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What's a deferred payment on a car loan?
I had some extra expenses this month and I'm not sure if I can pay my car loan. A friend told me I should ask about a deferred payment. What does this mean?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Sorry to hear about your expenses this month! But a deferred payment can definitely help you avoid problems with your
car loan
.A deferred payment on a car loan is when you come to an agreement with your lender to pay a smaller amount or skip a payment for a certain amount of time. In most cases, lenders will give you a deferred payment for financial hardship or extraordinary circumstances, such as COVID-19.
With the deferred payment, you won’t have to pay off your loan for the agreed-upon length of time, but your interest will continue to accrue. But hopefully it will buy you enough time to get your financial affairs back in order!
If you want to cut costs and free more money up for expenses such as your car loan, take a look at the
Jerry
app. We’ll get you customized quotes from top insurers so that all you need to do is choose the plan that works best for you!Best of luck with the payment, and hopefully your financial straits improve soon!”
View full answer
- Gregory R.
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