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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?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.”
View full answer
- Gregory R.
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