It happens to the best of us: an unexpected expense arises or we forget about something we need to buy, and suddenly our monthly car payment goes on the backburner. If you find yourself in this situation with your Honda car, the worst thing to do is nothing. It’s important that you take action, and here’s what you should know about deferring your Honda payment.
Talk to Your Lender
If you can’t make a payment, it is vital that you get in touch with your lender as soon as possible. If you don’t contact them, it will be assumed that you’re purposely choosing not to pay, and this will hurt your credit score and could result in your car being repossessed. Tell your lender about your current financial situation and why you need a deferment, and they will work with you to come up with a plan.
Things to Know About Deferring Your Honda Payment
While a deferral allows you to buy some time, there are some important things to keep in mind. First, you will still need to eventually cover any of the payments you miss. And with multiple deferrals, this can really add up.
Secondly, your lender may still require you to pay the interest for the month or months you miss. Also, if you do defer several payments, that accrual may result in having to pay more in interest than you otherwise would have if you made the payments on time.
Need to Defer? Contact Heritage Honda Parkville Today
Do you have any questions about deferring your Honda payment? Get in touch with Heritage Honda Parkville in Parkville, MD and speak to one of our financing professionals for advice or guidance.
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