During this unprecedented time of financial hardship because of the COVID-19 global pandemic, many people have found themselves in a difficult financial place. While not everyone has lost their jobs, a great many people have found themselves either furloughed or with significantly reduced employment hours.

Car Loan Deferments

Because of this, unemployed and underemployed people have concerns about how they will be able to continue to pay all of their financial obligations. One of the most significant monthly financial burdens for many consumers is their car payments.

If you have monthly car loan payment and are unable to pay, you may be eligible for a deferment on your Toyota auto loans if you notify your lender. Deferments are set up with lenders to help car owners reduce or defer their monthly payments for up to 90 days during these difficult times.

Starting The Process

While not all lenders allow deferments, many Appleton, WI, area Toyota vehicle lenders are allowing for loan deferments because of the COVID-19 pandemic. In some cases, auto lenders have an automatic “skip a payment” option on their webpage that consumers can click on to defer a loan payment for a month. However, because of the circumstances with the pandemic, some consumers may find they will need help for a more extended period. In these circumstances, most lenders will require a phone conversation with the borrower to set up an actual plan for payments to resume.

Contact Us to Learn More

If you have lost a job because of COVID-19, you are encouraged to file for unemployment as soon as you are able. Because of the unforeseen economic impact, the U.S. Government has increased unemployment amounts, and guidelines for getting on unemployment are more flexible. This can allow you to be able to resume making your monthly car payments once you have been approved. If you require guidance on how to apply for a deferment from your lender, contact your lender directly and ask them for advice on how to apply for a COVID-19 payment deferment for your car loan.

Categories: Social, Finance, New Inventory