What happens if I skip a month's payment on my auto loan?
"I normally pay my car loan each month. But I had some other expenses and I'm going to struggle to pay for my car loan this coming month.
What happens if I skip this month and just pay normally the next month?"
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Answered on Jun 14, 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.
“Two things will almost certainly happen:
First, you’ll probably have to pay a fee for being more than 10 or 15 days late on your payment.
Second, you may get a 30-day late payment mark on your credit, which can drastically impact your credit score.
Talk to your lender to see if you can figure something out. They’re usually willing to work with you.
If not, you’re going to have to double up on a payment in the future to get back on track.”
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