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 offering you interactive financial calculators and tools as well as publishing high-quality and impartial content, by enabling you to conduct your own research and compare information for free to help you make informed financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this site come from companies that pay us. This compensation can affect the way and where products appear on this website, for example, for example, the sequence in which they appear in the listing categories, except where prohibited by law. Our mortgage, home equity, and other home lending products. This compensation, however, does affect the content we publish or the reviews that appear on this website. We do not cover the entire universe of businesses or financial deals that might be accessible to you. Share: Maskot/Getty Images
3 min read published on April 29, 2022.
Writer: 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. 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 the confidence to control their finances with clear, well-researched information that breaks down complex topics into manageable bites. The Bankrate guarantee
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If you're nearing the end of the payment phase of your loan you're not able to refinance. Lenders hold specific constraints regarding refinancing factors like the age of your 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, spend some time to plan the coming loan to ensure on-time payments. Budget for your next vehicle purchase. The most effective way to avoid future financial hardships comes down to financing only a car you can afford. Before you sign off on the next auto loan determine how your monthly payments fit into your budget -- and also incorporating any major changes in you bank account. Install automatic payments Not all lenders offer an automatic payment option, but most do. If you are able to maintain a consistent payment, it's the best way to ensure you make your loan payments on time and fully. You could also benefit from a rate discount, which some lenders offer when you opt for autopay. Be sure to look for loan add-ons If you're financing through a dealership, read the fine print in the loan contract and ensure that you don't spend extra monthly on . Look out for typical add-ons like extended warranties, tire and wheel protection, rustproofing and GAP insurance. The bottom line: Trying to make your final payment can result in you losing your vehicle If you don't take action quickly. But there are options. Consider loan modification, trading in your vehicle, selling privately, or reaching out to friends and family before accepting vehicle repossession. Keep up-to-date with the latest information options to ensure that you're not in this precarious position with your next vehicle. Find out more
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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of taking out loans to buy cars. Written 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 confidence to control their finances by providing concise, well-studied information that breaks down otherwise complex topics into manageable bites.
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