09-15-2020, 12:39 PM | #1 |
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PSA: Do NOT opt for deferred payments...
Unless it is absolutely necessary. People have been opting for this due to banks offering it because of the Kung Flu. The Huge downside is a lot of banks look at those deferments as late payments on credit.
Our business is tied to financing pretty heavily & we’ve already started seeing the ramifications of this in terms of denials. |
09-16-2020, 07:36 AM | #2 |
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Not that I would.. but damn.. that is sleazy.
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09-16-2020, 03:15 PM | #3 |
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I did it on my student loans for 3 mths and it had no negative effects on my credit score. I am still above 800.
I think it just depends on what you are deferring and the terms of the deferment.
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09-17-2020, 01:16 AM | #4 | |
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Quote:
It doesn’t effect your score. It shows up as the loan is zeroed as well a payments. It’s a “Insider” indentifyer that the lendee has entered a deferment agreement. It doesn’t show up as a derogatory entry, therefore it doesn’t impact overall score, but it is a red-flag. |
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10-05-2020, 01:01 PM | #5 |
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I was interested enough in forebearance when that was put in place as if you know just tack that on the back end of the mortgage but then I looked in to it. Pretty easy to get but then it was due all at once, deferred meant deferred, not tacked on the end of the loan. I had no reason to need something like that but I thought shifiting a payment or two to the back end of the loan sounded enticing but like I said forebearance was something I wanted no part of.
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10-05-2020, 02:35 PM | #6 |
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Pay cash.
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11-25-2020, 03:40 PM | #7 |
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This is flat out illegal for them to do. It is not a late, it is a deferment.
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11-25-2020, 10:47 PM | #8 |
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11-29-2020, 09:15 AM | #9 |
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Deferred payment usually means a big interest charge by the end. The deferred payments are typically treated like another separate loan where the interest is accrued all the way to the end of the original loan. No principal reduction over the entire life of the second loan. Think about that for a moment....That could be a long time away (and "surprise" a lot of additional money owed) because you never paid the principal down like you did with the original loan.
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