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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 providing you with interactive tools and financial calculators as well as publishing high-quality and impartial content. We also allow users to conduct research and compare data for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies who pay us. This compensation could affect how and when products are featured on the site, such as, for example, the sequence in which they appear in the listing categories and other categories, unless prohibited by law for our loan products, such as mortgages and home equity, and other home loan products. However, this compensation will not influence the information we provide, or the reviews you read on this site. We do not cover the entire universe of businesses or financial offers that may be open 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 specializes in assisting readers in navigating the ways and pitfalls of taking out loans to purchase cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances with concise, well-researched and researched facts that break down complicated topics into bite-sized pieces. The Bankrate guarantee
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We make sure that everything we publish will ensure that our content is reliable, honest and trustworthy. The loans journalists and editors focus on the areas that consumers are concerned about most -- the different kinds of lending options as well as the best rates, the most reliable lenders, the best ways to pay off debt and more . This means you can feel confident when making a decision about your investment. Editorial integrity
Bankrate follows a strict and rigorous policy, so you can rest assured that we're putting your interests first. Our award-winning editors and reporters produce honest and reliable information to assist you in making the right financial decisions. The key principles We respect your confidence. Our aim is to offer readers truthful and impartial information, and we have established editorial standards to ensure that happens. Our reporters and editors rigorously verify the truthfulness of content in order to make sure that what you read is true. We keep a barrier with our advertising partners and the editorial team. Our editorial team doesn't receive direct compensation from our advertisers. Editorial Independence Bankrate's team of editors writes for YOU the reader. Our aim is to provide you the best advice that will assist you in making smart financial decisions for your personal finances. We follow strict guidelines for ensuring that editorial content is not in any way influenced by advertising. Our editorial staff receives no any compensation directly from advertisers and all content is verified to guarantee its accuracy. So whether you're reading an article or a review, you can trust that you're getting reliable and dependable information. How we make money
You have money questions. Bankrate has answers. Our experts have been helping you manage your money for over four years. We strive to continuously give our customers the right guidance and the tools necessary to make it through life's financial journey. Bankrate follows a strict , so you can trust that our content is truthful and reliable. Our award-winning editors, reporters and editors provide honest and trustworthy content to help you make the best financial decisions. The content created by our editorial staff is objective, factual and is not influenced by our advertisers. We're open about the ways we're able to bring quality information, competitive rates and helpful tools to you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and services or by you clicking on specific links on our site. So, this compensation can affect the way, location and in what order products are displayed within the categories of listing in the event that they are not permitted by law for our mortgage, home equity and other home loan products. Other factors, like our own rules for our website and whether a product is available in your region or within your personal credit score could also affect the way and place products are listed on this website. Although we try to offer a wide range offers, Bankrate does not include details about every credit or financial product or service. Paying your car loan late or not paying it at all has the same consequences, regardless of whether that payment is your first or the last. Inability to pay your vehicle payments can mean repossession. However, there are ways to secure your car and avoid repossession even if it's your final payment. Options if you can't afford your final car payment If you're struggling to make your final car loan payment you have a few options to avoid future credit-related consequences and the costs associated with it. 1. Request a loan modification loan modification. This will result in exactly what it sounds like, a modified loan. This differs from refinancing your loan. Modification of your loan is carried out directly with your current lender to alter the terms of your loan. A typical modification could yield lower interest or deferred payments. Although this could be more difficult long into the duration of your loan contact your lender as soon as you can. 2. Trade in your car To your vehicle , you'll have to contact various dealerships to see which ones have a more affordable car available. This may be simpler when you finance your car through a dealer and worked with the dealership, however it is still possible if not. Do not settle for the first deal you are offered look around and determine the value of your vehicle whenever you are seeking quotations. 3. Sell privately, although it requires more consideration It can ease the strain of your current car and allow you to get a more affordable option. It is particularly popular right this moment, so you are likely to be able to get a decent price. But selling your car could require an entirely new vehicle and, with a hot market it can be difficult to find a vehicle for your particular needs and budget. 4. Ask family and friends for assistance. The last option is to contact relatives and friends to ask for help. Although this assistance doesn't have to be financial, it might be uncomfortable. Use this as a final effort to pay for vehicle repossession instead of your primary protection. Ask around if they know anyone interested in purchasing or selling the vehicle at a lower cost, and work from there. Refinancing your loan isn't an option
However, if you're at the final payment stage of your loan you're not able to refinance. The lenders have specific restrictions regarding refinancing aspects such as vehicle age or mileage, as well as the 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, you should take the time to plan that coming loan to ensure on-time payments. Set aside money for your next car purchase. The best way to avoid the possibility of financial problems in the future comes down to financing only a car you can afford. Before you sign off on the next auto loan consider how your monthly payments are incorporated into your budget while also factoring in any drastic changes in you bank account. Set up automatic payments Not all lenders offer the option of automatic payments however, the majority offer it. If you are able to maintain a consistent pay, it is a great way to ensure you make your loan payments punctually and in full. You may even benefit from the rate discount that some lenders offer when you sign up for autopay. Be sure to 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 on the loan agreement and be sure that you aren't spending extra cash each month for . Look out for typical additional services like extended warranties as well as tire and wheel protection including rustproofing and GAP insurance. The bottom line Trying to pay your final car payment could mean you're without your vehicle if you don't act fast. But there are options. Consider loan modification, selling your car, selling privately, or reaching out to your family and friends before committing to vehicle repossession. Be aware of the latest news 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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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely taking out loans to buy a car. 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 the confidence to take control of their finances by providing clear, well-researched information that breaks down complex subjects into bite-sized pieces.
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