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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?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.
“View full answer
- Gregory R.
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