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How much is a late fee for a car payment?
I had a rough month and I couldn’t make my car loan payment last week. I’m too scared to check how much my bank charged me for missing it. Are the late fees for a missed car payment high?
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re not alone in missing a payment or two, especially after the pandemic. The late fees for missed car payments vary depending on the bank, so you’ll need to call and ask them directly. Most late fees range from $25-$50.
The good news is that most lenders offer a 10-day grace period. If you pay within that window, you could skip the late fee altogether!
While late fees aren’t so bad, the consequences for missing multiple payments are worse. You could face:
- A drop in your credit score
- A rise in your credit card interest rates
- Repossession of your car
As in most other relationships, communication is key. Reach out to your bank and ask them what you can do in the future to avoid missing a payment. Many lenders are happy to arrange make-up payments in small installments and postpone late fees. You may even be able to
reduce your car payments without refinancing your car loan
.Be brave and good luck!
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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