How to Stop Missing Late Car Loan Payments in Rockton

How to Stop Missing Late Car Loan Payments in Rockton

Posted on February 17, 2022

It is quite important to get in the habit of not missing late car loan payments, as just one late payment can have an adverse effect on your credit score, while a missed payment can lead to repossession.

This brings us to how stop missing late car loan payments, which our Rockton auto loans team will now explain.

Sign up for autopay

One of the major ways of dealing with late auto payments is by signing up for autopay.

This is done by granting your credit card issuer access to automatically remove payment from your account at a particular stipulated date.

By automating your bills, you are able to avoid the unnecessary situation of late payment.

Set reminders

In cases where you prefer to do things yourself, you might not be interested in signing up for autopay. However, you might not want to depend mainly on your memory in order to make payments on time.

Therefore, you can opt to sign up for an online alert or set up a calendar reminder on your phone or computer.

For instance, you can schedule all of your payments’ due dates on your online calendar as a recurring meeting, as the calendar will sync to your mobile devices and remind you wherever you may be.

Contact your credit company

If you have missed your due date, you should immediately make the payment and get in touch with your credit company in order to quickly remedy the issue at hand.

If this was your first time making late payments or missing payments, you can contact your issuer to waive it off.

But if you constantly make late payments, you should consider stopping using credit until you have paid off your loan or decide to sign up for autopay.

Make weekly payments

Although payment with credit cards is due once a month, this time interval can lead to an issue with cashflow.

This can eventually result in late payment of your loan and nobody wants that!

Setting weekly payments can reduce the amount of interest you pay on your car loan and ingrain it into your weekly schedule enough that you should never forget.

Weekly and bi-weekly payments are common south of the border for these reasons.

By making use of the steps listed above, you should be able to avoid late auto payments. As the saying goes, prevention is better than the cure!

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