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Can I make partial payments on my car loan?
I don't have the money to pay my car loan this month, but I have enough to make a partial payment. Can I do that? Should I?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While you could make partial payments on your
car loan
, paying in full is almost always the better move.If you don’t have enough money for a particular month, you should make a phone call or send an email to your lender. In most cases, lenders are more than willing to work with you so you don’t default on the loan. You may be able to work out a one-time partial payment or a payment plan that allows you to catch up over time.
A lender may also allow you to take a payment deferral, which means you won’t have to pay your loan for a month. While interest will still accrue, at least you’ll be off the hook for payment.
If you want to save some extra cash to pay for your car loan, take a look at your current car insurance policy and compare it with quotes on
Jerry
. In just minutes, you can find the best rate for your coverage needs.View full answer
- Gregory R.
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