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 providing you with interactive financial calculators and tools 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 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 who pay us. This compensation may impact how and when products are featured on this website, for example for instance, the sequence in which they be listed within the categories of listing, except where prohibited 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 that you read on this site. We do not contain the vast array of companies or financial offerings that could be open to you. Share: Maskot/Getty Images
3 min read published 29 April 2022
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers to navigate 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 from late 2021. They are passionate about helping readers gain confidence to control their finances by providing concise, well-researched and researched facts that break down complicated topics into bite-sized pieces. The Bankrate promise
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You have money questions. Bankrate has the answers. Our experts have been helping you manage your money for over four decades. We are constantly striving to give our customers the right advice and the tools required to be successful throughout their financial journey. Bankrate follows a strict policy, which means you can be confident that our content is honest and precise. Our award-winning editors, reporters and editors provide honest and trustworthy information to assist you in making the right financial decisions. Our content produced by our editorial staff is factual, objective and is not influenced from our advertising. We're open about how we are in a position to provide quality content, competitive rates and useful tools for our customers by describing 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 through you clicking certain hyperlinks on our website. This compensation could influence the manner, place and in what order products appear within listing categories in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other home loan products. Other elements, such as our own website rules and whether a product is available in your area or at your self-selected credit score range can also impact how and where products appear on this site. Although we try to offer an array of offers, Bankrate does not include information about each financial or credit item or service. Making your car payment late or skipping it altogether will have the same effect, regardless of whether that payment is the first time you make it or the last. Not being able to make the payments on your car could lead to repossession. However, there are ways to hold onto your vehicle and avoid repossession, even if it is the final payment. There are options if you cannot afford your final car payment If you're having difficulty to make your final loan payment you have several options to stay clear of future credit-related consequences and the costs associated with it. 1. Request loan modification Requesting a will result in exactly what it implies, the modification of a loan. This differs from the process of refinancing your loan. Loan modification is a process that is done in conjunction with your current lender in order to change the terms of your loan. A typical modification may lead to lower rates of interest or deferred payments. This could be more of a challenge far into the duration of your loan make contact with your lender as soon as you can. 2. Trade in your car To your vehicle you will have to contact several dealerships and see whether they have an affordable vehicle. This process may be easier if you financed your vehicle through a dealer and worked with that dealership, but it is still possible if it isn't. Do not settle for the first deal you are offered look around and determine the value of your vehicle whenever you are seeking quotations. 3. Sell privately While does take some extra consideration, it can alleviate the strain of your car and allow you to get a more affordable option. It is particularly popular right this moment, so you are likely to be able to get a decent price. However, selling your car will require an entirely new vehicle and since the market is hot it can be difficult to find a vehicle for your particular requirements and budget. 4. Ask family and friends for help The final option is to reach out to friends and family for help. Although this assistance doesn't have necessarily be financial in nature, it might be uncomfortable. Consider this as an attempt to get a loan for repossession of your vehicle rather than your first protection. Ask your friends and family if they know anyone who is interested in buying or selling a less pricey 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. There are strict rules for lenders regarding refinancing aspects such as vehicle age 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 coming 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 that you are able to afford. Before signing off on your next auto loan, how the monthly payments will fit within your budget and also incorporating any drastic changes on your bank account. Automate payments. Not all lenders have the option of automatic payments however the majority of them do. And if you have consistent payment, it's a great way to ensure you make your loan payments on time and in full. You may even benefit from a rate discount, which certain lenders provide when you opt for autopay. Check for loan additions if you're financing with a dealer be sure to read the fine print of the loan agreement to ensure that you aren't spending extra cash each month for . Be aware of typical additional services like extended warranties as well as tire and wheel protection including rustproofing and GAP insurance. The bottom line Trying to make your final payment could mean you're without the car you want if you don't act fast. However, there are alternatives. You could consider loan modification, selling your vehicle, selling privately or reaching out to relatives and friends prior to accepting repossession of your vehicle. Be aware of the latest news available to ensure you aren't in this precarious position with your next set of wheels. Learn 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 with the ways and pitfalls of taking out loans to buy cars. Written 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 clear, well-researched details that cut complex subjects into bite-sized pieces.
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