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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 smarter financial decisions by providing you with interactive financial calculators and tools as well as publishing high-quality and impartial content. We also allow users to conduct research and compare data for free and 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 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 the site, such as, for example, the order in which they may be listed within the categories of listing in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other home loan products. However, this compensation will have no impact on the content we publish or the reviews you read on this site. 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

Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely borrowing money to buy a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to take control of their finances with concise, well-researched and researched information that breaks down complex topics into manageable bites. The Bankrate promises

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They ensure that what we write will ensure that our content is reliable, honest and reliable. We have loans journalists and editors focus on the things that consumers are interested about most — the different types of lending options as well as the best rates, the top lenders, the best ways to repay debt, and more — so you’re able to be confident about making a decision about your investment. Editorial integrity

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There are money-related questions. Bankrate has answers. Our experts have helped you understand your finances for more than four decades. We continually strive to give our customers the right advice and tools needed to be successful throughout their financial journey. Bankrate follows a strict policy, which means you can be confident that our content is honest and reliable. Our award-winning editors and reporters provide honest and trustworthy content to help you make the right financial decisions. Our content produced by our editorial staff is objective, factual and is not influenced through our sponsors. We’re open about how we are capable of bringing high-quality content, competitive rates, and useful tools to you by explaining how we earn our 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 by you clicking on certain links posted on our site. So, this compensation can affect the way, location and in what order items are listed and categories, unless it is prohibited by law for our mortgage home equity, mortgage and other products for home loans. Other factors, like our own proprietary website rules and whether the product is offered in the area you reside in or is within your self-selected credit score range may also influence how and where products appear on this website. Although we try to offer the most diverse selection of products, Bankrate does not include information about each financial or credit item or service. Paying your car loan late or avoiding it completely can have the same consequences 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. There are alternatives to keep your car and avoid repossession even though it’s the final installment. Options if you can’t afford the final payment on your car you’re struggling to make your final loan payment, there are a few options to avoid future credit-related consequences and the associated costs. 1. Request a loan modification loan modification Requesting a will result in exactly what it implies, an altered loan. This differs from the process of refinancing your loan. Loan modification is a process done directly with your existing lender to modify your terms. A typical modification could lead to lower rates of interest, or deferred payments. Although this could be more difficult in the middle of the duration of your loan make contact with your lender immediately if you are able to. 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 is possible if you financed your vehicle through a dealership and work with that dealership, but it’s still possible to do not. But don’t settle for the first quote you receive, shop around and know the value of your vehicle when you ask for estimates. 3. Sell privately While does take an extra look It can ease the burden of your vehicle and enable you to find a cheaper option. This is particularly prevalent in the present, and you’ll likely be able to get a decent price. But selling your car could result in the need for an entirely new vehicle and in a market that is booming, it may be challenging to find a car that meets your particular needs and budget. 4. Request help from family and friends. assistance. Another option is to reach out to your family and friends for assistance. While this help doesn’t need necessarily be financial in nature, it can feel uncomfortable. Consider this as an attempt to get a loan for repossession of your vehicle instead of your primary option. Ask those around you whether they know anyone who is looking to purchase or sell an affordable vehicle and then work 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’re not able to refinance. Lenders hold specific constraints regarding refinancing factors like the age of your 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 plan the coming loan to ensure timely payments. Plan your next car purchase. The most effective way to avoid future financial hardships comes down to only financing a vehicle you can afford. Before you sign off on your next auto loan determine how your monthly payments are incorporated into your budget and also incorporating any catastrophic changes in you bank account. Automate payments Not all lenders offer the option of making payments automatically however, the majority offer this feature. And if you have consistent pay, it is the best way to ensure that you pay your loan payments on time and in full. You may even benefit from the rate discount that certain lenders provide when you sign up for autopay. Check for loan add-ons If you’re financing through a dealership, read the fine print on the loan agreement to ensure you’re not spending more money each month on . Check for common add-ons like extended warranties as well as tire and wheel protection including rustproofing and GAP insurance. The bottom line: Trying to make your final car payment can leave you without the car you want if you don’t act fast. But there are options. You could consider loan modification, trading in your vehicle, selling privately, or reaching out to friends and family before accepting repossession of your vehicle. Be aware of the latest news options to ensure that you’re not in this precarious position with the next car you purchase. Learn 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 with the ways and pitfalls of borrowing money to purchase a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances through providing concise, well-studied facts that break down complicated topics into digestible pieces.

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