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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 goal is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and original content, by enabling users to conduct research and compare data for free — so that you can 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 Make Money The deals that are displayed on this site are from companies that compensate us. This compensation may impact how and when products are featured on the site, such as for instance, the sequence in which they appear within the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity and other home loan products. This compensation, however, does not influence the information we publish, or the reviews that appear on this website. We do not contain the entire universe of businesses or financial deals that might be open to you. SHARE: Maskot/Getty Images
3 min read Published April 29, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers to navigate the ins and outs of securely borrowing money to purchase an automobile. 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 the confidence to take control of their finances through providing clear, well-researched information that breaks down complex subjects into digestible pieces. The Bankrate promise
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They ensure that what we write will ensure that our content is reliable, honest and trustworthy. The loans reporter and editor focus on the areas that consumers are concerned about the most — the different kinds of lending options as well as the best rates, the most reliable lenders, the best ways to pay off debt , and many more. So you’ll be able to feel secure when investing your money. Integrity of the editing
Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we’re putting your interests first. Our award-winning editors, reporters and editors create honest and accurate content that will assist you in making the right financial decisions. Key Principles We appreciate your trust. Our mission is to provide readers with reliable and honest information. We have established editorial standards to ensure that this happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure the information you’re reading is correct. We maintain a firewall between advertisers as well as our editorial staff. Our editorial team does not receive any direct payment by our advertising partners. Editorial Independence Bankrate’s team of editors writes for YOU as the reader. Our aim is to provide you the best advice to help you make smart personal finance decisions. We follow strict guidelines for ensuring that editorial content isn’t influenced by advertisers. Our editorial staff receives no direct compensation from advertisers, and our content is thoroughly verified to guarantee its accuracy. So when you read an article or reviewing you can be sure that you’re getting credible and dependable information. How we earn money
If you have questions about money. Bankrate has the answers. Our experts have helped you understand your money for more than four years. We are constantly striving to give consumers the professional guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and precise. Our award-winning editors and reporters provide honest and trustworthy information to assist you in making the best financial choices. Our content produced by our editorial team is objective, truthful, and not influenced by our advertisers. We’re open about how we are able to bring quality content, competitive rates, and useful tools to our customers by describing how we make 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 when you click on specific links on our website. This compensation could influence the manner, place and in what order items appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage, home equity and other home loan products. Other factors, such as our own website rules and whether the product is offered in your area or at your own personal credit score could also affect how and where products appear on this website. While we strive to provide an array of offers, Bankrate does not include details about every financial or credit product or service. Making your car payment late or skipping it altogether has the same consequences, regardless of whether the payment is the first time you make it or the last. Failure to make your vehicle payments can mean repossession. There are alternatives to secure your car and avoid repossession, even if it is the final payment. Options if you can’t afford the final payment on your car you have found yourself struggling to pay for your final car loan payment you have several options to avoid long-term credit impacts and the costs associated with it. 1. Request a loan modification loan modification. Requesting a modification result exactly what it sounds like: the modification of a loan. This is different from refinancing your loan. Modifications to loans are carried out directly with your current lender to modify the terms of your loan. A typical modification could result in lower interest rates or deferred payments. This could be more challenging in the middle of your loan make contact with your lender as soon as you are able to. 2. Exchange your car for your vehicle you will have contact several dealerships and see which ones have a more affordable car available. This is possible in the event that you have financed your vehicle through a dealer and worked with said dealership, but it’s still possible to do you don’t. But don’t settle for the first deal you are offered look around and determine the value of your vehicle when you request quotes. 3. Sell privately While does take more consideration It can ease the stress of your car and allow you to purchase a lower-cost alternative. It is particularly popular right this moment, so you are likely to be able to get a decent price. But selling your vehicle will require a new car and in a market that is booming, it may be challenging to find a suitable vehicle that fits your specific requirements and budget. 4. Ask family and friends for assistance. Another option is to contact friends and family for help. Although this assistance doesn’t have necessarily be financial in nature, it might feel uncomfortable. Use this as a final effort to pay for vehicle repossession instead of your primary line of defense. Ask around whether they know anyone who is interested in purchasing or selling an affordable vehicle and then work from there. The possibility of refinancing your loan isn’t an option.
Unfortunately, if you are at the final payment stage of your loan you’re too late to refinance. The lenders have specific restrictions in terms of refinancing on 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, take some time to plan your future loan to ensure timely payments. Budget for your next vehicle purchase. The most effective way to avoid future financial hardships comes down to financing only a car you can afford. Before signing off on your next auto loan consider how your monthly payments will fit into your budget and also incorporating any catastrophic changes on you bank account. Automate payments Not all lenders offer an automatic payment option however the majority of them offer this feature. If you’re able to make a regular payment, 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. Be sure to look for loan additions if you’re financing with a dealer, read the fine print of your loan agreement to ensure you’re not spending more cash each month for . Check for common add-ons like extended warranties, tire and wheel protection including rustproofing and GAP insurance. The bottom line Trying to make your final payment could mean you’re without your vehicle in the event that you don’t act quickly. But there are options. Consider loan modification, selling your vehicle, selling it 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 situation with your next vehicle. Learn more
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of borrowing money to purchase an automobile. Written 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 confidence to manage their finances with concise, well-studied facts that break down complex topics into manageable bites.
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