How do I skip a monthly payment on my car loan?

I had some huge medical bills this month and I don't have insurance. As a result, I can't pay my car loan this month. Can I skip a payment? How?

Answer
We’re sorry to hear about your medical bills. As far as your car loan goes, your lender may let you skip a payment through a payment deferral.
A payment deferral allows you to skip payments for a month or two with the consent of your lender. Through this process, you’ll accrue more interest, but you won’t get hit with any late fees or see a drop in your credit score. Just remember you’ll be responsible for the payments later.
Not every lender allows payment deferrals, so contact your lender to explain the situation and try to work something out before your next payment deadline arrives.
If you want to save some cash in the future, consider finding a cheaper car insurance policy. Jerry can help you find more affordable rates without compromising on coverage.
Eric Schad
Answered on Oct 28, 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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