Make Your Payment on Time
Once your loan’s a done deal, you’re on the hook to make regular payments. (Yep, there’s still that…)
Should a temporary setback cause you to miss a payment, contact your lender right away to work out stopgap measures. Some will let you skip a few payments while you get back on your feet. Whatever you do, don’t get underwater, where you owe more than the car’s worth.
If you have your checking account and car loan at the same bank or credit union, you can use the institution’s online banking service to set up automatic transfers between the two for your monthly payment. If you’re not using the same financial institution for both, you can still arrange to have the lender automatically debit your checking account every month when a payment is due. If you would like to be walked through this process, see “I Want To Pay My Bills Online.”
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