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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 mission is to help you make smarter financial decisions by offering you interactive tools and financial calculators that provide objective and original content, by enabling you to conduct research and compare information for free to help you make sound financial decisions. Bankrate has partnerships with issuers such as, 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 come from companies that compensate us. This compensation could affect how and where products appear on this website, for example such things as the order in which they may appear in the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity and other home lending products. This compensation, however, does not influence the information we provide, or the reviews you see on this site. We do not contain the vast array of companies or financial deals that might be available to you. SHARE Maskot/Getty Images

3 minutes read. Published 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 with the ways and pitfalls of borrowing money to purchase 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 control their finances through providing precise, well-studied information that breaks down otherwise complex subjects into digestible pieces. The Bankrate guarantee

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They ensure that what we write will ensure that our content is reliable, honest and reliable. Our loans reporter and editor concentrate on the things that consumers are interested about the most — the various types of loans available as well as the best rates, the top lenders, ways to pay off debt and more . This means you’re able to be confident about investing your money. Editorial integrity

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If you have questions about money. Bankrate can help. Our experts have been helping you master your finances for more than four years. We continually strive to give consumers the professional advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict policy, which means you can be confident that our information is trustworthy and reliable. Our award-winning editors and reporters 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 uninfluenced by our advertisers. We’re open regarding how we’re able to bring quality content, competitive rates and helpful tools to our customers by describing how we earn our money. is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or when you click on certain links posted on our site. So, this compensation can affect the way, location and in what order products are listed and categories, unless it is prohibited by law. We also offer mortgage home equity, mortgage and other home loan products. Other elements, such as our own proprietary website rules and whether or not a product is available in the area you reside in or is within your self-selected credit score range could also affect how and where products appear on this website. Although we try to offer a wide range offers, Bankrate does not include information about each financial or credit item or service. Making your car payment late or avoiding it completely can have the same consequences regardless of whether the payment is your first or your last. Inability to pay your vehicle payments can mean repossession. However, there are ways to hold onto your vehicle and avoid repossession, even if it is the final payment. Options if you can’t afford the final payment on your car you’re struggling to make your final loan payment, you have a few options to avoid future credit-related consequences and the costs associated with it. 1. Request loan modification. Requesting a modification will result in exactly what it sounds like: a modified loan. This differs from refinancing your loan. Modifications to loans are carried out directly with your current lender to alter the terms of your loan. A typical modification can result in lower interest rates, or deferred payments. Although this could be more difficult far into your loan contact your lender promptly can. 2. Transfer your car to your vehicle , you’ll have to reach out to several dealerships and see which ones have a more affordable vehicle available. This may be simpler if you financed your vehicle through a dealer and worked with the dealership, however it is still possible if not. Do not settle for the first offer you get take your time and research the value of your car when you ask for quotations. 3. Sell privately While does take an extra look this can help ease the stress of your car and allow you to get a more affordable option. It is particularly popular right now so you will likely be able to get a decent price. But selling your car could result in the need for a new car and since the market is hot, it may be challenging to find a car that meets your particular needs and budget. 4. Ask family and friends for assistance. Another option is to contact friends and family for help. While the assistance you receive doesn’t have to be financial, it might make you feel uncomfortable. Use this as a final attempt to get a loan for repossession of your vehicle instead of your first line of defense. Ask your friends and family whether they know anyone who is interested in purchasing or selling a less pricey vehicle, and then proceed from there. Refinancing your loan isn’t an option.

Unfortunately, if you are in the final stage of payment of your loan you are too far to refinance. There are strict rules for lenders in terms of refinancing on 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 prepare for your coming loan to ensure that you pay on time. Plan your next car purchase. The best way to avoid future financial hardships comes down to only financing a vehicle that you are able to afford. Before signing off on the next auto loan determine how your monthly payments fit into your budget — and also incorporating any major modifications to your bank account. Set up automatic payments. Not all lenders provide the option of making payments automatically however, the majority do. If you’re able to make a regular payment, it’s the best way to ensure that you pay your loan payments punctually and in full. You may even benefit from the rate discount that some lenders offer when you enroll in autopay. Be sure to look for loan add-ons If you’re financing through a dealer be sure to read the fine print in your loan agreement to ensure that you don’t spend extra monthly on . Be aware of typical add-ons like extended warranties, tire and wheel protection such as rustproofing, GAP insurance and rustproofing. The bottom line: Trying to make your final payment can result in you losing your vehicle If you don’t take action quickly. However, there are alternatives. You could consider loan modification, trading in your car, selling privately or contacting relatives and friends prior to accepting vehicle repossession. Keep up-to-date with the latest information options to ensure that you’re not in this dangerous situation when you purchase the next car you purchase. Find out more


This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of 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 passionate about helping readers gain confidence to control their finances by providing clear, well-researched details that cut otherwise complex subjects into bite-sized pieces.

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