Answer:
If you think that you will either be late or miss a payment, we suggest contacting your lender immediately.
Oftentimes, lenders will charge fees for late payments. If you miss a payment all together, or have an outstanding payment for more than a month, lenders have the right to report this to the credit bureaus, which will impact your credit negatively. Late payments are one of the biggest factors in low credit scores and should be avoided whenever possible.
By contacting your lender before your payment is late, this shows them you trying to find a solution to the problem. As a result, they may be more willing to waive late payment fees, provide you more time to pay without reporting it to the credit bureaus, or renegotiate the terms of your loan.