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How late can you be on a car payment?
I had an emergency that caused me to divert my money elsewhere. I have a loan payment coming up on my car, but I won't be able to pay it until the following week. How long is the grace period for late payments on a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Every lender has a different grace period, so there’s no definitive answer on that. Check your contract; it should be listed somewhere in there.
In some cases, lenders will charge a late fee if you’re more than five days late on your payment. However, this shouldn’t affect your credit score. When you become 30 days late on your payments, that’s when it will cause your credit score to drop.
The smart thing to do is to contact your lender to tell them you’ll be late on your payment. This will help you establish a rapport and trust so it doesn’t look like you’re simply not paying.”
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- Gregory R.
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