Does asking for an extension on your car loan hurt your credit?

I have a loan with Toyota Financial and really need to ask for an extension on my payment this month (meaning they allow me to skip this month's payment and just add a payment to the back of the loan) but I want to know if that will hurt my credit. Also, I have a co-signer, will they ask the co-signer to make the payment instead of giving me the extension? I don't really want the co-signer to know I asked for it.

Does asking for an extension on your car loan hurt your credit?

No. Extending a car loan has absolutely no bearing on credit. If the extension is requested or offered to prevent a late payment, I would encourage taking an extension to prevent credit damage if payments are late.

If you choose to extend the loan (move a payment to the end), you can always finish your loan by splitting the extended payment(s) among the remaining payments.

Does asking for an extension on your car loan hurt your credit?

I WORK IN CAR FINANCE AND THEY WILL SAY IT DOESNT AFFECT YOUR CREDIT BUT WHEN U GO TO GET A NEW LOAN U WILL COME UP AS BEING A SLOW PAYER AND THAT DOENST LOOK GOOD TO ANOTHER FINANCIER BUT TIMES DO GET TOUGH .

Does asking for an extension on your car loan hurt your credit?

If you communicate with them, they will usually work with you - especially if you have been good about making your payments. The worst thing you can do is to ignore it and force them to call you.

Without knowing the terms of your loan, I don't know if you can postpone a payment without a negative remark on your credit. But you really should call and find out. If it will leave a negative comment, you should talk to your co-signer because they might also get a negative comment on their credit. In this case, they may opt to make you a loan for a few weeks until you can afford to make a payment.

For what it's worth, if you can make a habit of paying an extra $25-$50 on every car payment, you can get a month ahead very quickly. This way you will have some cushion if you get into a crunch in the future. Doing this will also help you pay off the car sooner and make it so you pay less interest over the life of the loan.