Does a deffered auto loan hurt your credit??
I am considering deffering my auto loan until next month, but i am trying to buy a house soon . will it effect my credit. if so good or bad. the loan is with hsbc auto finance if that helps thanks
Public Comments
- 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.
- 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.
- 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.
* Some answers may have been provided by Yahoo! Answers.