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Car loan modification: What it is and how it works 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 that provide objective and original content. This allows users to conduct research and compare information for free – so that you can make informed 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 Earn Money The offers that appear on this site are from companies who pay us. This compensation may impact how and when products are listed on this website, for example such things as the order in which they appear in the listing categories in the event that they are not permitted by law for our mortgage, home equity and other products for home loans. However, this compensation will affect the content we publish or the reviews that appear on this website. We do not contain the universe of companies or financial deals that might be accessible to you. KDP/Getty Images

4 min read. Published 27 October 2022

Written by Allison Martin Written by Allison Martin’s career began more than 10 years prior to that as a digital content strategist, and she’s since been published in several leading financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. 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 confidence to take control of their finances through providing detailed, well-studied information that breaks down complex topics into manageable bites. The Bankrate promises

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There are money-related questions. Bankrate has answers. Our experts have been helping you master your finances for more than four decades. We strive to continuously provide our readers with the professional guidance and the tools necessary to make it through life’s financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our information is trustworthy and reliable. Our award-winning editors and journalists produce honest and reliable information to assist you in making the best financial choices. The content created by our editorial staff is factual, accurate, and not influenced by our advertisers. We’re open regarding how we’re capable of bringing high-quality content, competitive rates and useful tools to our customers by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or by you clicking on specific links on our site. This compensation could affect the way, location and in what order products are displayed within the listing categories, unless it is prohibited by law for our mortgage home equity, mortgage and other products for home loans. Other factors, such as our own rules for our website and whether or not a product is available within your region or within your own personal credit score can also impact the way and place products are listed on this website. While we strive to provide a wide range offers, Bankrate does not include specific information on every financial or credit product or service. Are you struggling financially and are struggling to make vehicle payments? If your lender provides modifications on car loans, you may be able to receive needed relief. Loan modification involves adjusting the amount of your monthly payments as well as the due date and sometimes the interest rate. If you’re behind with your payments, these options can aid in avoiding ruining your credit score or getting your car taken away. What car loan modification can you do? As the name implies, a car loan modification entails changing the terms of your loan. The lender may agree to lower your , defer your payments for a short period or alter your due date so that it is better for your budget. You can also get an , which stretches the remaining balance that you loan out, allowing you to reduce your monthly payments. However, extending the time for repayment will mean that your lender will have more time in collecting money from the borrower, meaning you’ll be paying more in interest, unless you get back on track and . Modification of loan terms isn’t readily accessible to all borrowers however. While lenders generally aren’t fond of repossessing the vehicles of borrowers who’ve defaulted on their loans however, you’ll need to plead your case. The first step is convincing your lender that you will not be able to repay what you owe unless they consent to modifying the terms of your loan. This could mean the submission of financial documents to show that you’re experiencing hardship. How do you get a car loan changed You’ll have to contact the lender who initiated your loan in person to talk about your circumstances and determine your possibility of a loan modification. Be aware that lenders typically review your payment history before deciding. It’s worthwhile to reference your past performance as a good customer and have managed your loan prudently. But if you’ve missed payments before it might be a bit more challenging to convince the lender to modify your loan. Whatever the case you must follow these steps to start the process. Call your lender immediately. Notify your lender that your auto loan payments are no longer feasible and you risk falling behind soon. Explain your circumstances and why you are struggling to make payments. The representative might offer the options that are temporary, but ask to speak with someone who can further assist you in your search for an alternative that lasts. It’s a good idea to mention that you’d like to keep the vehicle but require assistance in achieving your target. Be specific and use a friendly tone during the call. Put your request in writing If loan modification is offered, you’ll typically be required to submit your request in writing. The request should be submitted to the lender, along with proof of your hardship as well as any other information or documents that the lender requires. Give the lender as much detail as possible about your situation. If you lost a job or suffered a major or unexpected change in your life include that details in your hardship letter. It is important to explain how the modification can help, for instance the ability to continue to make payments or make payments on time. Your lender may also require financial documents, like documents from your bills for the month and statement from your bank or statements. Verify the receipt of your hardship request After you have turned all of the required documents into the lender, the process of waiting to hear back from your lender commences. In the meantime, try to pay what you can as repossession can occur while you are awaiting an answer on loan modification. Keep the person who is helping you with the modification in the loop, explaining that you’re still trying to pay your bills in the midst of financial difficulties. How do you know if you should modify your car loan You should think about changing your vehicle loan when your financial situation suddenly changed as a result of a job loss, temporary furlough or layoff or medical emergency, or any other situation that is beyond your control. It might also be a wise option if you’ve recently suffered a drop in wages. It is also possible to explore the possibility of a loan modification if your vehicle is worth less than the amount you owe. This means you’re . selling your car to buy an easier to afford vehicle could prove to be rather challenging and can cost you a lot. Auto loan modification vs. refinancing It’s easy to make a mistake when comparing the auto loan modifications with refinancing, but both aren’t the same. Both could lead to lower payments. However, unlike auto loan modification refinancing your loan will require you to swap your current loan for a new one with different terms. It is likely that you will need good or exceptional credit score to be eligible, and you’ll have to complete the same application process as you did when you applied for your current loan. A majority of lenders require insist that the mileage of your vehicle doesn’t exceed 100,000 miles. You probably won’t qualify when your vehicle is older than 10 years old. When you apply for the loan is accepted then the lender will repay your old loan, and you’ll resume payment with your new lender. But with a car loan modifications, it’s your responsibility to work alongside your existing lender during the process. The bottom line It can be stressful if you can’t afford your car payment and aren’t in the best position to refinance, but you don’t have the option of doing without a vehicle. Think about contacting your lender to ask for a loan modification. Ask about reduced monthly payments or a lower interest rate, or even an alternative due date to allow you to pay punctually. If a modification isn’t an option, there may be other programs that will help you find relief until you can get your finances back on track. Learn more


Allison Martin’s writing began over 10 years ago, as an online content strategist and since then she’s been published in various top financial media such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to control their finances by providing precise, well-researched and well-researched details that cut complicated topics into digestible pieces.

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