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In SK, what should I know about late payment fees for car loans?
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In SK, what should I know about late payment fees for car loans?

In Saskatchewan, as across Canada, understanding late payment fees for car loans is critical. Most auto lenders provide a grace period, typically ranging from 5 to 10 days after your scheduled due date, before a late fee is assessed. The exact fee amount, which commonly falls between $25 and $75 per missed payment, along with the grace period, must be explicitly disclosed in your loan agreement, a requirement under provincial consumer protection legislation. This matters significantly because beyond the immediate financial penalty, late payments are reported to national credit bureaus like Equifax and TransUnion. A negative mark on your credit history can severely impact your credit score, making it more challenging and expensive to obtain future financing, such as mortgages or other vehicle loans, and potentially even affecting insurance rates. In a market environment like 2025, where lending criteria may be tighter, maintaining a strong payment history is paramount to avoid default and potential vehicle repossession. Always review your loan contract carefully and, if you anticipate a payment issue, contact your lender proactively to explore potential solutions.

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