In uncertain economic times, we’re all worried about making essential payments, including Mazda financing. The Tumminia Mazda team is here to help you make sense of it all, including what to do if you miss a payment.
Gather Your Information
The first step in handling what to do if you miss a payment when you have Mazda financing is to gather all your information from your lender. You need to know how much you owe and can afford to pay.
Check on the loan balance, interest rate, loan term, or how long the loan runs. Also, check if there is a late or missed payment fee.
Next, review your budget. Do your best to cut unnecessary expenses and pull together extra money towards your loan.
Learn Your Options
The second step in Mazda financing and learning what to do if you miss a payment is knowing all the options available.
If you can afford to pay and forgot to set up the payments, call your lender as soon as possible. There might be a late fee because you missed the deadline. To avoid fees in the future, ask about or research automatic payment options.
If you cannot afford to pay your loan payment, your route forward will depend on how long you won’t be able to pay.
If it’s just a one-time late payment that you must miss, look into loan deferment. This will push your missed payment to the end of your loan term, and some lenders may even waive the late or missed payment fees.
If this will be an ongoing problem, you need to look into refinancing or turning in your car for one that is more affordable.
Use a Car Payment Calculator
We know some of you will see this during your new car research. If you’re planning and budgeting and want to make sure you don’t miss any payments, we have tools that can help. Take advantage of our car payment calculator, and if you have any questions — now or during an active lease — get in touch with your Mazda dealer serving Kansas City.
