How do I skip a payment on my car loan?

I won't have the money this month to pay my car loan. Can I skip my payment? What happens if I do?

Answer
Financial pressure can be really tough to deal with! However, you should talk to your lender first, since the ability to skip a car loan payment is entirely dependent on them.
Some lenders have a one-time or once-a-year skip-a-payment policy built into their contract. Other lenders may require you to contact them to discuss payment deferment, which is a more technical term for skipping a payment.
Don’t be bashful to contact them; most lenders are more than willing to work with you for a temporary payment skip!
To put some more money in your pocket, you should also review your car insurance policy. With the Jerry app, we’ll get you personalized quotes from top insurers in seconds. That way, all you need to do is pick the plan that works best for you.
Best of luck, and hopefully your financial straits improve soon!
Eric Schad
Answered on Nov 22, 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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