What happens if my first car loan payment is one day late?
My paycheck hit my bank account too late in the day to make the first payment for my car loan on time. I immediately made the payment online, but my bank’s website says it won’t post until the next business day. Are there consequences for missing a car payment by one day?
- Payments made during your grace period: There are typically no penalties.
- Payments made after your grace period: You’ll be charged a late fee of around $30.
- Payments that are over a month late: Your credit score will drop and your car may be open to repossession.