Can You Defer Car Payments?

Car finance paperwork with little blue car

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.

What is a Deferment on a Car Loan?

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 Can You Get a Payment Deferment on a Car Loan?

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.

Reasons to Defer a Car Payment

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.


  • Avoid the risk of repossession, which will leave you without a vehicle and severely damage your credit score.
  • Avoid paying hefty late fees.
  • If you have some equity in your car, deferring your payment will give you time to sell it.
  • Allows you extra time to refinance your auto loan, which can help you avoid issues with making your payments in the future.


  • Your payment is not eliminated. It’s sent to the end of your loan, so you’ll be responsible for taking care of it eventually.
  • Some lenders require that you still pay interest for the month when you defer a payment.
  • Your loan is still accruing interest during your deferment, meaning you might end up paying more interest over the course of your loan than you would have if you made the payment on time.

Get More Auto Financing Information from Val Ward Cadillac

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.

Val Ward Cadillac 26.55877, -81.87245.