How long is the grace period for late payments on a car loan?

I had an emergency that caused me to divert my money elsewhere. I have a loan payment coming up on my car, but I won't be able to pay it until the following week. How long is the grace period for late payments on a car loan?

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Eric Schad
Answered on Apr 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.
“Every lender has a different grace period, so there’s no definitive answer on that. Check your contract; it should be listed somewhere in there.
In some cases, lenders will charge a late fee if you’re more than five days late on your payment. However, this shouldn’t affect your credit score. When you become 30 days late on your payments, that’s when it will cause your credit score to drop.
The smart thing to do is to contact your lender to tell them you’ll be late on your payment. This will help you establish a rapport and trust so it doesn’t look like you’re simply not paying.”
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