or at your personal credit score may also influence how and where products appear on this website. While we strive to provide an array of offers, Bankrate does not include the details of every financial or credit product or service. Making your car payment late or avoiding it completely will have the same effect, regardless of whether the payment is your first or the last. Not being able to make your payments to your vehicle could result in repossession. But there are options to keep your car and avoid repossession even though it’s your final payment. Alternatives if you are unable to make the final payment on your car you’re having difficulty to pay for your final car loan payment, there are a few options to avoid future credit-related consequences and the costs associated with it. 1. Request a loan modification loan modification. This will result in exactly what it sounds like, a modified loan. This is different from refinancing your loan. Loan modification is a process carried out directly with your current lender to modify the terms of your loan. A typical modification may yield lower interest or deferred payments. This could be more of a challenge long into your loan contact your lender immediately if you can. 2. Trade in your car To your vehicle , you’ll have contact various dealerships to see whether they have an affordable car available. This may be simpler when you finance your car 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 look around and determine the worth of your car when you ask for quotes. 3. Sell privately, although it requires an extra look this can help ease the stress of your current car and allow you to purchase a lower-cost alternative. The is especially strong right this moment, so you are likely to receive a fair price. But selling your car could mean the need for the purchase of a new vehicle. And since the market is hot it can be difficult to find a car that meets your requirements and budget. 4. Ask family and friends for assistance. Another option is to ask your family and friends for assistance. While this help doesn’t need to come from a financial source, it might make you feel uncomfortable. Consider this as an effort to pay for vehicle repossession rather than your first line of defense. Ask your friends and family whether they know anyone who is who is interested in buying or selling an affordable vehicle and then work from there. 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. The lenders have specific restrictions when refinancing based on things like age of the vehicle as well as 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, you should take the time to prepare for that future loan to ensure on-time payments. Set aside money for your next car purchase. The best 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 fit into your budget as well as incorporating any catastrophic changes to your bank account. Automate payments Not all lenders offer the option of automatic payments, but most do. If you’re able to make a regular payments, it’s a great way to ensure you make your loan payments on time and fully. It is possible to get discounts on rates, which some lenders offer when you enroll in autopay. Be sure to look for loan additions if you’re financing through a dealer be sure to read the fine print in your loan contract and ensure that you don’t spend extra money each month on . Check for common extras such as extended warranties, tire and wheel protection including rustproofing and GAP insurance. The bottom line Struggling to make 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, trading in your car, selling privately, or reaching out to relatives and friends prior to accepting vehicle repossession. Be aware of the latest news available to ensure you aren’t in this precarious position with your next set of wheels. 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 details of borrowing money to buy a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to control their finances through providing clear, well-researched facts that break down complex subjects into bite-sized pieces.
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