Can car loan payment due date be changed?

Get insights on if you can change your car loan payment due date
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Can car loan payment due date be changed?
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3 min
11-July-2024

Adjusting your car loan due date can offer significant financial flexibility, aligning your payments with your income schedule. This guide covers the detailed steps to change your due date, key considerations before contacting your lender, and whether changing the due date is the best option for you. Understanding these aspects ensures a smooth process and helps you make informed decisions for better financial management.

How to change your car loan due date?

Changing your car loan due date involves a few key steps:

  1. Current payments: Ensure you are up-to-date with your car loan payments. Lenders are more likely to accommodate your request if you have a good payment history. If you are behind or have recently missed a payment, catching up will make the process smoother.
  2. Payment information: Have all relevant payment information ready. Review your loan documents to understand your current payment schedule and any contingencies. This preparation will help you discuss your request clearly with your lender.
  3. Select a suitable date: Choose a due date that aligns with your income schedule. For instance, if you get paid monthly, it might be easier to schedule your car loan payment right after your payday. Consider your other monthly expenses to select a date that helps you manage your finances effectively.

Is it a good idea to change your car loan due date?

Changing your car loan due date can be beneficial for managing your finances more efficiently. By aligning the payment with your income schedule, you can avoid missed payments and better manage your monthly budget. However, if you're struggling to make payments despite adjusting the due date, other options might be more suitable.

For example, refinancing your auto loan could secure a better interest rate, reducing your monthly payments. This might be a more effective solution than merely changing the due date. Use tools like a monthly car payment calculator to explore how refinancing could impact your payments and overall loan cost.

For more information, you can check your car loan status and learn about obtaining a car loan NOC.

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Frequently asked questions

Can we change the loan EMI date?

Yes, you can change the EMI date of your personal loan by contacting your lender. The process typically involves submitting a request through your lender's customer service or online portal. Ensure you provide all necessary details, such as your loan account number and the preferred new EMI date.

How many days late can you be on car payment?
Once you’re past the grace period — typically 10 days — you will likely incur a late fee. However, late payments are usually not reported to credit bureaus until they are 30 days past due. At this point, lenders consider the auto loan delinquent and report it to the credit bureaus.
Can you change your monthly payment on a car loan?
Yes, you can reduce your monthly car payments by negotiating with your lender, refinancing, selling your car, or trading it in for a cheaper vehicle. For new car loans, you can lower payments by making a larger down payment and choosing a more affordable vehicle.
What is a grace period on a car loan?
A grace period is the time after your loan payment is due during which you can make your payment without it being considered delinquent. Auto loans typically have a 10-day grace period. For example, if your payment is due on the 15th, it is late if not paid by the 25th.
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