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If your new car is in danger of being repossessed, finding solutions is of the utmost importance in the Mesa. For many, the first step is asking, “can you defer a car payment?” For some Surprise drivers, the answer is yes–but it may not be the case in every instance. So what is payment deferment on a car loan? It’s a temporary fix – the lender allows the borrower to skip a payment or two and adds the missed payments to the end of the car loan.
There are good reasons to defer a car loan, but there are also plenty of reasons to consider other options. Is your financial trouble likely to ease in a short time? If not, deferment only delays the inevitable.
Lenders will use several different procedures to ensure they’re paid back, and not all of them will consider deferment a feasible solution. However, if you have a good relationship with your lender and communicate your issues clearly, most lenders will try to find ways to help you. First and foremost, call your lender before you miss a payment. Payment deferment on a car loan becomes much more difficult for the driver who waits to act.
Not paying back your car loan can have enormous consequences. Borrowers looking for reasons to defer a car payment have a few options as well:
Losing your car is always a nightmare, but car repossession is the worst outcome. Not only do you lose your car, your credit takes a major hit. It will definitely affect your ability to obtain loans in the future. Try these solutions to avoid forcible repossession if you absolutely can’t pay:
If you’re falling behind on your car loan, the worst thing to do is skip a payment or avoid the lender. If you get in front of the problem with these steps, you will be okay.
For more information on deferring a car payment, contact our finance department at Cactus Jack's Auto! We have several different locations, including Phoenix. Whether it’s information on reasons to defer a car payment or car buying tips, we’re here to help!
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