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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 goal is to help you make smarter financial decisions by offering you interactive financial calculators and tools that provide objective and original content, by enabling users to conduct research and compare data for free and 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 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 listed on this website, for example, for example, the order in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the information we publish, or the reviews that you see on this site. We do not cover the entire universe of businesses or financial deals that might be open 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 content strategist. She's been featured in a variety of top financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Edited by Rhys Subitch The editor is Auto loans Editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances with detailed, well-studied information that breaks down complicated subjects into digestible pieces. The Bankrate guarantee
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So, this compensation can impact how, where and when products appear within listing categories, with the exception of those it is prohibited by law for our mortgage, home equity and other home lending products. Other elements, like our own proprietary website rules and whether the product is offered in your area or at your personal credit score could also affect the manner in which products appear on this website. We strive to offer an array of offers, Bankrate does not include details about each credit or financial item or product. Are you experiencing financial hardship and are struggling to make car payments? If your lender offers modifications on car loans and you are eligible, you could be able to get some needed relief. Modifying your loan involves changing the amount of your monthly payments and due date, or even your interest rate. If you're behind in your payments, these choices can assist you in avoiding ruining your credit score or getting your car taken away. What is a car loan modification can you do? like the name suggests it is a loan modification involves changing the terms of your loan. The lender might agree to reduce your , defer your payments in the short term or alter your due date to work better for your budget. There is also the option of getting an , which extends the amount of your loan out in order to reduce the monthly payment. However, extending the time for repayment is also a sign that the lender is able to take more money payments from the borrower, meaning you'll be paying more interest overall, unless you get back on track and . Modification of loan terms isn't readily accessible to all borrowers however. Although lenders are generally not fond of repossessing the vehicles of people who've fallen behind on their loans and you'll need to plead your case. Part of that is convincing that lender that you won't be able to pay what you owe , unless they consent to modifying the terms of your loan. This could involve giving financial evidence to prove you are experiencing hardship. How to get a car loan modified You'll need to contact the lender who originated your loan in person to talk about your situation and determine your ability to qualify for a loan modification. Be mindful that lenders will generally review your past payment history prior to deciding. It's beneficial to show your past performance as a good customer and managed your loan responsibly. However, if you've been late on payment in the past it might be a bit more challenging to convince the lender to modify your loan. Whatever the case you must adhere to these guidelines to begin the process. Contact your lender right away Notify your lender that the auto loan payments aren't affordable anymore and you could be in debt in the near future. Tell them about your situation and the reason you are struggling to make payments. The representative may share the options that are temporary, however, you should ask for someone who can help with an alternative that lasts. It's a good idea to mention that you'd like to keep the car, but require assistance in achieving that target. Be specific and use a calm tone during the conversation. Write your request down If loan modification is offered, you'll typically be required to submit the request on paper. The request should be submitted to the lender together with proof of your hardship as well as any other documents or information that the lender requires. You must provide the lender as much detail as feasible about your circumstances. If you lost your job or experienced some other significant or unexpected life change, share that information in your hardship letter. It's also a good idea to outline how the change will benefit you, like allowing you to continue making payment or to make payments in time. Your lender might also need documents related to finances, such as copies of your bills for the month and bank statements or pay statements. Verify that you have received your hardship application. After you have turned all of the documents in, the wait to hear from the lender begins. If you're not hearing back take care to pay what you can as repossession can still take place as you wait for a decision on loan modification. Keep the person who is helping you to modify your loan up-to-date, explaining that you are still trying to pay your bills when you face financial hardship. How to know if you should alter your car loan Consider modifying your car loan in the event that your financial situation has suddenly changed due to the loss of your job, a temporary furlough or layoff or medical emergency, or some other event that is out of your control. It might also be a wise financial move if you have recently experienced reduced wages. You may also want to consider an loan modification in the event that your car is worth more than the debt you have. It means you're . Selling it to get an affordable car could prove to be rather challenging and could end up costing you a significant amount. Auto loan modification is different from. refinancing It's simple to make a mistake when comparing the auto loan modifications with refinancing, but the two aren't quite the same. Both can possibly get you an easier payment. But unlike auto loan modification, refinancing your loan is the process of swapping your current loan for a new one with different terms. You'll likely need good or exceptional credit score to be eligible, and you'll have to go through the same process of applying similar to the one you went through when you got the current loan. A majority of lenders require insist that the mileage of your car does not exceed 100,000 miles, and you likely won't be able to qualify for a loan if your car is more than 10 years old. If you apply for the loan is approved then the lender will pay off your previous loan and you'll begin payments with the new lender. However, with a loan modification, you'll be working with your current lender during the process. The bottom line It can be stressful if you can't pay for your car and aren't in the best situation to refinance but don't quite have the option of doing without a car. Consider reaching out to your lender to request a loan modification. Ask about reduced monthly payments and a reduced amount of interest or an alternate monthly due date to assist you in making payments punctually. If you are not able to modify your payment alternative, you may want to consider other programs that can assist you until you can get your finances back in order. Find out more
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 such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers to take control of their finances by providing precise, well-researched and well-researched details that cut complex topics into manageable bites.
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