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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 mission is to help you make smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing quality and impartial content. We also allow users to conduct research and compare information at no cost – so that you can make sound financial decisions. 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 website are provided by companies that pay us. This compensation can affect the way and where products appear on the site, such as for instance, the order in which they appear within the listing categories in the event that they are not permitted by law for our mortgage, home equity and other products for home loans. However, this compensation will not influence the content we publish or the reviews you read on this site. We do not include the universe of companies or financial deals that might be available to you. KDP/Getty Images

4 min read Published 27 October 2022

Written by Allison Martin Written by Allison Martin’s work started over 10 years ago as a digital media strategist. She’s been featured in a variety of top financial media outlets, such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Editor: Rhys Subitch The editor is Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances through providing clear, well-researched facts that break down complicated subjects into digestible pieces. The Bankrate promises

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who ensure everything we publish ensures that everything we publish is accurate, objective and reliable. Our loans reporters and editors focus on the things that consumers care about most — the different types of lending options, the best rates, the best lenders, the best ways to repay debt, and many more. So you’ll be able to feel secure when making a decision about your investment. Editorial integrity

Bankrate follows a strict standard of conduct, which means you can be confident that we put your interests first. Our award-winning editors and journalists produce honest and reliable content that will aid you in making the best financial choices. Key Principles We value your trust. Our aim is to provide our readers with truthful and impartial information. We have standards for editorial content in place to ensure that this happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure that the information you’re reading is correct. We have a strict separation with our advertising partners and the editorial team. Our editorial team doesn’t receive compensation directly by our advertising partners. Editorial Independence Bankrate’s editorial team writes on behalf of YOU – the reader. Our aim is to provide you the best advice that will aid you in making informed financial decisions for your personal finances. We adhere to strict guidelines in order in order to make sure that the content we publish is not affected by advertisements. Our editorial staff receives no direct compensation from advertisers, and our content is checked for accuracy to ensure its truthfulness. So, whether you’re reading an article or a review you can be sure that you’re getting credible and reliable information. How we earn money

There are money-related questions. Bankrate can help. Our experts have been helping you master your money for over four decades. We strive to continuously provide consumers with the expert advice and tools required to make it through life’s financial journey. Bankrate adheres to a strict code of conduct standard of conduct, so you can rest assured that our content is honest and precise. Our award-winning editors and reporters provide honest and trustworthy information to assist you in making the best financial decisions. The content we create by our editorial staff is factual, accurate and uninfluenced from our advertising. We’re transparent about the ways we’re capable of bringing high-quality information, competitive rates and useful tools to our customers by describing how we earn money. is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products and, services, or when you click on specific links on our site. Therefore, this compensation may impact how, where and in what order products are displayed within the listing categories, except where it is prohibited by law for our mortgage home equity, mortgage and other home lending products. Other elements, like our own rules for our website and whether or not a product is offered in your region or within your own personal credit score could also affect how and where products appear on this website. We strive to offer the most diverse selection of products, Bankrate does not include specific information on every credit or financial item or product. Are you struggling financially and struggling to afford your car payment? If your lender provides modifications on car loans, you may be able to obtain needed relief. Loan modification involves adjusting your monthly installment amount, due date or sometimes the interest rate. If you’re behind on payments, these options can help you avoid the damage to your credit score and the possibility of having your vehicle repossessed. What exactly is a loan modification is As the name implies it is a loan modification involves altering the terms of your loan. The lender may agree to lower the amount of your loan, delay your payments for a short period or change your payment due date so that it is best for you budget. You can also get an , which extends the remaining balance that you loan out to lower the monthly payment. However, extending the time for repayment will mean that you pay more interest to the lender is able to take more money from the borrower, meaning you’ll be paying more interest overall, unless you get back on track and . Loan modification is not readily available to all borrowers, however. While lenders generally aren’t fond of repossessing their vehicles people who’ve fallen behind on their loans however, you’ll need to convince them. One of the most important things to do is convince your lender that you won’t be able pay back what you owe , unless they consent to modifying your loan. This could mean providing financial documentation to prove that you’re experiencing hardship. How do you get a car loan modified ? You’ll need contact the lender who created your loan in person to talk about the situation and determine ability to qualify for a loan modification. Be aware that lenders typically review your payment history prior to deciding. It’s beneficial to show your past performance as a good customer and have managed your loan in a responsible manner. But if you’ve missed payment in the past, it could be a little more difficult to convince the lender to alter the terms of your loan. In any case follow these steps to start the process. Make contact with your lender immediately. Notify your lender that your auto loan payments are no longer affordable and you risk falling behind quickly. Tell them about your situation and the reason you’re struggling to make payments. The representative may share temporary options for relief but ask to speak with someone who can further assist you as you’re seeking a long-term solution. It’s best to mention that you’d like to keep your car but need help accomplishing that objective. Be specific and use a calm tone during the conversation. Put your request in writing If a loan modification is offered, you’ll typically be required to put the request on paper. The request will be sent to the lender along with evidence of your hardship as well as any other documents or information the lender requires. Provide the lender as much detail as feasible about your circumstances. If you lost your job or suffered a major or unexpected change in your life, share that details in your hardship letter. It is an excellent idea to explain how the modification will benefit you, like allowing you to continue making payments or making payments in time. Your lender might also need documents related to finances, such as the copies of your monthly bills , statement from your bank or stubs. Confirm receipt of your hardship request Once you turn all the documents in, the waiting game to hear back from your lender begins. While waiting, try to pay what you can, as repossessions can still take place in the meantime you’re waiting for an answer on loan modification. Keep the people who are helping with the modification up-to-date, explaining that you’re trying to make your payments in the midst of financial difficulties. How do you know if you need to modify your car loan Consider modifying your car loan in the event that your financial situation suddenly changed due to a job loss, temporary furlough or layoff, medical emergency or another circumstance out of your control. It may also be a wise option if you’ve recently suffered a drop in wages. It is also possible to look into a loan modification if your car is worth far less than what you owe. That means that you’re . Selling it to get an easier to afford vehicle could prove to be rather challenging and could end up costing you a significant amount. A car loan modification vs. refinancing It’s simple to make a mistake when comparing auto loan modifications with refinancing, however both aren’t identical. Both may lead to a lower payment. However, unlike auto loan modification, refinancing your loan involves swapping your current loan to a new loan with different conditions. You’ll probably need excellent or excellent credit to qualify, and you’ll have to go through the same process of applying as you did when you took out your current loan. The majority of lenders will also require will require that your vehicle doesn’t exceed 100,000 miles, and you likely won’t be able to qualify if your vehicle is more then 10 years old. If you apply for the loan is approved then the lender will pay off the old loan and you’ll be able to resume payment with your new lender. However, with a loan change, you’ll be working with your current lender during the process. The bottom line It can be stressful when you cannot pay for your car and aren’t in a situation to refinance however, you don’t have the option of doing without a vehicle. Think about contacting your lender to ask for a loan modification. Ask about reduced monthly payments, a decreased interest rate, or even an alternate monthly due date if that will help you make payments punctually. If a modification isn’t an option, there may be other programs that will help you find relief until you can get your finances back on track. Learn more


Allison Martin’s work started over 10 years ago when she was an online content strategist and she’s since been featured in various top financial media, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers feel confident to control their finances with precise, well-researched and well-researched details that cut otherwise complex topics into manageable bites.

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