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What happens if I miss a car note payment?
I had some unforeseen expenses this month and I'm not sure if I can make my car note payment. What happens if I miss it?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear about your extra expenses, but don’t panic yet!
When you miss a car payment, you might have to pay some late fees or added charges, but most lenders have a grace period that’s stated in your car loan contract. For example, if the grace period is 10 days, you can pay up to 10 days late without any hit to your credit or added fees.
If you can’t make the payment within that time frame, you still might only have to pay fees; your credit score will likely stay the same. It’s only when you get 60 to 90 days behind on your payments that you may get a mark on your credit.
The best way to avoid catastrophe is to call your lender immediately. Most lenders are willing to work with you on payments, especially if you’ve had some form of financial hardship.
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- Gregory R.
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