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Can I make partial payments on my car loan?
I don't have the money to pay my car loan this month, but I have enough to make a partial payment. Can I do that? Should I?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While you could make partial payments on your
car loan
, paying in full is almost always the better move.If you don’t have enough money for a particular month, you should make a phone call or send an email to your lender. In most cases, lenders are more than willing to work with you so you don’t default on the loan.
- You may be able to work out a one-time partial payment or a payment plan that allows you to catch up over time.
- A lender may also allow you to take a payment deferral, which means you won’t have to pay your loan for a month. While interest will still accrue, at least you’ll be off the hook for payment.
View full answer
- Gregory R.
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