Missing a Honda payment can feel overwhelming, and can leave you unsure of what steps to take next. The good news is that it’s easy to make up for missed payments, and to reduce an impact they might have on your credit or finances. Learn how with help from Heritage Honda Bel Air.
Contact Your Lender
If you know you are going to miss a payment, one of the first steps you want to take is to contact your lender. You may be able to come up with an alternative to the previous payment plan, which might better suit your financial needs. This will also help prevent future issues, like impacts to your credit score or even repossession.
Make the Payment
The best step you can take if you’ve missed a vehicle payment is to pay it back as soon as possible. If you are able, you’ll also want to pay any late fees right away, so you don’t have to deal with them in the future. It’s also a good idea to familiarize yourself with your current loan terms, so you know what kind of fees to expect from any late payments, and how long the grace period is.
Create a New Payment Plan
If you find yourself falling behind on payments often, it may be time for a new payment plan. You’ll want to start by assessing your finances and determining if your current vehicle is still within your budget. If it is, refinancing might be a good way to reduce monthly payments and maintain ownership.
Get Honda Financing Support in Fallston, MD
No matter what your Honda financing needs might be, you’ll get the support you deserve at Heritage Honda Bel Air. We make every stage of the financing process easy, from submitting your application to trading in. Get started at our dealership today.
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