{"id":238,"date":"2026-05-11T06:21:31","date_gmt":"2026-05-11T06:21:31","guid":{"rendered":"https:\/\/www.way.com\/auto-refinance\/guide\/?p=238"},"modified":"2026-05-11T06:21:31","modified_gmt":"2026-05-11T06:21:31","slug":"can-you-defer-a-car-loan-payment","status":"publish","type":"post","link":"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/","title":{"rendered":"What happens when you defer a car loan payment?"},"content":{"rendered":"<div class=\"ewa-rteLine\">\n<p style=\"text-align: center;\"><em>Skyrocketing gas prices and car costs mean that mustering enough money to pay your car loan might be difficult. If your finances are getting increasingly tight, you can skip your car loan payments for a while. Here is everything you need to know about deferring car loan payments and what you should keep in mind!<\/em><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Can_you_defer_a_car_loan_payment\" >Can you defer a car loan payment?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#How_many_car_payments_can_you_skip\" >How many car payments can you skip?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#How_to_defer_a_car_loan_payment\" >How to defer a car loan payment?\u00a0<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Skip_the_payment\" >Skip the payment\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Hardship_letter\" >Hardship letter\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Reasons_to_defer_a_car_loan_payment\" >Reasons to defer a car loan payment\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Steps_involved_in_deferring_a_payment\" >Steps involved in deferring a payment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Does_deferring_a_car_loan_payment_hurt_your_credit\" >Does deferring a car loan payment hurt your credit?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Seven_alternatives_to_deferring_your_car_loan_payments\" >Seven alternatives to deferring your car loan payments<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Refinance_your_auto_loan\" >Refinance your auto loan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Lower_your_car_loan_payment\" >Lower your car loan payment\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Pay_off_the_loan_faster\" >Pay off the loan faster\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Change_your_payment_due_date\" >Change your payment due date\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Transfer_your_loan_to_someone_else\" >Transfer your loan to someone else\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Sell_the_car_and_pay_off_the_car_loan\" >Sell the car and pay off the car loan\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Surrender_the_car_before_repossession\" >Surrender the car before repossession\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Pros_and_cons_of_car_loan_deferment\" >Pros and cons of car loan deferment<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Advantages\" >Advantages<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Drawbacks\" >Drawbacks\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Frequently_asked_questions\" >Frequently asked questions<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Should_you_apply_for_a_car_loan_deferment\" >Should you apply for a car loan deferment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Can_you_defer_a_car_loan_payment_for_six_months\" >Can you defer a car loan payment for six months?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Do_you_have_to_pay_back_deferred_payments\" >Do you have to pay back deferred payments?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#How_many_months_can_you_be_behind_on_your_car_payment\" >How many months can you be behind on your car payment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Is_it_okay_to_defer_a_car_payment\" >Is it okay to defer a car payment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#How_do_I_ask_for_a_car_payment_deferral\" >How do I ask for a car payment deferral?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Can_I_skip_a_car_payment_if_Im_ahead\" >Can I skip a car payment if I&#8217;m ahead?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/#Final_thoughts\" >Final thoughts<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Can_you_defer_a_car_loan_payment\"><\/span>Can you defer a car loan payment?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">While the option to defer a car payment rest completely on your lender, it certainly will depend on two main factors. Firstly, <strong>you must be prompt with your current loan payments<\/strong>. Secondly, <strong>you shouldn\u2019t have had a deferment recently or more than twice that financial year<\/strong>. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h3 class=\"JlqpRe\"><span class=\"ez-toc-section\" id=\"How_many_car_payments_can_you_skip\"><\/span><span class=\"JCzEY tNxQIb\"><span class=\"CSkcDe\">How many car payments can you skip?<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">Although it is up to your lender, you can defer <strong>not more than two payments<\/strong> per year.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">So, if you are in doubt as to whether you can d<\/span>efer a car payment more than once, it is possible with the lender&#8217;s agreement.<\/p>\n<\/div>\n<div class=\"ewa-rteLine\">\n<h2><span class=\"ez-toc-section\" id=\"How_to_defer_a_car_loan_payment\"><\/span><span data-contrast=\"none\">How to defer a car loan payment?\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">Deferring a car loan payment means skipping the monthly payment on your loan. If your lender permits, you might be able to postpone it entirely or let the lender lower the upcoming payment. <\/span><span data-contrast=\"none\">The following methods are the two main ways you can defer car payments. <\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Skip_the_payment\"><\/span><span data-contrast=\"none\">Skip the payment<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"none\">While most lenders will allow this option, there might be fees associated with it. So, you should consider it carefully.\u00a0<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Hardship_letter\"><\/span><span data-contrast=\"none\">Hardship letter<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"none\">This is another option for lenders to allow deferred car payments. In other words, you need to <\/span><span data-contrast=\"auto\">explain the reasons for the delay and the time you require to restart the regular payment. In addition, you should present the pay stubs and other related documents that you submitted during the loan application. <\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Similarly, your credit report and scores will also be reviewed before the lender agrees to defer the car payment.