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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 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 - so that you can 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 when products are featured on this website, for example such things as the order in which they may appear in the listing categories in the event that they are not permitted by law. This applies to our loans, mortgages, and other home lending products. However, this compensation will affect the information we publish, or the reviews that appear on this website. We do not include the universe of companies or financial offerings that could be accessible to you. SHARE: Maskot/Getty Images
3 min read published on April 29, 2022.
Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate 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 from late 2021. They are committed to helping readers gain confidence to take control of their finances through providing precise, well-studied information that breaks down otherwise complex 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 give consumers the professional guidance and the tools necessary to succeed throughout life's financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our content is truthful and accurate. Our award-winning editors and journalists provide honest and trustworthy content to help you make the best financial choices. Our content produced by our editorial team is factual, objective and is not influenced by our advertisers. We're open regarding how we're in a position to provide quality information, competitive rates and useful tools for our customers by describing how we make 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 links posted on our site. So, this compensation can affect the way, location and in what order products appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage or home equity products, as well as other products for home loans. Other elements, such as our own proprietary website rules and whether a product is available within the area you reside in or is within your personal credit score could also affect the manner in which products are featured on this website. We strive to offer an array of offers, Bankrate does not include the details of every credit or financial product or service. If you make your car payment late or avoiding it completely has the same consequences, regardless of whether that payment is the first time you make it or the last. Inability to pay your payments to your vehicle could result in repossession. However, there are ways to secure your car and avoid repossession, even if it's the final installment. Options if you can't afford your final car loan payment you have found yourself struggling to pay for your final car loan payment, there are several options to stay clear of long-term credit impacts and the costs associated with it. 1. Request a loan modification loan modification. Requesting a modification result in exactly what it implies, an altered loan. This differs from the process of refinancing your loan. Modifications to loans are that is done in conjunction with your current lender to alter the terms of your loan. A typical modification could lead to lower rates of interest or deferred payments. Although this could be more challenging far into your loan, reach out to your lender immediately if you can. 2. Transfer your car to your car, you'll need to reach out to different dealerships to determine whether they have an affordable vehicle. This is possible when you finance your car through a dealership and have a relationship with that dealership, but it's possible even if you don't. Don't accept the first deal you are offered look around and determine the value of your vehicle whenever you are seeking estimates. 3. Sell privately While does take an extra look It can ease the strain of your current car and allow you to find a cheaper option. The is especially strong right this moment, so you are likely to receive a fair price. However, selling your car will result in the need for the purchase of a new vehicle. And, with a hot market, it may be challenging to find a vehicle for your particular needs and budget. 4. Request help from family and friends. assistance. The last option is to contact friends and family for help. Although this assistance doesn't have to come from a financial source, it might feel uncomfortable. Use this as a final attempt to get a loan for repossession of your vehicle instead of your primary line of defense. Ask those around you whether they know anyone who is who is interested in buying or selling an affordable vehicle and work from there. The possibility of refinancing your loan isn't an option
If you're nearing the end of the payment phase of your loan you're too late to refinance. There are strict rules for lenders when refinancing based on aspects such as vehicle age 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 plan your coming loan to ensure on-time payments. Set aside money for your next car purchase The key to avoiding the possibility of financial problems in the future comes down to only financing a vehicle you can afford. Before signing off on the next auto loan, how the monthly payments will fit into your budget as well as incorporating any major adjustments on you bank account. Install automatic payments. Not all lenders provide the option of making payments automatically however, the majority offer this feature. If you're able to make a regular payment, it's the best way to ensure that you pay your loan payments punctually and fully. It is possible to get discounts on rates, which some lenders offer when you opt for autopay. Be sure to look for loan additions if you're financing through a dealer and you're not sure of the terms, take a look at the fine print on your loan contract and ensure that you don't spend extra monthly on . Be aware of typical add-ons like extended warranties for tires and wheels, tire and wheel security including rustproofing and GAP insurance. The bottom line Struggling to pay your final car payment could mean you're without your car If you don't take action quickly. However, there are alternatives. Consider loan modification, trading in your vehicle, selling privately or reaching out to your family and friends before committing to repossession of your vehicle. Keep up-to-date with the latest information the latest information to make sure you don't end up in this dangerous situation when you purchase your next vehicle. Learn more
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of borrowing money to buy a car. Written 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 the confidence to take control of their finances with concise, well-studied information that breaks down complex topics into manageable bites.
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