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 offering you interactive tools and financial calculators, publishing original and objective content. This allows you to conduct your own research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies who pay us. This compensation can affect the way and when products are featured on this site, including, for example, the order in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our loans, mortgages,, and other products for home loans. This compensation, however, does affect the information we publish, or the reviews appear on this website. We do not include the vast array of companies or financial offers that may be accessible to you. SHARE Maskot/Getty Images
3 min read published on April 29, 2022.
Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of borrowing money to purchase a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to control their finances by providing concise, well-researched and researched facts that break down complex topics into manageable bites. The Bankrate promises
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They ensure that what we write ensures that everything we publish is accurate, objective and reliable. Our loans reporters and editors focus on the points consumers care about the most -- the various types of loans available, the best rates, the best lenders, the best ways to pay off debt and more . This means you'll be able to feel secure when investing your money. Integrity of the editing
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We are constantly striving to give our customers the right advice and the tools required to make it through life's financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our content is truthful and reliable. Our award-winning editors, reporters and editors produce honest and reliable information to assist you in making the right financial decisions. The content created by our editorial staff is objective, factual and is not influenced from our advertising. We're transparent regarding how we're able to bring quality content, competitive rates, and useful tools for you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and services or through you clicking certain hyperlinks on our website. Therefore, this compensation may influence the manner, place and when products are displayed within the categories of listing, except where prohibited by law. We also offer mortgage or home equity products, as well as other products for home loans. Other factors, like our own proprietary website rules and whether the product is available in your area or at your personal credit score could also affect how and where products appear on this website. Although we try to offer an array of offers, Bankrate does not include details about every credit or financial product or service. Making your car payment late or avoiding it completely has the same consequences, regardless of whether that car payment is the first time you make it or the last. Not being able to make your payments to your vehicle could result in repossession. However, there are ways to secure your car and avoid repossession even though it is the final payment. There are options if you cannot afford your final car loan payment you're having difficulty to make your final car loan payment you have several options to stay clear of negative effects on your credit in the long term and the associated costs. 1. Request loan modification. This results in exactly what it sounds like, the modification of a loan. This differs from refinancing your loan. Modification of your loan is done directly with your existing lender to alter your terms. A typical modification may yield lower interest or deferred payments. This could be more challenging long into the duration of your loan contact your lender promptly are able to. 2. Transfer your car to your vehicle , you'll have to contact several dealerships and see whether they have an affordable vehicle. This may be simpler if you financed your vehicle through a dealership and work with that dealership, but it is still possible if it isn't. Don't accept the first deal you are offered take your time and research the worth of your car whenever you are seeking quotes. 3. Sell privately, although it requires more consideration this can help ease the burden of your car and allow you to get a more affordable option. This is particularly prevalent in the present, and you'll likely be able to get a decent price. However, selling your car will require the purchase of a new vehicle. And in a market that is booming it could be difficult to find a car that meets your specific requirements and budget. 4. Ask friends and family for help The final option is to ask your family and friends for assistance. While this help doesn't need to be financial, it can be uncomfortable. Use this as a final effort to pay for vehicle repossession rather than your first option. Ask your friends and family whether they know anyone who is looking to purchase or sell the vehicle at a lower cost, and work from there. The possibility of refinancing your loan isn't an option.
However, if you're nearing the end of the payment phase of your loan you're not able to refinance. Lenders hold specific constraints in terms of refinancing on factors like the age of your vehicle, 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 the next loan to ensure timely payments. Set aside money for your next car purchase The key to avoiding the possibility of financial problems in the future comes down to financing only a car you can afford. Before you sign off on your next auto loan determine how your monthly payments fit within your budget while also factoring in any catastrophic adjustments on your bank account. Install automatic payments Not all lenders offer an automatic payment option however the majority of them offer it. And if you have consistent payment, it's the best way to ensure that you are able to make your loan payments punctually and in full. It is possible to get discounts on rates, which some lenders offer when you sign up for autopay. Look for loan add-ons If you're financing with a dealer and you're not sure of the terms, take a look at the fine print of your loan agreement to ensure that you aren't spending extra money each month on . Look out for typical additional services like extended warranties, tire and wheel protection, rustproofing and GAP insurance. The bottom line: Trying to make your final car payment can result in you losing your car if you don't act fast. But there are options. Consider loan modification, selling your car, selling privately, or reaching out to relatives and friends prior to accepting repossession of your vehicle. Stay up to date on options to ensure that you're not in this precarious position with your next vehicle. Learn more
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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of borrowing money to purchase a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to manage their finances with clear, well-researched details that cut complex topics into manageable bites.
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