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You made it through the car loan or auto refinance process, but now you have one more hurdle: figuring out how to make a car payment. Fortunately, you’ll typically have at least 30 days before your first payment is due, which should be enough time to figure out how you’ll make your payments.
Lenders offer multiple ways to make a car payment, whether you prefer to pay online, in person, over the phone or some other way. Learn the steps to making your car payment, what your different options for payment are, and what happens if you accidentally miss a payment.
Most lenders offer an online portal, dashboard or mobile app that lets you pay your car payment online. Your auto dealer or loan paperwork will show you the name of the lender and a way to download an app or find the website where you can make payments.
Once you’ve opened the app or website, look for the option to create a user account or enroll in online payments. You’ll typically need to provide some personal information, such as your name, Social Security number, phone number, address and email address. You’ll also need to create a password, so make sure you record it somewhere safe, such as in a password manager. Then you can log in and set up your payment information.
One feature you should consider setting up is autopay, which is a way of scheduling your payments automatically. You set it up once, and then the money comes out of your account and is delivered to the lender on a recurring schedule every month.
Automatic payments are useful for several reasons:
Many lenders also offer other ways for you to make a car payment:
Timing how you make a car payment can affect whether it’s late or not. Your loan paperwork will state the due date and even the cutoff time your payment must be received by the lender. For example, if your payment is due on the first of the month at 5 p.m., but you put the check in the mail that morning, it likely won’t get there on time. Lenders usually determine your payment date by when they receive it, not the date the payment was postmarked.
We’ve mentioned making your payment on time for a very important reason: late payments can have serious consequences. To start with, late payments usually incur a late payment penalty, which could be $20, $30, or even $50. On top of that, late payments can hurt your credit score. And if you miss too many payments, the lender might even repossess your car.
Make sure you find a way to make sure all of your payments are made on time. You can use autopay or even set a reminder on your calendar or phone to make sure you send it before the due date.
If you’re running into trouble and can’t make your car payment, don’t give up. Contact your auto lender right away and explain what’s going on. They won’t know you’ve lost your job or run into trouble if you don’t let them know. They may be able to help by offering a short deferment, which is a break in making payments, or they could help you come up with an alternative payment schedule you can afford so you don’t default on your loan.
If the problem looks more long-term, you may want to refinance your auto loan. Refinancing is a way to lower your monthly car payment by replacing your existing loan with a new one that may have better rates or longer terms. That can shrink your monthly payment and make it fit better in your budget.
Here are some of the most frequently asked questions about how to make a car payment.
The fastest way to pay your car payment is to visit your lender’s app or mobile site and make an online payment using your account information.
Instead of financing, you can pay cash for your car upfront, but you’ll probably use a wire or cashier’s check. If you want to pay your monthly car payment with cash, you’ll have to check with your lender. If they allow it, you might need to make a visit to a local branch to pay cash in person.
You’ll typically have at least 30 days (and sometimes up to 60 days) before your first car payment is due. That gives you enough time to decide how you want to pay and set up an account if you want to pay online.
Yes, car payments are typically paid monthly, on the same day each month. Most car loans are installment loans, meaning the amount due and the payment due date are the same each month.
Yes, refinancing an auto loan can be a great way to get a lower monthly payment. An auto refinance replaces your existing loan with an all-new one. If you choose a longer repayment period, or if you qualify for a lower interest rate, you might be able to reduce your monthly payment. Just keep in mind that paying over a longer period of time could cost you more in overall interest.
Learn various ways to make car payments effortlessly with detailed insights and tips for all modern methods for making a car payment.
