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Can You Defer a Car Payment?

Tiny car with coins and finance paperwork

Can you defer a car payment? What is a deferment on a car loan? What are the reasons to defer a car payment? You can typically defer a car payment if you’ve hit a financial rough spot and need a reprieve from your cash flow issues. Lenders, including the ones at Voss Hyundai, want you to pay off your loan on time, but will often give a small bit of leeway to the borrower. Voss Hyundai is going to tell you about what a deferment is on a car loan and some other finance tips.

How to Defer Car Payment

Let’s answer “what is a deferment on a car loan?” first off. A deferment lets a borrower make payments on their loans in the future. Deferring payment can stave off repossession if you need to skip a payment. Sometimes, you’ll have a deferment policy built right in for Centerville or Miamisburg drivers, but you should always contact your lender and get their approval.

If you’re sure you won’t make the next month’s payment, you need to contact your lender right away. There are many reasons to defer a car payment, but you should be prepared to have an honest conversation about your current financial situation. They’ll need to know the exact details and you should be aware that you’ll usually still have to pay interest when you defer a payment.

How Often Can You Defer?

When you need a payment deferment on a car loan, you’ll be limited in the number of times you can ask for a deferment. Some lenders will only allow a deferment once, but others will allow two or even more. Whether this is valid every year in Kettering or if it’s valid for the entirety of the loan term is up to your lender.

Find More Auto Finance Tips at Voss Hyundai

When you need to finance your car, it’s time to take it to Voss Hyundai. You’ve got great financing options with us and we’ll even value your trade to make it even easier to get into the car that’s right for you. And when you’re on our lot, you can get the lay of the land when you look at our massive selection. Contact us to learn more!

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