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Sometimes, unexpected things happen in Beavercreek, and you may find yourself in a financial situation that wasn’t what you had planned. Maybe you need to defer a car payment one month if you’ve behind on your finances. But, can you defer a car payment? In most cases, many lenders will allow a deferment on a car payment until the end of the loan. Learn how to make a payment deferment on a car loan with the finance department at Key Chrysler Jeep Dodge Ram FIAT.
If you’re like other Springfield drivers, then you might be wondering, “What is a deferment on a car loan?” A deferment is something that allows you to essentially skip a payment on your car loan without having your car repossessed. Depending on the lender, they may have a built-in deferment policy, but you will need to speak directly to your lender to get approval for a payment deferment on a car loan. Be honest about your financial situation with your lender as they’ll need to know the details. Keep in mind that you may still be required to pay interest when you defer a loan payment.
The number of times you can defer a loan payment will also depend on your lender, which is why you need to be open and honest with them. Some lenders only allow one deferment, but some lenders do offer more, so you’ll need to ask them directly.
One of the main reasons to defer a car payment is to avoid any penalty if you can’t make a payment. But, before you consider deferring a loan payment, think about all of your other options. While deferring a loan payment should be your last option, here are some pros and cons to making a deferment on your loan payment:
To find out if deferring a payment on your car loan is the right choice for you, talk with your Wilmington lender to discuss your options.
Can you defer a car payment? It depends on your lender, so you need to ask them directly. Key Chrysler Jeep Dodge Ram FIAT is located in Xenia, but you can contact us online to answer all of your financing questions and learn more car-buying tips.
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