Sometimes life happens, and your monthly budget temporarily changes. If you’ve ever asked, “Can you get a Nissan finance deferred payment?” the good news is that relief options exist for auto loans. Here at Hall Nissan Virginia Beach, our professional finance team is happy to explain how Nissan deferred payments work.
Skipped Payments for Borrowers
Current drivers facing temporary financial hardships can contact Nissan Motor Acceptance Company to request a formal loan extension or situational payment deferral. To qualify for this deferral, your loan account must meet specific criteria, which typically includes having a solid, consistent history of on-time monthly payments. When your request is approved, NMAC allows you to skip a designated monthly billing cycle to help you recover your footing. It’s important to note that this process extends the maturity date of your entire auto loan by the exact number of months skipped.
How Deferring a Payment Affects Your Loan
Opting for a temporary deferral provides short-term financial relief, but it does alter the long-term structure of your Nissan loan. Because interest continues to accumulate daily on your remaining principal balance during the skipped period, your total loan payoff amount will increase. This additional interest will be factored into your final payment schedule when your loan reaches its new maturity date.
Payment Deferral for New Buyers
If you’re looking to take home a new Nissan car, you can sometimes take advantage of Nissan specials that defer upfront payments. The automaker often runs incentives that allow qualified borrowers to drive away from our dealership with no payments due for the first 45 to 90 days.
Speak with a Nissan Finance Professional in Virginia Beach, VA
Here at Hall Nissan Virginia Beach, our team of Nissan finance professionals is happy to help with any loan questions. Whether you’re looking for a payment deferral or our new vehicle incentives, visit our dealership for assistance. We look forward to helping!