 TITLE: Can’t Afford Your Car Payment? Here’s What to Do CONTENT: Request a Deferral\n------------------\nIf you're experiencing financial hardship and a minor adjustment isn't going to suffice, you can also ask your lender about deferring your car payment. If approved, this will allow you to skip a small number of payments without penalties or fees.\nEvery auto lender has different rules and requirements when it comes to deferring payments. Some allow you to defer your entire payment; others require you to keep paying interest. Some limit the number of times you can request a deferral; others forbid deferrals entirely if you're already behind on your bills.\nEach lender also has different application requirements. If deferrals are built into your loan agreement, you might see the option to skip a payment from within your online account. In other cases, you might have to submit a hardship letter that explains why you need the deferral, along with financial details like your income and credit scores.\nIf your deferral request is approved, it could give you some much-needed breathing room for the next month or three—allowing you time to, say, find a job and start receiving paychecks.\nBut that doesn't mean you're off the hook forever: Your lender will simply tack those deferred payments onto the end of your loan. That's why some lenders call this process a \"loan extension.\"\nThough that means you'll end up paying interest on your loan for longer (an additional three months if you defer three payments), it's much better than losing your car to repossession. END