Appearing in ProPublica on September 12, 2024, Byard Duncan, Ryan Gabrielson, and Lucas Waldron interviewed John Van Alst for a story about how if you defer a car payment, you’ll likely end up owing more at the end of your loan. ProPublica also provides a free auto loan calculator tool built to help borrowers figure out their final payment amount and understand how car loan extensions work.
Should I take a deferment on my car loan? Consumer finance experts told us it depends on several factors. Overall, you should think about it in terms of your broader financial health.
“It’s tempting to just say, ‘Oh yeah, let’s just add it to the end. But “if the numbers weren’t working before — unless something’s changed — there’s a real chance the numbers aren’t going to work as you continue to go forward.”
John Van Alst, director of the National Consumer Law Center’s Working Cars for Working Families project.
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