How Late Can You Be on a Car Payment, Mortgage or Other Bill?
Credit Corp
JUNE 14, 2023
In fact, your payment history accounts for up to 35% of your credit score. The vehicle you purchase serves as collateral for the loan. Therefore, if you fail to make your payments, the lender has the legal right to take your car. Car Repossession It’s important to realize that an auto loan is a type of secured loan.
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