What happens if you don't pay a car loan payment?

I’m worried about what will happen if I don’t pay one of my car loan payments. I’m not great with remembering to do things on time and I don’t want my car to get repossessed if I forget!

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 is a great resource for comparing loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Jerry makes it easy by finding the best lenders at the best rates.
Liz Jenson
Answered on Dec 03, 2021

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