"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 provided by
Answered on May 25, 2021
“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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