How does Skip-a-Pay affect my loan term?
Frequently Asked Question
Skipping a payment results in an extension of your auto loan by one month whenever you skip. All other terms and conditions as stated in your original loan document remain the same.
If you skip a payment for your home equity line of credit, there will be no extension of your draw period or your repayment period. Skipping a payment moves the current payment to the following month, doubling that payment.