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"ewa-rteLine\">\n<h2><span class=\"ez-toc-section\" id=\"Reasons_to_defer_a_car_loan_payment\"><\/span><span class=\"TextRun SCXW60749943 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW60749943 BCX0\">Reasons to defer a car loan payment<\/span><\/span><span class=\"EOP SCXW60749943 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">You can choose to defer payment on a car loan when you feel that your income is going to be strained in the coming month. Some examples of such situations include:<\/p>\n<ul>\n<li>If you&#8217;re going through a financial emergency that has used up your monthly budget, like medical bills or house repairs.<\/li>\n<li>If you&#8217;re in between jobs and haven&#8217;t got sufficient savings to pay for the next payment.<\/li>\n<li>When you&#8217;ve had an injury or illness and are taking some time off, but in the process, you lose some income.<\/li>\n<li>When you&#8217;ve been furloughed and don&#8217;t know if you might have a stable source of income in the upcoming months.<\/li>\n<\/ul>\n<div class=\"ewa-rteLine\">\n<h2><span class=\"ez-toc-section\" id=\"Steps_involved_in_deferring_a_payment\"><\/span><span data-contrast=\"none\"> <span class=\"NormalTextRun SCXW147098862 BCX0\">Steps involved in d<\/span><span class=\"NormalTextRun SCXW147098862 BCX0\">eferring<\/span><span class=\"NormalTextRun SCXW147098862 BCX0\"> a payment<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n<\/div>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"925\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Go through the website and find out the options available. For example, it might be given as \u201cskip a payment\u201d or \u201cloan extension.\u201d <\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"925\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Draft a hardship letter, if needed, with the details, the amount you owe, and what you\u2019ve paid to date, the reason for postponing the car payment, and when you can resume the payment. <\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"925\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Provide the necessary details upon request from your lender. <\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"925\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Agree upon a period after discussing it with the lender. <\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><strong style=\"font-family: var(--list--font-family); background-color: var(--global--color-background); color: var(--global--color-primary); font-size: var(--global--font-size-base);\">Remember that deferring your car loan payments does not mean that you are freed from the responsibility of paying them.<\/strong><span style=\"font-family: var(--list--font-family); background-color: var(--global--color-background); color: var(--global--color-primary); font-size: var(--global--font-size-base);\"> The skipped payments will be clubbed with the remaining payoff amount, and the loan term will be extended till you finish paying off the principal and interest. You will likely pay more interest in the long run because of it.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Does_deferring_a_car_loan_payment_hurt_your_credit\"><\/span><span data-contrast=\"none\">Does deferring a car loan payment hurt your credit?<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"none\">Deferring a car payment simply means pausing your payment for a certain period with the knowledge of your lender. Therefore, it doesn\u2019t affect your credit score. However, <\/span><span data-contrast=\"auto\">based on the type of loan, interest may keep increasing, and you might pay more money in the long run. But you\u2019ll be exempt from defaulting on your loan and paying <\/span><span data-contrast=\"auto\">late fees.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Seven_alternatives_to_deferring_your_car_loan_payments\"><\/span><span data-contrast=\"none\">Seven alternatives to deferring your car loan payments<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h4><span class=\"ez-toc-section\" id=\"Refinance_your_auto_loan\"><\/span><span data-contrast=\"none\">Refinance your auto loan<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\">Auto loan refinancing<\/a> can help you take out a new loan, pay off the old one, and get better terms and conditions, like a lower APR and lower monthly payments.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Lower_your_car_loan_payment\"><\/span><span data-contrast=\"auto\">Lower your car loan payment<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">If you negotiate with the lender, they may be able to<\/span><span data-contrast=\"none\"> lower your amount to a level you can pay<\/span><span data-contrast=\"auto\">. However, if your lender has already sold your loan to another financial institution, this option may not work.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Pay_off_the_loan_faster\"><\/span><span data-contrast=\"auto\">Pay off the loan faster<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">If you anticipate a fund crunch in the near future, you can choose certain ways to <\/span><span data-contrast=\"none\">pay off the auto loan faster<\/span><span data-contrast=\"auto\">. Bi-weekly payments, excluding add-ons from monthly payments, paying more towards the principal, and paying high-interest loans first are some common ways to reduce debt quickly.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Change_your_payment_due_date\"><\/span><span data-contrast=\"none\">Change your payment due date<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">If your cash crunch is temporary, you can also ask the lender to change your payment due date to a more comfortable one. For example, you&#8217;ll be easily able to avoid skipping payments if your due date is near your payday.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Transfer_your_loan_to_someone_else\"><\/span><span data-contrast=\"none\">Transfer your loan to someone else<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">Although this is a rare option, some lenders allow you to transfer your loan to a third party. However, the new borrower must be willing to take on your loan and have an acceptable credit score.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Sell_the_car_and_pay_off_the_car_loan\"><\/span><span data-contrast=\"none\">Sell the car and pay off the car loan<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">If it is possible, you can sell your car, which allows you to pay off a large amount of the loan quickly and <\/span><span data-contrast=\"none\">get out of the bad auto loan<\/span><span data-contrast=\"auto\">. You may not be able to pay off the entire loan, but it will free up some finances easily.