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What If I Cannot Pay My Final Car Loan Payment?

If you are behind your final car loan payoff date by more than 1 month, you better take some action fast. Usually, the loan payment is not very large, around $500 to $1000. But if you happen to lose your job or income, you may not have the money to pay it.

Whether this is your first or final car loan payment, being late or skipping it will result in the same consequences. Firstly, the lenders will report you to the credit agencies and your credit score gets affected. then they will send collectors after you and if you continue to withhold payments for long enough, they can repossess your car. Obviously, it is much more devastating to have your car repossessed because you cannot afford the final car loan payment.

Try your best to borrow from a friend or family member and write out a formal agreement to pay them back by a stipulated date. Alternatively, contact your lender and try to negotiate for some grace period to make the loan. As a last resort, there are many online loan companies willing to give personal loans up to $1000 with easy approval. That can save your car from being repossessed, but the interest rates can be several times higher than auto loans.

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