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How to Avoid Late Car Payments in Bronte

How to Avoid Late Car Payments in Bronte

It is important to get in the habit of paying your car loan in full and on time each month.

 

Just one late payment can have an adverse effect on your credit score. A missed payment can lead to repossession, as our Bronte auto loans team explains.

 

Which brings us to how to avoid late car payments in Bronte

 

Sign up for Autopay

 

One of the major ways to avoid late car payments is by signing up for autopay. This is done by granting your lender access to automatically remove payment from your account at a particular stipulated date.

 

Different provinces call it different things, but automatic payments is common.

 

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

 

By selecting this payment option, you can decide to make a full payment every month in order to avoid paying interest.

 

Set up 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.

 

For instance, you can schedule all of your 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 lender if you’re late

 

If you have missed your due date to make the loan payment, you should immediately make the payment. You should also get in touch with your lender 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 any late fees or credit report entries.

 

But if you constantly make late payments, you should using automatic payments, or a reminder as we suggest above.

 

Make weekly or biweekly payments

 

Although your car loan payment is due once a month, this time interval can lead to an issue with cashflow.

 

It also gives you plenty of time to forget and for life to get in the way.

 

Fortnightly payments require you to remember more often, which in turn makes it easier to remember.

 

You can also save interest with fortnightly payments too.

 

Apart from the fact that late payments can be quite annoying, they can also have a really detrimental effect on your credit score.

 

Missing payments is a big deal and not something we want to trivialize. The more you can do to not forget, the happier you’ll be and the healthier your credit score will look!

 

We will use all our skill and experience to deliver the lowest possible Bronte auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.

 

We’d love to help you find the perfect car loan. Simply fill in the form below and we’ll get back to you ASAP! 

 

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