"What happens if my first car loan payment is one day late? "

"I just got my paycheck on Friday, but my first payment for my car loan was due on Thursday. I made the payment online, though my bank's website says the payment will not be posted until Monday.

How bad are the consequences going to be?

"

Answer
“There is usually a grace period for car loan payments so you should be fine. I wouldn’t worry about any late fees, and there shouldn’t be any impact on your credit.
The grace period should be about a week or two. After that, you will be charged a fee of around $30.
If you’re a month late with your payment, you will get a mark on your credit. Sometime after that, the repossession process will begin.
That being said, every lender is different. If you are still worried about any possible consequences, you should call your lender.
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Johnny Puckett
Answered on May 25, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
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