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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 decisions by offering you interactive financial calculators and tools as well as publishing high-quality and impartial content. We also allow users to conduct research and compare information for free and help you make financial decisions with confidence. 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 site come from companies who pay us. This compensation can affect the way and where products appear on this website, for example such things as the order in which they appear within the listing categories in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other products for home loans. This compensation, however, does not influence the information we publish, or the reviews you read on this site. We do not contain the vast array of companies or financial offers that may be available to you. SHARE: Maskot/Getty Images

3 min read published on April 29, 2022.

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers with the ways and pitfalls of taking out loans to purchase cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing concise, well-researched and researched facts that break down complex topics into manageable bites. The Bankrate guarantee

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who ensure everything we publish will ensure that our content is reliable, honest and trustworthy. The loans reporter and editor concentrate on the things that consumers are interested about the most — different kinds of lending options, the best rates, the best lenders, ways to pay off debt , and many more. So you’re able to be confident about making a decision about your investment. Editorial integrity

Bankrate has a strict policy and rigorous policy, so you can rest assured that we’re putting your interests first. Our award-winning editors and reporters produce honest and reliable content that will aid you in making the best financial choices. Our main principles are that we value your trust. Our mission is to provide our readers with accurate and unbiased information, and we have editorial standards in place to ensure this happens. Our editors and reporters thoroughly verify the truthfulness of content in order to make sure that the information you’re reading is correct. We maintain a firewall between our advertisers and our editorial team. Our editorial team doesn’t receive direct compensation by our advertising partners. Editorial Independence Bankrate’s editorial team writes on behalf of YOU as the reader. Our goal is to give you the best advice to help you make smart financial choices for your own personal finances. We adhere to strict guidelines in order in order to make sure that the content we publish is not in any way influenced by advertising. Our editorial staff receives no direct compensation from advertisers, and all content is fact-checked to ensure accuracy. So whether you’re reading an article or a review it is safe to know that you’re getting reliable and reliable information. What we do to earn money

If you have questions about money. Bankrate has the answers. Our experts have helped you understand your finances for more than four years. We are constantly striving to provide consumers with the expert 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. Our content produced by our editorial team is objective, factual and uninfluenced through our sponsors. We’re open about the ways we’re in a position to provide quality content, competitive rates, and helpful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and services, or through you clicking certain hyperlinks on our site. Therefore, this compensation may impact how, where and when products appear within listing categories, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other home lending products. Other factors, like our own website rules and whether a product is offered in your region or within your own personal credit score may also influence how and where products appear on this website. We strive to offer the most diverse selection of products, Bankrate does not include details about every financial or credit product or service. If you make your car payment late or avoiding it completely will have the same effect, regardless of whether that payment is the first time you make it or the last. Failure to make the payments on your car could lead to repossession. But there are options to keep your car and avoid repossession, even if it is the final payment. There are options if you cannot afford the final payment on your car you’re struggling to make your final car loan payment, you have a few options to avoid future credit-related consequences and the associated costs. 1. Request loan modification Requesting a results in exactly what it implies, an altered loan. This is different from the process of refinancing your loan. Modification of your loan is done directly with your existing lender in order to change your terms. A typical modification could lead to lower rates of interest or deferred payments. This could be more of a challenge in the middle of your loan contact your lender as soon as you can. 2. Transfer your car to your car, you’ll need contact various dealerships to see if they have a more affordable vehicle available. This may be simpler in the event that you have financed your vehicle through a dealer and worked with said dealership, but it is still possible if not. Don’t accept the first offer you get look around and determine the worth of your car when you request quotes. 3. Sell privately Although it will require an extra look this can help ease the burden of your current car and allow you to get a more affordable option. It is particularly popular right now so you will likely receive a fair price. But selling your vehicle will require an entirely new vehicle and since the market is hot, it may be challenging to find a suitable vehicle that fits your specific requirements and budget. 4. Ask friends and family for assistance. Another option is to contact your family and friends for assistance. Although this assistance doesn’t have to come from a financial source, it might be uncomfortable. Make this an attempt to get a loan for repossession of your vehicle instead of your first option. Ask your friends and family whether they know anyone interested in purchasing or selling an affordable vehicle and then work from there. The possibility of refinancing your loan isn’t an option

Unfortunately, if you are nearing the end of the payment phase of your loan you are too far to refinance. Lenders hold specific constraints regarding refinancing 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, you should take the time to prepare for that future loan to ensure that you pay on time. 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 the next auto loan, how the monthly payments will fit within your budget as well as incorporating any drastic modifications on the balance of your bank account. Automate payments. Not all lenders provide the option of automatic payments, but most do. If you are able to maintain a consistent pay, it is a great way to ensure that you pay your loan payments on time and fully. You may even benefit from discounts on rates, which certain lenders provide when you sign up for autopay. Check 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 of the loan contract and ensure that you don’t spend extra money each month on . Check for common additional services like extended warranties, tire and wheel protection, rustproofing and GAP insurance. The bottom line Trying to make your final payment can leave you without your car in the event that you don’t act quickly. There are options. You could consider loan modification, selling your vehicle, selling it privately, or reaching out to relatives and friends prior to accepting vehicle repossession. Stay up to date on options to ensure that you’re not in this precarious position with your next set of wheels. 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 specializes in assisting readers in navigating the details of borrowing money to purchase a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances with clear, well-researched details that cut complex topics into manageable bites.

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