What Carhop payments are and where to send them
Carhop is an online auto lender that finances used cars for people with lower credit scores. When you borrow from Carhop, you make monthly payments directly to them — not to a dealership or a bank branch. Payments go online through their website or mobile app, by phone, or by mail to their payment processing center.
Your payment amount, due date, and account number appear on your loan documents and in your Carhop account dashboard. The due date is the same each month. If you miss a payment, Carhop will contact you, and late fees will be added to your balance.
Key Takeaways
- Carhop payments are made online through their website or app, by automated bank transfer, by phone, or by mailing a check to their payment center.
- Your monthly payment amount and due date are set when you sign your loan agreement and do not change unless you refinance or modify the loan.
- Paying on time protects your credit score and keeps your vehicle from being repossessed if your loan includes a GPS tracking device.
- If you cannot make a payment on time, contact Carhop before the due date to discuss options like a payment extension or deferment.
- Carhop reports your payment history to credit bureaus, so consistent on-time payments can improve your credit over time.
Setting up online payments through the Carhop website or app
The fastest way to pay Carhop is through their online portal. Log into your account at the Carhop website or open the Carhop mobile app, then select "Make a Payment" or "Pay Now." You will see your current balance, minimum payment due, and the due date.
Enter the amount you want to pay — you can pay the minimum, the full balance, or any amount in between. Choose your payment method: bank account (ACH transfer), debit card, or credit card. Bank transfers are usually free; card payments may carry a small fee. Review the details and confirm the payment. The money typically reaches Carhop within one to two business days for bank transfers, or when ready for card payments.
Save your payment confirmation number. If you set up automatic payments through the app, Carhop will deduct the amount from your chosen bank account on your due date each month, so you will not have to remember to pay manually.
Paying by phone or mail if you do not have online access
If you prefer not to use the website or app, you can call Carhop's customer service line to make a payment over the phone. A representative will take your payment information and process the transaction. Phone payments are typically completed the same day, though the funds may take one to two business days to post to your account.
You can also mail a check or money order to Carhop's payment processing address. Write your loan account number on the check and mail it to the address listed on your loan statement or in your account dashboard. Mail payments take longer to process — usually five to seven business days from the time Carhop receives the envelope — so send your check at least one week before your due date to avoid a late fee.
What happens if you miss or are late on a payment
If your payment is not received by the due date, Carhop will charge a late fee. The amount varies but is typically $10 to $25 depending on your loan agreement. A late payment will also be reported to the credit bureaus and will lower your credit score.
After 30 days past due, Carhop may begin collection efforts and may report the account as delinquent. If your loan includes a GPS tracking device in the vehicle, Carhop may use it to locate the car. After 60 to 90 days of non-payment, Carhop can repossess the vehicle without warning.
If you know you will miss a payment, contact Carhop when ready — before the due date if possible. They may offer a payment extension (a few extra days to pay), a deferment (skipping one or more payments and adding them to the end of your loan), or a loan modification. These options are not may provide, but asking before you fall behind gives you a better chance of working something out.
How to check your balance and payment history
Log into your Carhop account online or in the app to see your current balance, the amount of your next payment, and the due date. Your account dashboard also shows your payment history — which payments you have made on time, which were late, and which are still outstanding.
You can also request a loan statement by mail or email. The statement shows your loan balance, interest rate, remaining term (how many payments are left), and a breakdown of how much of each payment goes toward principal (the amount you borrowed) versus interest (the cost of borrowing).
Paying off your Carhop loan early
You can pay off your entire Carhop loan before the end of the loan term. Log into your account and select "Pay Off Loan" or contact customer service to request a payoff quote. The quote will show the exact amount needed to close the account, including any remaining interest.
Paying off early saves you money on interest and removes the loan from your credit report faster. However, check your loan agreement for a prepayment penalty — some loans charge a fee if you pay off the balance before a certain date. If there is no penalty, paying extra toward your principal each month (beyond your minimum payment) will shorten your loan term and reduce the total interest you pay.
Frequently Asked Questions
Can I change my payment due date?
Carhop does not typically allow you to change your due date after the loan is signed. However, if you have a hardship or a specific reason, contact customer service to ask whether they can adjust it. Some lenders will move your due date once if you request it in writing.
What if I pay more than my minimum payment?
Extra payments go toward your principal balance, which reduces the total interest you pay and shortens your loan term. There is no penalty for paying more than the minimum. You can make extra payments anytime through your online account or by phone.
Does Carhop report my payments to credit bureaus?
Yes. Carhop reports your payment history to the three major credit bureaus — Equifax, Experian, and TransUnion. On-time payments build your credit score over time. Late or missed payments will hurt your score and stay on your credit report for seven years.
What if my bank account information changes?
Log into your Carhop account and update your bank details in the payment settings. If you have automatic payments set up, make sure to update the account information before your next due date so the payment goes through without interruption.
Can I pause my payments if I am having financial trouble?
Carhop does not pause payments, but they may offer a deferment, which delays one or more payments and adds them to the end of your loan. Contact customer service as soon as you know you will have trouble making a payment. The sooner you reach out, the more options they may have available.