Financial emergencies sometimes happen. When they do and you need extra cash in Cape Coral, you might be wondering, can you defer a car payment? Many lenders will allow you to get a payment deferment on a car loan. Missing a payment isn’t an option, but you can get some answers to, “what is a deferment on a car loan?” from the finance department at Val Ward Cadillac. They’re here to help you decide what’s best for your vehicle finances.
Wonder what is a deferment on a car loan? It’s a process that lets a borrower start making their payments at a future date. Payment deferment on a car loan can help you avoid repossession if you need to skip a payment. Check the fine print on your auto loan—you might have a payment deferment on the car loan built-in. Even so, you can’t get that deferment unless you get approval from your lender. If you know you won’t make your next car payment, call your lender as soon as possible. No matter the reason you defer a car payment, prepare for a frank and honest discussion about your financial situation with your lender, who will want details on your reason to defer a car payment.
How often you can defer a car payment in Naples will depend on your lender and the terms of your loan. This information should be detailed in your auto loan paperwork, or you can get it from your lender.
Of course, Bonita Springs drivers who are considering a payment deferment on a car loan will want to weigh the pros and cons. Missing a payment isn’t an option due to its unwanted consequences, and a deferment should only be used if all other options have been exhausted. Here are some pros and cons that can help you decide if a payment deferment on a car loan is the right choice for you.
Whether you’re wondering if you can get a deferment on a car payment, or you’re looking to apply for financing for a new vehicle, the finance department at Val Ward Cadillac is here to help. Contact us with your questions anytime.