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 as well as publishing high-quality and impartial content, by enabling you to conduct research and compare information for free and help you make sound 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 Make Money The deals that are displayed on this site are from companies who pay us. This compensation could affect how and where products appear on this website, for example for instance, the order in which they be listed within the categories of listing in the event that they are not permitted by law for our loans, mortgages, and other products for home loans. But this compensation does not influence the content we publish or the reviews appear on this website. We do not include the vast array of companies or financial offers that may be available to you. SHARE Maskot/Getty Images

3 min 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 to navigate the ways and pitfalls of borrowing money to purchase 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 manage their finances with concise, well-researched and researched facts that break down complex subjects into digestible pieces. The Bankrate promise

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who ensure everything we publish is objective, accurate and trustworthy. We have loans reporter and editor are focused on the points consumers care about the most — the various types of loans available as well as the best rates, the best lenders, the best ways to pay off debt , and more — so you can feel confident when making a decision about your investment. Editorial integrity

Bankrate adheres to a strict code of conduct , so you can trust that we’re putting your interests first. Our award-winning editors and journalists create honest and accurate content to aid you in making the best financial decisions. Our main principles are that we respect your confidence. Our aim is to provide our readers with reliable and honest information, and we have standards for editorial content in place to ensure that this happens. Our editors and reporters thoroughly verify the truthfulness of content in order to make sure the information you’re reading is accurate. We keep a barrier between advertisers as well as our editorial staff. Our editorial team does not receive any direct payment through our sponsors. Editorial Independence Bankrate’s editorial staff writes in the name of YOU – the reader. Our goal is to give you the most accurate advice to help you make smart financial choices for your own personal finances. We follow strict guidelines to ensure that our editorial content is not in any way influenced by advertising. Our editorial staff receives no any compensation directly from advertisers and all of our content is fact-checked to ensure accuracy. So when you read an article or reviewing you can be sure that you’re getting reliable and reliable information. How we earn money

If you have questions about money. Bankrate has answers. Our experts have been helping you master your money for more than four years. We continually strive to provide consumers with the expert advice and tools needed to be successful throughout their financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our content is truthful and reliable. Our award-winning editors, reporters and editors provide honest and trustworthy content that will help you make the best financial choices. Our content produced by our editorial staff is factual, objective and uninfluenced from our advertising. We’re honest about how we are capable of bringing high-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 receive compensation for the placement of sponsored products and services, or by you clicking on specific links on our website. Therefore, this compensation may affect the way, location and in what order products appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage, home equity and other home loan products. Other factors, such as our own website rules and whether the product is offered in your area or at your personal credit score may also influence the way and place products are listed on this website. While we strive to provide a wide range offers, Bankrate does not include details about every credit or financial product or service. Making your car payment late or avoiding it completely can have the same consequences regardless of whether that payment is your first or your last. Not being able to make your vehicle payments can mean repossession. There are alternatives to keep your car and avoid repossession even though it’s the final installment. Alternatives if you are unable to make your final car payment If you’re having difficulty 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 costs associated with it. 1. Request loan modification. This results in exactly what it sounds like, the modification of a loan. This is distinct from the process of refinancing your loan. Modifications to loans are done directly with your existing lender to modify your terms. A typical modification may result in lower interest rates or deferred payments. While this may be more of a challenge far into your loan, reach out to your lender as soon as you can. 2. Transfer your car to your vehicle , you’ll have to contact several dealerships and see which ones have a more affordable car available. This may be simpler when you finance your car through a dealer and worked with said dealership, but it’s possible even if you don’t. Don’t accept the first offer you get, shop around and know the value of your vehicle when you ask for quotations. 3. Sell privately While does take an extra look It can ease the burden of your current vehicle and let you purchase a lower-cost alternative. The is especially strong right in the present, and you’ll likely be able to get a decent price. But selling your vehicle will mean the need for a new car and in a market that is booming, it may be challenging to find a car that meets your specific needs and budget. 4. Request help from family and friends. assistance. Another option is to ask friends and family for help. Although this assistance doesn’t have to come from a financial source, it might feel uncomfortable. Make this an attempt to get a loan for repossession of your vehicle instead of your first protection. Ask around whether they know anyone who is looking to purchase or sell the vehicle at a lower cost, and then work from there. The possibility of refinancing your loan isn’t an option

If you’re nearing the end of the payment phase of your loan you are too far to refinance. Lenders hold specific constraints regarding refinancing aspects such as vehicle age 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, take some time to prepare for that coming loan to ensure timely payments. Plan your next car purchase. The best way to avoid future financial difficulties is to only financing a vehicle that you are able to afford. Before you sign off on the next auto loan consider how your monthly payments fit into your budget as well as incorporating any drastic adjustments on the balance of your bank account. Set up automatic payments Not all lenders offer the option of automatic payments however the majority of them offer it. And if you have consistent payment, it’s a great way to ensure that you are able to make your loan payments punctually and in full. You may even benefit from the rate discount that certain lenders provide when you enroll in autopay. Check for loan additions if you’re financing through a dealer be sure to read the fine print of your loan agreement and be sure you’re not spending more cash each month for . Check for common additional services like extended warranties for tires and wheels, tire and wheel security such as rustproofing, GAP insurance and rustproofing. The bottom line: Trying to pay your final car payment can result in you losing your car in the event that you don’t act quickly. But there are options. Think about loan modification, trading in your vehicle, selling it privately or reaching out to your family and friends before committing to repossession of your vehicle. Keep up-to-date with the latest information the latest information to make sure you don’t end up in this dangerous situation when you purchase your next vehicle. Learn more

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The article was 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 a car. 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 through providing precise, well-researched and well-researched details that cut complex topics into manageable bites.

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