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Car loan modification: What it is and how it works Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive financial calculators and tools as well as publishing quality and impartial content. This allows users to conduct research and compare information for free to help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website are provided by companies that compensate us. This compensation could affect how and where products appear on the site, such as such things as the order in which they may appear in the listing categories and other categories, unless prohibited by law for our mortgage or home equity products, as well as other products that lend money to homeowners. But this compensation does have no impact on the content we publish or the reviews you see on this site. We do not cover the entire universe of businesses or financial offers that may be available to you. KDP/Getty Images

4 min read. Published October 27, 2022

Written by Allison Martin Allison Martin Written by Allison Martin’s work began over 10 years ago as a digital media strategist, and she’s since been published in numerous prestigious financial media outlets, such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Editor: Rhys Subitch Editor: Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing concise, well-researched and precise information that breaks down complicated subjects into digestible pieces. The Bankrate guarantee

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If you have questions about money. Bankrate has answers. Our experts have helped you understand your finances for more than four years. We are constantly striving to provide consumers with the expert advice and 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 honest and reliable. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content we create by our editorial staff is objective, factual and uninfluenced through our sponsors. We’re transparent about how we are able to bring quality content, competitive rates and useful tools to our customers by describing how we earn 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 links posted on our site. Therefore, this compensation may affect the way, location and when products appear within listing categories, unless prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own rules for our website and whether the product is offered in the area you reside in or is within your personal credit score may also influence how and where products appear on this site. Although we try to offer an array of offers, Bankrate does not include specific information on every credit or financial product or service. Are you experiencing financial hardship and are unable to pay your car payment? If your lender offers modifications on car loans, you may be able to obtain needed relief. Loan modification involves adjusting your monthly installment amount, due date or sometimes the interest rate. If you’re in debt in your payments, these choices could help you avoid damaging your credit score or getting your car taken away. What car loan modification is like the name suggests the term “car loan modification entails altering the terms of your loan. The lender might agree to reduce your , defer your payments for the short-term or alter your due date to work better for your budget. There is also the option of getting an , which spreads the amount on your loan out to lower your monthly payments. However, extending the time for repayment also means your lender will have more time in collecting from the borrower, meaning you’ll be paying more interest overall until you are back on track and . The option of loan modification isn’t accessible to all borrowers however. While lenders generally aren’t fond of repossessing the vehicles of people who’ve fallen behind on their loans, you’ll have to plead your case. The first step is convincing your lender that you will not be able to pay the amount you owe until they agree to modify your loan. This could involve the submission of financial documents to show that you’re experiencing difficulties. How do you obtain a car loan modified You’ll need to contact the lender who initiated the loan direct to clarify your situation and determine your possibility of a loan modification. Be mindful that lenders will typically review your payment history prior to deciding. It’s important to prove your past performance as a good customer and have managed your loan prudently. However, if you’ve been late on payment in the past and have a history of late payments, it may be a little more difficult to convince the lender to change your loan. In any case follow these steps to start the process. Contact your lender immediately. Inform your lender that the auto loan payments are no longer feasible and you could be in debt in the near future. Explain your circumstances and why you’re having difficulty making payments. The representative might offer temporary options for relief however, you should ask for someone who can help you in your search for an option that is long-term. It’s helpful to mention that you’d like to keep the car, but need help accomplishing this goal. Be specific, and use a calm tone throughout the phone call. Write your request down If loan modification is available in most cases, you’ll be required to submit the request on paper. The request should be submitted to the lender along with evidence of your hardship and any other documents or information that the lender requests. Provide the lender the most detailed information feasible about your circumstances. If you lost a job or experienced some other significant or unexpected life change, share that information in your hardship letter. It’s also a good idea to describe how the change will help, such as the ability to continue to make payments or make payments in time. Your lender might also require financial documentation such as copies of your monthly bills and statement from your bank or statements. Verify that you have received your hardship application. Once you turn all the documents into the lender, the process of waiting to hear from the lender begins. While waiting make sure you pay as much as you can as repossession can continue to occur as you wait for the outcome of a loan modification. Keep the team helping with the modification in the loop, explaining that you’re trying to pay your bills amid financial challenges. How to know if you should alter your car loan Think about modifying your car loan if your financial situation suddenly changed as a result of the loss of your job, a temporary layoff or furlough or medical emergency, or any other situation that is beyond your control. It may also be a prudent decision if you’ve recently had a decrease in your earnings. You may also want to look into the possibility of a loan modification if your car is worth less than what you owe. It means you’re . Selling it to get an easier to afford vehicle could be a challenge and can cost you a lot. Auto loan modification vs. refinancing It’s easy to mix with auto loan modifications with , but both aren’t identical. Both could lead to lower payments. But unlike the auto loan modification, refinancing your loan involves swapping the current loan for a new one with different conditions. You’ll likely need good or excellent credit to qualify, and you’ll have to go through the same process of applying like you did when you got the current loan. A majority of lenders require that the mileage on your car does not exceed 100,000 miles, and you probably won’t qualify if your vehicle is more than 10 years old. If you apply for the loan is approved, the lender will pay off the old loan, and you’ll resume payments with the new lender. However, with a loan modifications, it’s your responsibility to work together with the current lender through the whole process. The bottom line It can be stressful if you are unable to make the monthly payment on your car and aren’t in a position to refinance, but you don’t have the option of doing without a car. Consider reaching out to your lender to request a car loan modification. Request a reduction in monthly payments and a reduced cost of interest, and even an alternative due date, if it will allow you to pay punctually. If a modification isn’t an option, there may be other programs to aid you in locating relief until you get your finances back in order. Learn more

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Written by Allison Martin’s work began more than 10 years ago as a digital content strategist, and since then she’s been published in a variety of top financial publications which include The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers to take control of their finances by providing concise, well-researched, and clear details that cut complex subjects into bite-sized pieces.

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