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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 offering you interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct your own research and review information for no cost and help you make financial decisions with confidence. 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 products that are advertised on this site come from companies who pay us. This compensation can affect the way and when products are featured on the site, such as such things as the sequence in which they appear within the listing categories, except where prohibited by law. This applies to our loans, mortgages, and other home loan products. However, this compensation will not influence the information we publish, or the reviews you see on this site. We do not cover the entire universe of businesses or financial offerings that could be accessible to you. SHARE: Maskot/Getty Images

3 min 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 in navigating the ins and outs of securely taking out loans to purchase a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances by providing precise, well-studied information that breaks down otherwise complex subjects into digestible pieces. The Bankrate promises

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who ensure everything we publish is objective, accurate and trustworthy. The loans reporter and editor are focused on the things that consumers are interested about most — the different kinds of lending options and the most competitive rates, the top 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

Bankrate adheres to a strict code of conduct , so you can trust that we’ll put your needs first. Our award-winning editors and reporters produce honest and reliable information to aid you in making the best financial choices. Our main principles are that we respect your confidence. Our goal is to provide our readers with truthful and impartial information. We have editorial standards in place to ensure that happens. Our reporters and editors rigorously fact-check editorial content to ensure that what you read is accurate. We have a strict separation with our advertising partners and the editorial team. Our editorial team does not receive direct compensation by our advertising partners. Editorial Independence Bankrate’s editorial team writes on behalf of YOU as the reader. Our aim is to provide you the most accurate advice to assist you in making smart financial choices for your own personal finances. We follow strict guidelines for ensuring that editorial content isn’t in any way influenced by advertising. Our editorial team is not paid directly from advertisers, and all of our content is fact-checked to ensure accuracy. So when you read an article or reviewing, you can trust that you’re receiving reliable and dependable information. How we make money

There are money-related questions. Bankrate can help. Our experts have helped you understand your money for more than four years. We are constantly striving to provide consumers with the expert guidance and the tools necessary to be successful throughout their financial journey. Bankrate adheres to strict standards , so you can trust that our information is trustworthy and precise. Our award-winning editors and reporters create honest and accurate information to assist you in making the right financial decisions. Our content produced by our editorial team is objective, factual and is not influenced through our sponsors. We’re transparent regarding how we’re in a position to provide quality content, competitive rates and useful tools to you by explaining 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 certain hyperlinks on our site. Therefore, this compensation may impact how, where and in what order products are displayed within the categories of listing, except where prohibited by law. This is the case for our mortgage, home equity and other home loan products. Other elements, such as our own rules for our website and whether the product is offered in your region or within your own personal credit score may also influence how and where products appear on this website. Although we try to offer the most diverse selection of products, Bankrate does not include the details of every credit or financial product or service. Paying your car loan late or skipping it altogether will have the same effect, regardless of whether the payment is your first or your last. Failure to make your vehicle payments can mean repossession. But there are options to keep your car and avoid repossession even if it is the final payment. Options if you can’t afford your final car payment If you have found yourself struggling to make your final loan payment, there are a few options to avoid future credit-related consequences and the costs associated with it. 1. Request loan modification. This result exactly what it sounds like, a modified loan. This is different 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 delayed payments. While this may be more challenging far into your loan contact your lender promptly are able to. 2. Trade in your car To your car, you’ll need contact several dealerships and see which ones have a more affordable car available. This is possible if you financed your vehicle through a dealer and worked with that dealership, but it’s still possible to do you don’t. Do not settle for the first quote you receive take your time and research the worth of your car whenever you are seeking quotations. 3. Sell privately While does take an extra look, it can alleviate the strain of your vehicle and enable you to get a more affordable option. The is especially strong right this moment, so you are likely to be able to get a decent price. But selling your car could mean the need for the purchase of a new vehicle. And, with a hot market it can be difficult to find a vehicle for your particular needs and budget. 4. Ask friends and family for assistance. The last option is to reach out to your family and friends for assistance. While this help doesn’t need to come from a financial source, it can be uncomfortable. Make this an attempt to get a loan for repossession of your vehicle instead of your first option. Ask those around you whether they know anyone interested in purchasing or selling the vehicle at a lower cost, and then proceed from there. Refinancing your loan isn’t an option

Unfortunately, if you are nearing the end of the payment phase of your loan you’re not able to refinance. Lenders hold specific constraints when refinancing based 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, take some time to prepare for the next loan to ensure timely payments. Set aside money for your next car purchase. The best way to avoid future financial difficulties is to only financing a vehicle you can afford. Before you sign off on the next auto loan, how the monthly payments fit into your budget — and also incorporating any major changes to your bank account. Set up automatic payments Not all lenders offer the option of automatic payments however, the majority offer this feature. If you are able to maintain a 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 discounts on rates, which some lenders offer when you sign up for autopay. Look for loan additional fees if you’re financing through a dealership and you’re not sure of the terms, take a look at the fine print of the loan contract and ensure you’re not spending more cash each month for . Look out for typical add-ons 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 your vehicle in the event that you don’t act quickly. But there are options. You could consider loan modification, trading in your car, selling privately or reaching out to your family and friends before committing to vehicle repossession. Stay up to date on the latest information to make sure you don’t end up in this dangerous situation when you purchase the next car you purchase. Learn more

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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of taking out loans to buy an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances by providing concise, well-studied facts that break down complex subjects into bite-sized pieces.

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