What methods of payment are available for car loans?
I just want to know what my options are before I sign up for a car loan.
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Answered on Apr 02, 2021
Jim Donaher is a freelance writer and manager with over 35 years' experience in the insurance, banking, and investment management businesses. He provides expertise on a range of topics and is able to explain complex industry information in layman's terms. Jim is the author of two books, including Call Him, He's Home: A Guide to Prayer for Regular People and Then Larry Smiled, a novel about life, death, accountability, and salvation. Taormina, Sicily is his happy place!
Thanks to advancements in technology, there are various options for making your car loan payments.
Once you open your loan, you can authorize the lender to draw your payment from your checking or savings account on the due date. This is easy, free, and enables you to have a perfect on-time payment record.
If you prefer to have a bit more control, the same effect can be had by setting up a recurring payment to the lender through your online banking account. You can adjust the amount or the payment date any time you need to.
Then there are the more old-fashioned approaches: you can write a personal check and mail it to the lender, or you can make your payment in person with cash, a check, or a money order.
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