It’s a problem when you start missing your car loan payments each month. It means that you have to pay more the following month. Add to that the penalty that you will incur as a result of your delayed payments. If you don’t want it to happen, you need to be responsible regarding the regular payments. Don’t miss a month, or else you will be in trouble. These are some tips to help you stay up to date with the payments.
Automate the payments
As soon as you receive your monthly pay cheque, you can immediately deduct the amount for the car loan. In doing so, you won’t have to worry about missing payments. You can start budgeting your other expenses around the amount left in your account. Talk to your bank about how you can process the auto-debit transaction.
You can use your phone and other devices to remind yourself about a pending due date. Unless you pay the loan, you will constantly receive a reminder. It might be annoying, but it guarantees you won’t miss the payment at all.
Make advanced payments
Check with your creditor if you can make advanced payments. Some creditors will penalize advanced payments, so you have to be cautious. If it’s okay, you can pay whatever extra amount you have. If you have extra money from your pay cheque, you can use it as advanced payment. In doing so, even if there’s a month that you forgot to pay, you will still be on track.
Pay all your bills in one day
Make it a habit to pay all your bills in one day. You won’t miss anything if you know all the companies or creditors you owe money to. You won’t have to think about these expenses anymore if you already finished paying them. You can start using your money on other expenses once you have prioritized the bills.
Check if there’s an online payment method
Sometimes, you miss the bill payment because you’re too lazy to go to the nearest counter. If it’s possible for you to pay online, it will help. Since you can use your online banking app to pay, you can get it over within a few seconds.
You keep forgetting the payments because there are times when you’re irresponsible. You don’t know how to prioritize your bills. You use your money on things you don’t need. If you have enough money for unnecessary expenses, you don’t have any excuse for failing to pay your car loan on time.
Always remind yourself about the penalty for delayed payments. You could even lose your car. If you don’t want to reach that point, you have to keep paying. It’s a huge sacrifice, but you will eventually get over it. You will also feel proud that you worked hard to get the vehicle you deserve. You might even afford to buy a new one in the future. You can consider car finance no deposit deals for your next purchase since it won’t require an upfront fee.