Does A Deffered Auto Loan Hurt Your Credit??
Tags: "Auto, A, Deffered, Does, Loan
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on Thursday, August 13th, 2009 at 2:45 pm and is filed under Q&A Auto Financing with Bad Credit.
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If it’s an official deferral where the lender and you are both in agreement then it will not be reported as something bad to the bureaus, so you’ll be ok.
If by ‘defer’ you mean to skip a payment now and add it to the end of the payment schedule, it will be reported as repeated 30 day late payments, month after month after month>>>>>very bad for credit rating. If you have some sort of agreement with HSBC, it would be different.
You have to contact your auto loan lender and work out a deal with them. Don’t skip a payment without their written consent as it would hurt your credit.