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 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 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 deals that are displayed on this site come from companies that compensate us. This compensation could affect how and where products appear on the site, such as such things as the order in which they may appear within the listing categories 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 you see on this site. We do not include the entire universe of businesses or financial offers that may be accessible to you. SHARE Maskot/Getty Images
3 min 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 helping readers in navigating the details of borrowing money to purchase cars. 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 passionate about helping readers gain the confidence to control their finances by providing concise, well-researched and researched information that breaks down complex subjects into digestible pieces. The Bankrate promise
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Unfortunately, if you are in the final stage of payment of your loan you are too far to refinance. The lenders have specific restrictions when refinancing based on 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, take some time to plan your coming loan to ensure that you pay on time. Budget for your next vehicle purchase The key to avoiding the possibility of financial problems in the future comes down to financing only a car that you are able to afford. Before you sign off on the next auto loan, how the monthly payments are incorporated within your budget and also incorporating any catastrophic modifications to your bank account. Install automatic payments. Not all lenders provide the option of making payments automatically however the majority of them offer it. If you are able to maintain a consistent payments, it’s an excellent way to make sure that you are able to make your loan payments punctually and in full. It is possible to get the rate discount that certain lenders provide when you opt for autopay. Check for loan add-ons If you’re financing with a dealer and you’re not sure of the terms, take a look at the fine print in your loan agreement and be sure that you don’t spend extra monthly on . Look out for typical add-ons like extended warranties, tire and wheel protection including rustproofing and GAP insurance. The bottom line Trying to make your final car payment could mean you’re without your vehicle If you don’t take action 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. Keep up-to-date with the latest information the latest information to make sure you don’t end up in this precarious situation with the next car you purchase. Find out 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 purchase cars. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to manage their finances with clear, well-researched facts that break down otherwise complex topics into manageable bites.
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