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?

Answer
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.
If you want to save some extra cash to pay for your car loan, take a look at your current car insurance policy and compare it with quotes on Jerry. In just minutes, you can find the best rate for your coverage needs.
Eric Schad
Answered on Nov 01, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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