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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 choices by providing you with interactive financial calculators and tools that provide objective and original content, by enabling you to conduct research and review information for no cost – 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 Make Money The offers that appear on this site are from companies who pay us. This compensation can affect the way and when products are featured on this website, for example for instance, the order in which they appear within the listing categories and other categories, unless prohibited by law. Our loans, mortgages,, 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 include the vast array of companies or financial deals that might be open to you. SHARE Maskot/Getty Images

3 minutes 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 assisting readers in navigating the details of 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 dedicated to helping readers gain confidence to take control of their finances by providing precise, well-studied facts that break down complicated topics into bite-sized pieces. The Bankrate guarantee

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We make sure that everything we publish will ensure that our content is reliable, honest and reliable. The loans reporters and editors focus on the points consumers care about the most — different kinds of lending options and the most competitive rates, the best lenders, ways to pay off debt and many more. So you’re able to be confident about investing your money. Integrity of the editing

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There are money-related questions. Bankrate has the answers. Our experts have been helping you manage your money for more than four decades. We strive to continuously give consumers the professional 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 honest and accurate. Our award-winning editors, reporters and editors create honest and accurate information to assist you in making the right financial decisions. The content we create by our editorial staff is objective, truthful and uninfluenced through our sponsors. We’re honest about the ways we’re in a position to provide quality content, competitive rates and useful tools to you by explaining 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 when you click on certain hyperlinks on our site. This compensation could influence the manner, place and in what order products are displayed within the categories of listing and categories, unless it is prohibited by law. We also offer mortgage, home equity and other home lending products. Other factors, like our own proprietary website rules and whether or not a product is offered in your area or at your personal credit score can also impact how and where products appear on this website. While we strive to provide a wide range offers, Bankrate does not include the details of every financial or credit product or service. Paying your car loan late or skipping it altogether will have the same effect, regardless of whether that car payment is the first time you make it or your very last. Not being able to make your payments to your vehicle could result in repossession. But there are options to secure your car and avoid repossession, even if 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, there are a few options to avoid long-term credit impacts and the associated costs. 1. Request a loan modification loan modification Requesting a will result exactly what it implies, a modified loan. This differs from refinancing your loan. Loan modification is a process done directly with your existing lender to modify the terms of your loan. A typical modification may yield lower interest or deferred payments. Although this could be more of a challenge far into your loan, reach out to your lender immediately if you can. 2. Exchange your car for your vehicle , you’ll have contact different dealerships to determine which ones have a more affordable vehicle available. This process may be easier when you finance your car through a dealership and have a relationship with that dealership, but it’s possible even if you don’t. Don’t accept the first offer you get take your time and research the value of your car when you request quotes. 3. Sell privately Although it will require an extra look It can ease the burden of your car and allow you to find a cheaper option. The is especially strong right now so you will likely be able to get a decent price. But selling your vehicle will require a new car and, with a hot market it could be difficult to find a car that meets your requirements and budget. 4. Request help from family and friends. assistance. The last option is to ask relatives and friends to ask for help. While this help doesn’t need necessarily be financial in nature, it could make you feel uncomfortable. Make this an effort to afford vehicle repossession instead of your first line of defense. Ask your friends and family if they know anyone who is interested in buying or selling the vehicle at a lower cost, and then proceed from there. Refinancing your loan isn’t an option

However, if you’re in the final stage of payment of your loan you’re not able to refinance. Lenders hold specific constraints regarding refinancing things like age of the 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, spend some time to plan that future loan to ensure that you pay on time. Plan your next car purchase The key to avoiding 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 within your budget while also factoring in any drastic modifications in the balance of your bank account. Install automatic payments. Not all lenders have the option of making payments automatically however, the majority offer this feature. And if you have consistent payments, it’s an excellent way to make sure that you pay your loan payments on time and fully. You could also benefit from the rate discount that certain lenders provide when you opt for autopay. Check for loan additions if you’re financing through a dealer, read the fine print of your loan agreement to ensure that you aren’t spending extra money each month on . Be aware of typical extras such as extended warranties as well as tire and wheel protection, rustproofing and GAP insurance. The bottom line Struggling to make your final car payment could mean you’re without the car you want in the event that you don’t act quickly. But there are options. Consider loan modification, trading in your vehicle, selling privately, or reaching out to relatives and friends prior to accepting vehicle repossession. Stay up to date on available to ensure you aren’t in this precarious situation with your next set of wheels. Learn more


Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of borrowing money to buy a car. 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 take control of their finances through providing concise, well-studied information that breaks down otherwise complex topics into manageable bites.

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