Are there penalties for deferring car loan payments?

My husband was laid off a few weeks ago and we're struggling to keep up with our bills. We're thinking of deferring our car loan payment, but will we be penalized for doing so?

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Johnny Puckett
Answered on Apr 07, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
“Every lender is different and has their own unique policies, but deferring a car loan payment usually does come with a fee. However, it is usually not much and is added to the next payment amount. Contact your lender to confirm whether they impose a penalty for payment deferral. “
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