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How many extensions can you get on a car loan?
"I lost my job and have had some unexpected expenses. I already asked the lender for three extensions on my car loan payment, which they granted.
How many extensions can I ask for before they deny my request?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you have a lender that’s already granted an extension three times, don’t take advantage.
The fact that they’ve granted these extensions shows that they value their relationship with you, and they bend over backward to keep the relationship going.
Instead of asking for another extension, call them and tell them about your situation. At the very least, you should give them something in terms of payment.
Few lenders want to repossess a car because they usually end up taking a loss on the loan if you don’t pay the balance after they sell the vehicle. That said, be honest and upfront, and hopefully they’ll work with you.”
View full answer
- Gregory R.
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