We have a convenient financing process at Heritage Toyota Harrisburg. You just need to ensure that you secure a loan with payments that work for you. We’re addressing what happens if you miss a Toyota payment and how to respond.
How Financing Works
When you secure an auto loan, you’ll set a predetermined term, which is the total length of your loan. Your vehicle’s total cost will be split into equal monthly payments throughout the duration of your loan. You’ll be responsible for making these payments by a set deadline each month.
The Importance of Timely Payments
It’s very important that you make your payments by your set due date. If you don’t pay on time, you will likely owe a late fee.
If you miss your payment, it can also affect your credit score. In fact, payment history is the most important factor when it comes to your credit score.
What to Do
If you miss a payment, it’s important to get back on track as soon as possible. While it is possible for your lender to forgive one payment, that isn’t always the case. We recommend reaching out to your lender to let them know the circumstances and you may even want to consider writing a goodwill letter.
Missing Multiple Payments
While a lender may forgive one missed payment, it’s very unlikely that they’ll forgive several. In fact, if you miss multiple payments, you run the risk of having your vehicle repossessed. That means your lender will seize your vehicle.
Apply for Toyota Financing in Harrisburg, PA
The best way to avoid missing an auto payment is to start with a loan you feel comfortable with. Our financial experts can help you apply for a new loan with payments that work for you. Visit Heritage Toyota Harrisburg to get started today!
