When You Buy a Car Do You Skip Payment?

Usually with ANY new loan (car, house, personal) there will be a relatively "long" stretch between signing to loan docs and making your first payment. I assume this is what you mean by skip a payment even though nothing is really SKIPPED (ultimately you'll make EVERY payment until it's paid in full with interest) there WILL be a month where you are without a car payment (especially if you traded in your previous car so had THAT payment paid off on purchase day).

After the payperwork is processed, they have to give you a FULL billing cycle. So if you buy your car on May 2nd, and the company bill date is on the 1st of every month, then they start you on the NEXT full billing cycle and your first payment would be on July 1st at the earliest.

Check with your loan company and get the specifics for THEM but yeah, that's common practice.

HTH
T.

Why would you be worrying about skipping a payment already?

Maybe you should rethink getting a new car if you are putting a skipped payment into the financial equation.

Good luck.

I am sorry you took offense to my answer which is not snarky or snide. It was meant to be taken realistically. I look at the financial aspect and always look at the equation when I make a large purchase. It's simply the financial planning part of me to look at every angle. It is also a characteristic of living debt free.

"This is why people people have problems with this site" Really? People have problems with the site when they get an opinion they are not fond of. I said nothing here that I would not say to your face. No intention to ruffle feathers this afternoon :) Good day.

It all depends on how they work it up. Might be one of the first questions you ask the salesman while you are on the lot.
"If we purchase today, when will the first payment be?"
Doesnt hurt to ask.
btw, you never really "skip a payment" they just add it on to the end of your term.

You are correct. It is possible that happened last time.

Our Credit union did the same thing when we purchased our new car.
I was surprised and even called them to verify, it was correct.

We wondered if it had something to do with setting up the new account and finalizing everything..

My first thought was to suggest that if it's a **worry** about the timing of the first payment, then maybe wait a bit to save more - but I see that's already been suggested and taken offense to.

So I'm pretty sure that that's the issue.

Good luck!

Some will ask you your preferred due date. Our first payment was due 47 days after we bought the car.

It depends on how your loan docs are written up, the date of the first payment will be stated on your docs. I have often included the first payment with my down payment giving me40-60 days before getting the first payment reminder.

We have purchased a couple of cars the past couple of years, the credit union made the first due date one month after we signed the papers for the car. On my second purchase, the date of the contract was (example only) the 10th of the month, my other car payment was due the 17th. I asked if they could both be paid the same day of the month and the CU gladly extended. It never hurts to ask!

It really depends on the date of purchase and the due date set by the financing company. Sometimes you can choose what day of the month you want your payment due. If I remember correctly, when we bought our new car the first payment was due in a about 40 days.

at our credit union they always ask us when we want our first payment due. But I can't remember how many days out we can go. I think at the holidays they offer a skip a payment too, but we only did that when we were younger.

Many times the first payment on a car is skipped the first month following the purchase. This is not always the case.

No--because we only buy vehicles for which we can pay cash.. So they're "ours" when we pull off of the lot!

I think maybe it has to do with the time of the month you buy it. If your in the first week of the month then the payment will be due the first week of the month but if you buy it at the end of the month the payment will be due like 5 weeks from then. It is not a matter of skipping a payment but of scheduling when the payments will be due.

Nope, your not crazy! :) Sometimes a dealership will extend your 1st pymt by as much as 3 months simply as an, 'incentive' to buy from them, I am not sure how this works with the banks as all of the new cars I have purchased the note was carried by the car company, IE Ford Motor Credit.

I think it depends on your individual deal...

But really, you're not skipping a payment at all, you're taking on another payment to the end of the loan & paying more interest on it in the long run...

It all depends but usually no. When I bought my car I am driving now the first payment was due 30 days from purchase. So if I had a car payment that was due at the time I made the purchase I wouldn't have to make that payment so it would be like skipping a payment. If you had made the payment a week before you buy a new car then you are kind of pushing the payment off an extra week.

Thing is only mortgages have a true skip a payment.