{"id":1503,"date":"2019-05-20T19:20:56","date_gmt":"2019-05-20T19:20:56","guid":{"rendered":"https:\/\/tt-blogs.dealerfire.com\/autosimple\/?p=1503"},"modified":"2023-10-06T04:04:29","modified_gmt":"2023-10-06T04:04:29","slug":"what-happens-if-i-miss-a-car-loan-payment","status":"publish","type":"post","link":"https:\/\/www.autosimple.com\/blog\/what-happens-if-i-miss-a-car-loan-payment\/","title":{"rendered":"How Late Car Payments Affect Your Credit"},"content":{"rendered":"<h2>What Happens If I Miss a Car Loan Payment?<\/h2>\n<p>Falling behind on finances and payments can be easy and playing catch up can seem like it goes on forever. But what will happen if you miss a car loan payment and how will it affect your credit? This is everything you need to know about what will happen if your car loan payment slips your mind.<!--more--><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><strong>Read more: <em><a href=\"https:\/\/www.autosimple.com\/blog\/common-mistakes-made-while-car-shopping\/\">Common Mistakes Made While Car Shopping<\/a><\/em><\/strong><\/p>\n<hr \/>\n<h3>Effects of a Missed Car Payment<\/h3>\n<p>Whether you intentionally skipped a payment on your car loans during a particularly tight month or you simply forgot to make your payment, missing a car loan payment can land you with a few consequences. Some of the potential effects of a missed car payment include:<\/p>\n<ul>\n<li>Late fees<\/li>\n<li>Negative impact on your credit score and payment history<\/li>\n<li>You\u2019ll continue to be a month behind on payments until you make up the missed payment<\/li>\n<li>Increase in interest rate<\/li>\n<li>Lasting mark on your credit report for up to seven years<\/li>\n<\/ul>\n<p>Missing a car loan payment can cause more negative effects than simply having to pay more the following month. If you find yourself having to skip a month\u2019s payment or having forgotten to pay, many lenders will forgive one late payment if you have a good financial history with them of on-time payments.<\/p>\n<h3>Can I Still Get a Car Loan with a Bad Credit History?<\/h3>\n<p>Some financial institutions will make getting a car loan difficult if you come in with a bad credit history. At Auto Simple we make loan approval easy no matter what financial history you come in with. <a href=\"https:\/\/www.autosimple.com\/vehicle-financing-chattanooga-tn\">You can apply for credit pre-approval<\/a> right on our website to get started on your way towards a personalized financial package to help with the purchase of your next vehicle from Auto Simple.<\/p>\n<hr \/>\n<p style=\"text-align: center;\"><strong>Read more:<em><a href=\"https:\/\/www.autosimple.com\/blog\/can-i-lower-my-car-insurance-bill\/\"> 5 Tips to Help You Lower Your Monthly Car Insurance Bill<\/a><\/em><\/strong><\/p>\n<hr \/>\n<p><a href=\"https:\/\/www.autosimple.com\/used-vehicles-in-your-area?\">Check out our online inventory<\/a> to see what vehicles you can get when you shop at Auto Simple in Chattanooga, TN.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What Happens If I Miss a Car Loan Payment? Falling behind on finances and payments can be easy and playing catch up can seem like it goes on forever. But what will happen if you miss a car loan payment and how will it affect your credit? This is everything you need to know about [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3243,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[21,696],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"description\" content=\"Have you recently missed a car loan payment? 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