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What is deferment on a car loan, and how feasible is it? If you’ve recently found yourself in a financial emergency, you might be worried about making your next car payment. Missing your payment isn’t an option, so you may be wondering “Can you defer a car payment?” Yes, many lenders will allow their borrowers to defer a car payment to the end of their loan when needed. There are a variety of reasons to defer a car payment. Read on to learn more from the finance team at Sunshine Chevrolet, Llc!
So, what is a deferment on a car loan? Deferments allow borrowers to start making payments on their loans at a later date. A payment deferment on a car loan will help you avoid repossession if you skip a payment. While some auto loans have a built-in deferment policy, you’ll want to speak to your lender for approval as well as learn how often deferment is allowed.
Be prepared to have an honest conversation with your lender about your current financial situation. They’ll want to know why you’re asking to defer your car payment. Bear in mind that, depending on your lender, you may be required to pay interest.
Asheville drivers shouldn’t jump straight to deferment. First, see if you have family or a close friend who would be willing to help you out temporarily. Take a look at some advantages and disadvantages of deferring a car payment below:
If you have more questions pertaining to car financing, contact the team at Sunshine Chevrolet, Llc in Arden. We can even offer you tips on how to improve your credit score. Stop by our Arden car dealership to learn more today!
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