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 smarter financial decisions by offering you interactive financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare data for free to 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 deals that are displayed on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our loan products, such as mortgages and home equity and other products for home loans. But this compensation does not influence the information we publish, or the reviews that appear on this website. We do not include the vast array of companies or financial deals that might be accessible 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 specializes in assisting readers to navigate the details of borrowing money to buy an automobile. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances by providing concise, well-researched and researched information that breaks down otherwise complex topics into manageable bites. The Bankrate promise
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There are money-related questions. Bankrate has answers. Our experts have helped you understand your money for more than four years. We strive to continuously provide consumers with the expert advice and the tools required to make it through life’s financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our content is truthful and accurate. Our award-winning editors and journalists provide honest and trustworthy content to help you make the right financial decisions. Our content produced by our editorial team is objective, factual and is not influenced through our sponsors. We’re transparent about the ways we’re in a position to provide quality information, 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 promotion of sponsored goods and, services, or by you clicking on certain hyperlinks on our website. Therefore, this compensation may 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 elements, such as our own rules for our website and whether a product is available in the area you reside in or is within your personal credit score can also impact the way and place products are listed on this website. Although we try to offer the most diverse selection of products, Bankrate does not include information about every financial or credit product or service. If you make your car payment late or not paying it at all will have the same effect, regardless of whether that car payment is the first time you make it or the last. Failure to make your vehicle payments can mean repossession. However, there are ways to hold onto your vehicle and avoid repossession, even if it’s the final installment. Alternatives if you are unable to make the final payment on your car you have found yourself struggling to pay for your final car loan payment, you have several options to avoid negative effects on your credit in the long term and the associated costs. 1. Request a loan modification loan modification. Requesting a modification will result in exactly what it sounds like: the modification of a loan. This differs from refinancing your loan. Modifications to loans are done directly with your existing lender to alter your terms. A typical modification may yield lower interest or deferred payments. Although this could be more difficult in the middle of the duration of your loan, reach out to your lender immediately if you are able to. 2. Transfer your car to your car, you’ll need contact different dealerships to determine whether they have an affordable vehicle available. This process may be easier when you finance your car through a dealership and work with said dealership, but it is still possible if it isn’t. Don’t accept the first quote you receive, shop around and know the value of your car when you request quotations. 3. Sell privately, although it requires some extra consideration, it can alleviate the strain of your current vehicle and let you find a cheaper option. It is particularly popular right this moment, so you are likely to get a good price. But selling your car could require an entirely new vehicle and since the market is hot, it may be challenging to find a vehicle for your particular requirements and budget. 4. Request help from family and friends. assistance. The last option is to ask your family and friends for assistance. Although this assistance doesn’t have to be financial, it could be uncomfortable. Use this as a final effort to afford vehicle repossession instead of your first protection. Ask around whether they know anyone interested in purchasing or selling an affordable vehicle and then proceed from there. The possibility of refinancing your loan isn’t an option
However, if you’re at the final payment stage of your loan you are too far to refinance. There are strict rules for lenders regarding refinancing 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, spend some time to plan your future loan to ensure on-time payments. Budget for your next vehicle purchase The key to avoiding the possibility of financial problems in the future comes down to only financing a vehicle that you are able to afford. Before signing off on the next auto loan consider how your monthly payments will fit within your budget and also incorporating any drastic changes in your bank account. Install automatic payments Not all lenders offer the option of making payments automatically however the majority of them offer it. And if you have consistent payment, it’s a great way to ensure you make your loan payments punctually and in full. You could also benefit from the rate discount that some lenders offer when you enroll in autopay. Be sure to look for loan add-ons If you’re financing with a dealer, read the fine print in your loan agreement and be sure that you aren’t spending extra monthly on . Be aware of typical additional services like extended warranties for tires and wheels, tire and wheel security including rustproofing and GAP insurance. The bottom line Trying to make your final payment can result in you losing the car you want if you don’t act fast. There are options. You could consider loan modification, trading in your vehicle, selling privately or contacting relatives and friends prior to accepting repossession of your vehicle. Be aware of the latest news options to ensure that you’re not in this precarious situation with the next car you purchase. Find out more
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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of borrowing money to buy cars. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances through providing clear, well-researched facts that break down complicated topics into digestible pieces.
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