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If you are currently in a financial situation where you are unable to make your monthly car payment, you are probably wondering, “Can you defer a car payment?” Most of the time, yes. Many lenders let borrowers defer a car payment to the end of their loan when necessary. Learn reasons to defer a car payment, what is a deferment on a car loan, and how to defer your payment from the finance center at Don Franklin Auto.
First, what is a deferment on a car loan? A deferment allows borrowers to stop making payments on their auto loans in the future, which also helps avoid repossession. There are auto loans with a built-in deferment policy. With that said, payment deferment on a car loan can’t happen without speaking to your lender and getting their approval.
If you know you can’t make your next car payment, do not waste any time and speak to your lender. There are lots of reasons to defer a car payment, but it’s essential to have an honest conversation about your current financial situation, including details about why you’re asking for deferment. Depending on your lender, you may still be required to pay interest when you defer a payment.
Each lender offers different deferment policies, so the number of payment deferments on a car loan will vary. Some lenders may only allow one deferment, while others will allow two, or sometimes more. Whether this number is yearly or across the entire loan term also varies by lender. Be sure to ask these questions when asking about a loan deferment.
Before going forward with the payment deferment on a car loan, think about whether or not this is the best and smartest financial solution. Missing a car payment is not a viable option, but maybe family members or close friends can loan you money to put toward the car payment.
Here are some advantages and disadvantages of deferring a car payment to make sure you’re making the right decision:
If you have additional questions about car financing or your current auto loan, feel free to contact us at Don Franklin Auto. Be sure to refer to our financing and insurance information hub for more answers to your questions, such as what is the difference between used and certified pre-owned, should I buy or lease, and can I lease a car with bad credit?
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