How to Get a Deferment on an Auto Loan

When you fall on hard times financially, you really need all the help you can get before the situation becomes impossible to turn around. One of the first things you can do to help your situation is call your auto lender and request a deferment. A deferment is when the lender takes one or possibly two payments that you currently owe, and adds them to the end of your loan. Here's how to get one.

Instructions

1

Grab your loan paperwork or payment booklet. You have to refer to your account number frequently during this process so have it on hand.

2

Call your lender. Tell the customer service representative that you want to request a deferment.

3

Explain why. You have to tell the representative working with you why you need the deferment.

4

Fill out the paperwork. Once approved for a deferment on your auto loan, the representative will send you the appropriate paperwork, generally by fax.

5

Fax it back. You have to do this as soon as possible. If they requested additional materials from you, such as a copy of the title, make sure you fax that back as well.

6

Send in the upfront funds. When you get a deferment for an auto loan, upfront funds are always required. The amount depends on the lender and the amount of your loan.