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What happens if my first car loan payment is one day late?
My paycheck hit my bank account too late in the day to make the first payment for my car loan on time. I immediately made the payment online, but my bank’s website says it won’t post until the next business day. Are there consequences for missing a car payment by one day?
Pat Roache · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Most
car loans
have a grace period for late payments written into their contracts, so you shouldn’t be penalized for a car payment that’s one day late.A typical car loan grace period is around one to two weeks. You can expect the following consequences for late payments based on your grace period:
- Payments made during your grace period: There are typically no penalties.
- Payments made after your grace period: You’ll be charged a late fee of around $30.
- Payments that are over a month late: Your credit score will drop and your car may be open to repossession.
What to do: Check the terms of your financing agreement for information on a grace period. It’s a good idea to let your lender know when you’ll be late on a payment, even if it’s within the grace period.
View full answer
- Gregory R.
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