What Happens If I Accidentally Miss a Car Loan Payment?

October 30th, 2020 by

What happens if I miss my payment?

Accidentally missing a car loan payment, or any payment for that matter, can be a panic-inducing moment. Here’s what you need to know if this happens, and how to prevent it from happening again.

Possible Repercussions of Missing a Loan Payment

  • Negative impact on your credit score
  • Late fee
  • Interest rate could rise
  • Can potentially stay on your credit report for up to 7 years

We don’t mean to scare you with all of this, but even a single late payment can negatively impact your life much more than you might think—and for a longer amount of time than anticipated, too. Make sure you are prepared to get that new car by taking some precautions against late payments.


 

Read More: Reasons Why My Engine Light Turned On

 


Things I Can Do To Prevent Accidentally Missing a Payment

  • Automatic withdrawal is a great way to not miss a payment. Not
    everyone does it of course, but it may be helpful to look into it, and not
    only for car loan payments!
  • Reminders on your phone might be annoying, but they can help you
    remember to pay your bills on time.
  • Have a day dedicated to just your finances. Seriously. If you set one or
    two days aside each month to just reevaluate your finances, it can help
    you stay on top of those bills.
  • Organization! Don’t have a messy office with a bunch of papers
    scattered around. Take the time to organize your information into some
    folders, and store them in an easily-accessible box or drawer.
What Happens If I Miss My Payment?

Can I still buy a car with bad credit?

Fortunately, you’ll still be able to get a vehicle even if you have bad credit. Finding the right used car dealership may be more difficult, but it can be done.

You’ll be able to get a car even with a bad credit score right here at Ottobot Motors. Feel free to contact us if you would like more information on this easy process.

View Our Used Cars for Sale in Irving, TX:

All Used Cars Used Chevrolet Used Dodge Used Ford
Used Hyundai Used Jeep Used Nissan Used Toyota
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Used SUVs Cars Under $15K
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