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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?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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!
View full answer
- Gregory R.
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