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Surrender_the_car_before_repossession\"><\/span><span data-contrast=\"none\">Surrender the car before repossession<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">Allowing the lender to repossess the vehicle should be your last resort. The lender will take possession of the car, and your credit score can take a slight hit, but it&#8217;s better than involuntary possession.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Pros_and_cons_of_car_loan_deferment\"><\/span>Pros and cons of car loan deferment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h4><span class=\"ez-toc-section\" id=\"Advantages\"><\/span>Advantages<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li>It will give you time to avoid fees due to late payments.<\/li>\n<li>It will help you look for other options to close the loan early, like refinancing.<\/li>\n<li>It will save you from being classified as a defaulter and prevent repossession of the vehicle.<\/li>\n<li>It will allow you time to organize your finances better.<\/li>\n<\/ul>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Drawbacks\"><\/span><b><span data-contrast=\"none\">Drawbacks<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335557856&quot;:16777215,&quot;335559738&quot;:300,&quot;335559739&quot;:300,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"844\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">You will have to pay back the skipped loan payments later, as deferment is only a temporary pause.<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"844\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">You will pay more in interest charges due to your loan term being extended.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335557856&quot;:16777215,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"844\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">You might have to pay a fee for auto loan payment deferment.<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Frequently_asked_questions\"><\/span>Frequently asked questions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"Should_you_apply_for_a_car_loan_deferment\"><\/span>Should you apply for a car loan deferment?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>If you absolutely cannot afford to continue your car loan payments in the next few months, it is always best to apply for deferment. If you skip a payment without informing your lender, it will not only affect your credit score but will also lead to default.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Can_you_defer_a_car_loan_payment_for_six_months\"><\/span>Can you defer a car loan payment for six months?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Most lenders allow car loan payment deferment for up to three months. Very few lenders allow you to skip payments for as long as six months. However, the lender could consider the option if you have a good credit score, a consistent payment history, and your current financial circumstances.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Do_you_have_to_pay_back_deferred_payments\"><\/span>Do you have to pay back deferred payments?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Yes, skipping your car loan payments does not mean you do not pay it back. Deferment only means that you are excused from paying the amounts for a certain period \u2013 after which you must resume paying them. Additionally, your loan term will be extended to account for your skipped payments and the interest accrued on them.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"How_many_months_can_you_be_behind_on_your_car_payment\"><\/span>How many months can you be behind on your car payment?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>If you do not apply for deferment and skip payments, lenders will wait for around three months before moving to repossess. Since repossessing a vehicle involves costs to the lender, they may wait at least a month before taking action.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Is_it_okay_to_defer_a_car_payment\"><\/span>Is it okay to defer a car payment?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>It is okay to defer a car payment if your lender allows you to and if you are certain that it won&#8217;t affect your credit score.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"How_do_I_ask_for_a_car_payment_deferral\"><\/span>How do I ask for a car payment deferral?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>You must contact your lender and then usually provide them with a hardship letter with the reasons for deferring the car payment and when you can resume it too.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Can_I_skip_a_car_payment_if_Im_ahead\"><\/span>Can I skip a car payment if I&#8217;m ahead?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Skipping payments is not advised, as you&#8217;ll have to pay an extra amount for your next installment.<\/p>\n<h3 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Final_thoughts\"><\/span>Final thoughts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">Refinancing is a good alternative if you are certain that you won&#8217;t be able to make the payments for the upcoming installments. Refinancing your current loan will offer you better, affordable rates and simplify monthly payments. However, if it is just a break you need, you can certainly defer the car payment and pay it when your lender asks.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Skyrocketing gas prices and car costs mean that mustering enough money to pay your car loan might be difficult. If your finances are getting increasingly tight, you can skip your car loan payments for a while. Here is everything you need to know about deferring car loan payments and what you should keep in mind!&hellip; <a class=\"more-link\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/\">Continue reading <span class=\"screen-reader-text\">What happens when you defer a car loan payment?<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":239,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":["post-238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auto-refinance","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What happens when you defer a car loan payment?<\/title>\n<meta name=\"description\" content=\"A question that comes up when finances get tight is how to defer car loan payment? Here&#039;s a detailed explainer on how to go about it.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/can-you-defer-a-car-loan-payment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What happens when you defer a car loan payment?\" \/>\n<meta property=\"og:description\" content=\"A question that comes up when finances get tight is how to defer car loan payment? 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