If you think you are lagging behind in your car loan, call your lender and explain your situation. The sooner you contact your lender, the more opportunities the lender can offer you. And because it`s often more expensive for a lender to take your car back than to work with you, your lender can offer options that will help you make your payments. Working with your lender also shows a good faith effort on your part to pay off your debts. Use this pandemic relief form to defer your next monthly payment for an eligible Sikorsky Financial Credit Union loan. Return of the form filled out with proof of dismissal or Furlough to Sikorsky Financial Credit Union, Attn: Lending Department, 1000 Oronoque Lane, Stratford, CT 06614. If you have problems with your credit or are having trouble making payments on your debts, then a credit extension for your car may be a good option. This extension increases the duration of your loan, which reduces your monthly payment. In the long run, you will pay more because of interest, but it can be a great help if you are in financial difficulty. When talking to your lender, make sure you get the representative`s name, identification number (if any) and all applicable case numbers related to your application. It is also a good idea to ask the lender to provide you with the agreement in writing. You can expect one in three things to happen; Their interest rate will be reduced, an extension of the term of the loan or another type of loan. You can also get a combination of these 3.
If you have proof of financial difficulties, then a lender will make a change to your loan because the cost is much lower than if you put the loan in default. Be aware that if they don`t accept your application, they can get your car back to make up for the losses. In general, an extension of payment allows a certain number of monthly payments – usually one or two – to be deferred to a later date, which provides a short break for borrowers experiencing unexpected financial difficulties or a natural disaster. In some cases, a lender may allow you to temporarily defer full payments, while other lenders can only allow you to defer the main portion of your monthly payment, but they still require you to pay interest every month during the payment extension. By signing below, you are requesting a 3-month extension of all weekly, semi-annual or monthly credit payments for credit payments scheduled for your above-mentioned loan. You understand that financing costs continue to be incurred at the interest rate specified in your original loan agreement. If you have previously chosen life insurance and/or credit disability, insurance coverage is not extended beyond the original due date.