What to do if you miss your car loan payment and how to prevent it happening again

By Product Expert | Posted in Tips & Tricks on Monday, October 1st, 2018 at 6:52 pm
hand stamping loan documents and another holding out car key

Missing your car loan payment can ruin your whole day, but if you don’t know what to do once you realized you miss the payment, your day can definitely get worse. Here’s steps you can take in case this happens to you, and you can prevent it from happening again.

car salesmen looking at documents with coupleSteps to take after missing a car loan payment

  • Call the lender
  • If you can make the payment, pay it as soon as you can
  • If you can’t make the payment, request a deferment
  • Understand the repercussions of missing the payment

Possible repercussions of missing loan payment

  • Bad credit
  • Repossession of car
  • There can sometimes be an extra cost when you do make the payment

Read More: What to do if you get in a car accident

How to avoid missing your car loan payment

  • Automatic withdrawal
  • Pay attention to your finances
  • Reexamine your budget
  • Make sure you can make your loan payments before getting the car
  • Know what you are signing before you sign it

While no one wants to miss a car loan payment, sometimes it just happens.  Knowing what to do about a missed payment before it happens is a good way to prepare for the worst.

Are you looking for your next vehicle? Don’t hesitate to contact us here at Hickory Mitsubishi. We have both new and used vehicles for you to take a look at.

If you found this blog helpful, then be sure to check out the others we’ve created here at Hickory Mitsubishi. There are plenty of tips and tricks for you to read about. Then, you can take a look at the information we’ve shared about the Mitsubishi models. You can do much of your research on a Mitsubishi model right here at Hickory Mitsubishi, all without needing to actually stop by the dealership. When you’re ready, you can contact us and take your chosen vehicle for a test drive.

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