PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
What happens if you can't pay a car loan?
I had some medical bills this month that were rather pricey. Because the bills are so high, I’m not sure if I can make my car note payment. What happens if I don’t pay for my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear about your medical issues. Hopefully, you’re recuperating and feeling better. If you can’t pay your
car loan
, you may have to pay penalties and fees, as well as face an impact on your credit score and possible repossession.When you don’t pay your car loan, most lenders will do the following:
- Lenders typically offer a 10-to-15-day grace period. You won’t see any hit to your credit score or penalties/fees if you pay within this time frame.
- After the grace period, you may face penalties and fees as outlined in your loan contract.
- After 30 days, the lender will report your delinquency to credit agencies.
- After 45 to 90 days, you may face collections or a repossession.
Because of the far-reaching effects of nonpayment, you should call your lender immediately. Most lenders are more than willing to work with you simply because collections or repossession costs more money than working out an agreement. If you haven’t done so yet, contact your lender.
To discover more money to pay for the loan, look to cut expenses in your daily life or with your
car insurance
using the Jerry app.As a licensed broker,
Jerry
can help you find and compare quotes from dozens of top providers in just minutes. When you find a better rate, Jerry can help you switch your coverage and even cancel your old policy! On average, Jerry customers save nearly $900 per year!View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies