How much is a late fee for a car payment?

How much will I be charged for making a car payment late? I couldn't make my payment last week and I'm just hoping the fee isn't too high.

Answer
Late fees for car payments vary depending on the lender, so you’ll need to ask them directly.
That being said, most banks have a 10-day grace period. If you pay within that window, the lender won’t count your payment as late. Since your due date was last week, you hopefully will not incur a late fee at all.
As a general rule, late fees aren’t very much—usually $25 to $50. But if you’re too late making your payments, you may face consequences like a:
  • Drop in credit score
  • Rise in credit card interest rates
  • Car repossession
Of course, these consequences will usually only occur in worst-case scenarios. Before that happens, you should take steps to avoid any late payments. A great way to start is by talking with your lender about a manageable payment plan.
If you’re having trouble with your car payments and are looking for ways to save, try using Jerry. A licensed broker, the Jerry app can help you find and compare competitive car insurance quotes from top providers for free. On average, users save nearly $880 a year. All you need to do is browse the quotes, pick a plan, and let Jerry do the rest!
Joshua Levy
Answered on Oct 26, 2021
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