Compare Two Loan Hardship Offers Over Three Months

Put both written hardship offers on the same calendar. Compare what is due at acceptance, what is due during relief, and the first payment when relief ends. Then compare any later catch-up amount and the remaining cost using the written schedules.

Build a dated comparison

For each offer, write down the first date it applies and list every required payment through the same end date. Include any upfront cash separately. Mark any payment that falls after the window so a shorter view does not hide it. The CFPB's auto loan hardship guidance is one example of why it helps to get the terms in writing before comparing them. Use the terms specific to your own loan.

Compare the timing as well as the total

Suppose one offer requires $150 in month one, $150 in month two and $500 in month three. Another requires $275 in each of the three months. The first totals $800, while the second totals $825. If your month-three budget can cover $350, the first offer leaves a $150 gap that month even though its three-month total is lower.

Now look at month four. If one offer moves an amount beyond your comparison window, record its due date and amount next to the three-month total. Ask whether the lender can provide a full schedule showing the interest, fees and balance after the relief period. Two offers can ask for similar cash up front and leave different balances.

Use the Payment Calendar for the dates and the Loan Extension Cost Calculator if one option changes the term and fits the calculator's assumptions.