Unanticipated circumstances can occur anytime! People get laid off, change jobs, go on disability, or can simply have an expense come up that they were not expecting. These types of situations can make it difficult to pay all your existing expenses or apply for new loans.
Applying for a deferral on an existing auto loan
If you are looking to defer an auto payment on an existing loan, most auto lenders will review the situation on a case by case basis. The easiest way to see if you qualify for a deferral is to call in and ask. Most deferrals do not affect your credit in any way, although you may incur some additional interest from extending the overall loan.
Applying for a deferral on a new auto loan
If you are looking to purchase a vehicle, but know you can’t start payments for a few months, most auto lenders can also approve up to a 3-month deferral when applying for your new loan. This is also reviewed on a case by case basis and will depend on overall credit history. Interest is usually charged for the deferred period, but you can start driving the vehicle immediately.
If you have questions about whether you qualify for a deferral, contact your lender and ask. Some of the most common lenders and their contact information is listed below. If your bank is not listed, call the dealership you purchased your vehicle from, and they’ll be able to get the contact information to you.
|Assiniboine Credit Union||1-866-958-8728|
|Auto Capital Canada||1-855-646-0534|
|Bank of Montreal||1-888-801-2282|
|IA Auto Finance||1-855-378-5626|
|National Bank of Canada||1-877-290-1280|
|Royal Bank of Canada||1-888-529-6999|
|Scotia Dealer Advantage||1-877-298-3113|
|TD Auto Finance||1-855-832-8861|