Try not to worry too much about what will happen if you don’t pay a car loan payment on time. When you miss a payment, you will see a drop in your credit score. But your car is unlikely to be repossessed unless you miss multiple payments.
Plus, if you’re able to make the payment soon and get back on schedule quickly, you might not even see a drop in your credit score at all.
If you’re really worried, talk to your lender. You may be able to set up an automated monthly reminder. Some lenders also have a grace period on loan payments, so being late by a day or two may not be a big deal.
If you’re not happy with the options that your lender has to offer, consider refinancing your loan to find more flexible terms.
Jerry
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