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Ask Your Lender to Skip or Defer a Car Payment Some lenders offer borrowers deferred payments. This means that you may not be required to make the monthly payment. Instead, the amount due will be delayed until the end of your loan.

Refinance your car loan You can get a lower interest rate with the same term remaining on your current loan, which means you pay less each month. Or you can refinance at a longer loan term. This will make your monthly payments lower, but you'll pay more interest overall.

Deferments do not hurt your credit score. Unlike simply missing a payment or paying it late, a deferred payment counts as ?paid ing to agreement,? since you arranged it with your lender ahead of time. That's especially important if you're already in the kind of emergency that would call for a deferment.

Lenders often allow you to defer a payment when you're facing financial hardship. This can take the pressure off for a month or two, but it can lead to paying more overall because interest continues to accrue during deferment.

If you find yourself facing financial challenges, you may be wondering, ?Can you defer a car payment?? Yes, many lenders allow their borrowers to defer a car payment to the end of their loan when necessary. There numerous reasons to defer a car payment. Anyone can find themself in a financial emergency.

Here are a few scenarios when deferments make the most sense: Injury ? If you are injured and you're going to take time off work and lose some income, a deferment could help. ... Illness ? If you fall ill and you need to take more than a few days off to recover, then a deferment makes sense, too.

If you can't resume payments and get caught up, your car can be repossessed. Worse, you could still owe money on your former car after you no longer have it. The repercussions can stick with your credit rating for years, making it hard to borrow money again, and increasing the interest on any loan you do get.

Trade it in for a less expensive car Assuming you're not upside-down on your car loan ? or owe more than what it's worth ? trading in your car for a less expensive one could be sensible. The difference between the trade-in value and what is owed on your current loan will lower the new loan amount.

Federal law provides certain protections for recurring automatic payments. You have the right to stop a company from taking automatic payments from your bank account, even if you previously allowed the payments.

If you suspect your debit card will be used fraudulently or if you cannot stop an automatic payment you have scheduled with a merchant, it is possible to block debit card transactions by contacting your bank. You can generally do this online, over the phone or by stopping by a bank branch.