However, you should keep in mind that changing your due date may affect the total amount of interest you pay at the end of your loan. If your lender allows it, you can request that the due date be pushed back a few weeks, giving you more time to come up with the money. Push Back or Change the Payment Due DateĪnother option that allows you to keep your car is a change of due date. It’s important to compare the policies of different lenders before landing on a loan provider. So, you may not be able to defer payments very often. Also, each lender may have a different type of deferment policy and the number of times you can defer a payment may vary. Some policies may require that you still pay the monthly interest that is due. However, every lender’s policy is different. This could result in lower monthly payments when you’re having trouble paying when bills are due. Instead, the amount due will be delayed until the end of your loan. This means that you may not be required to make the monthly payment. Some lenders offer borrowers deferred payments. Ask Your Lender to Skip or Defer a Car Payment Even better, fixing your financial situation is much easier than you would think. Luckily, there are ways to soften the blow if you can’t afford your car payment. But sometimes, due to financial restraints and looming debts, skipping a payment can be unavoidable. Naturally, your instincts tell you to avoid this cycle. Not having money means you can’t get your car back.Losing your car makes earning money harder.Not making your car payments leads to losing your car.Having no money means you can’t make your car payments.Imagine if you were to miss a car payment and have your car taken away. Unless you live in an area with exceptional public transportation or you work close to home, living without a vehicle of your own is next to impossible.
Melinda Opperman Money How to defer a car paymentįor most people, reliable transportation is as vital to survival as food and shelter. Know Your Options: How to Skip or Defer a Car Payment