Can you ask a lender to waive a payment for a month on a car loan?
"I've made 37 straight on-time payments on my car loan. I have 23 left.
This month, I've had some unforeseen expenses and I can't pay the loan. Can I ask the lender to waive the payment for the month?"
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Answered on Jul 27, 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.
“You can always ask, but unless your lender is a small local bank or credit union, chances are they won’t do it.
Sure, you’ve paid your loan on time in the past, but that doesn’t entitle you to skip a payment, even if you’re experiencing some hardship.
The smartest thing to do is to call your lender immediately and see if they’ll work with you. Sometimes, they’ll accept a smaller payment if you pay off the difference in the following month. It’s worth a shot.”
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