Learn How Bridgecrest Payments Work

What Is Bridgecrest and How Payment Plans Work

Bridgecrest is a financial services company that specializes in auto loans, particularly for people with various credit histories. The company operates as a direct lender, meaning they provide financing directly to borrowers rather than acting as a middleman. Understanding how Bridgecrest payment plans function can help you know what to expect if you're considering financing a vehicle through them.

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When you finance a vehicle through Bridgecrest, you receive a loan to purchase a car. In return, you agree to repay that loan in monthly installments over a set period. The loan amount, interest rate, and loan term all factor into how much your monthly payment will be. Bridgecrest typically offers loan terms ranging from 36 to 72 months, though specific terms depend on various factors related to your individual situation and the vehicle being financed.

The basic structure of a Bridgecrest auto loan works like this: you borrow money to buy a car, and the vehicle serves as collateral for the loan. This means the lender holds a lien on the title until the loan is paid off. Each month, you make a payment that covers a portion of the principal (the amount borrowed) and interest (the cost of borrowing the money). Over time, as you make payments, you build equity in the vehicle.

One important aspect of Bridgecrest loans is that they typically use a simple interest calculation method. This means interest is calculated based on the daily balance of your loan. If you make payments on time, you pay less interest overall. If you make extra payments or pay off the loan early, you reduce the total interest you'll owe.

Practical takeaway: Before entering into any auto financing agreement, review the loan documents carefully. Look for the loan amount, interest rate (Annual Percentage Rate or APR), loan term in months, and your monthly payment amount. Understanding these numbers helps you budget and know what to expect each month.

Understanding Your Monthly Payment Breakdown

When you receive a monthly payment statement from Bridgecrest, the amount you owe consists of different components. Breaking down these components helps you understand where your money goes and how your loan balance changes over time. This knowledge can be useful when planning your finances and considering whether to pay extra toward your loan.

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Your monthly payment typically includes principal and interest. The principal is the portion of your payment that reduces the actual amount you borrowed. The interest is what Bridgecrest charges you for lending you the money. In the early months of your loan, a larger portion of your payment goes toward interest, while a smaller portion goes toward principal. As you continue making payments, this ratio gradually shifts. By the end of your loan term, most of your payment goes toward principal with only a small amount going toward interest.

For example, imagine you finance a $15,000 car at an 8% APR over 60 months. Your monthly payment might be approximately $304. In your first month, roughly $100 might go toward interest and $204 toward principal. By month 50, this might flip to about $15 toward interest and $289 toward principal. This shift happens automatically through the amortization process.

Some Bridgecrest loans may also include other charges or fees that could affect your payment. These might include things like a loan origination fee, documentation fees, or insurance-related charges. These are typically disclosed in your loan agreement and factored into your total loan cost. Reading your loan documents carefully helps you understand all costs associated with your financing.

Your payment statement should show you the principal paid, interest paid, current balance remaining, and due date. Some payment statements also show the payoff date—the month when you'll have paid off the entire loan. Reviewing these details each month helps you track your progress.

Practical takeaway: Create a simple spreadsheet or use a note-taking app to track your payments over several months. Note the date paid, amount paid, principal portion, interest portion, and remaining balance. This helps you visualize how your loan is being paid down and understand the real cost of borrowing.

Payment Methods and Making Your Monthly Payment

Bridgecrest offers various methods for making your loan payments, giving you flexibility in how you manage your financial obligations. Knowing your payment options and how to use them can help you avoid late payments and stay on top of your loan.

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Online payments through Bridgecrest's customer portal represent one of the most common payment methods. To use this service, you typically set up an online account through the Bridgecrest website. Once your account is established, you can log in and make a payment at any time. Online payments usually process relatively quickly, often within one to two business days. This method allows you to pay on your own schedule and keep a record of your payments electronically.

Automatic payments through bank draft represent another option. With this method, you authorize Bridgecrest to withdraw your payment automatically from your bank account on a set date each month. Many borrowers choose this option because it removes the worry of remembering to make a payment. Once set up, the payment happens automatically every month. You should still monitor your bank account to ensure the payment processes correctly.

Phone payments allow you to make a payment by calling Bridgecrest's customer service line. A representative can process your payment over the phone using a debit or credit card. This method works well if you prefer speaking with someone or if you need to make a payment outside business hours, as automated phone systems often operate 24/7.

Mail payments are also accepted. You can write a check or money order, include your loan number, and mail it to the address provided in your loan documents. Mail payments typically take longer to process than other methods—usually five to ten business days. Include your account number on the check so the payment is credited correctly.

Some borrowers make payments at retail locations if Bridgecrest has partnered with payment centers in their area. These walk-in locations allow you to pay cash, check, or money order in person. Processing times at these locations vary.

Practical takeaway: Choose a payment method that you'll use consistently. If you tend to forget obligations, set up automatic payments. If you prefer control over your cash flow, make manual payments. Whatever method you choose, make your payments on or before the due date to avoid late fees and potential negative credit reporting.

Late Payments, Fees, and Consequences

Understanding what happens if a payment is late is important information for any borrower. Bridgecrest, like other lenders, has policies regarding late payments, and there are financial and legal consequences associated with missing deadlines.

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A payment is typically considered late if it's not received by the due date shown on your statement. However, many lenders include a grace period—usually between 10 and 15 days—during which you can make a payment without penalty. This grace period applies to the first missed payment. After this grace period ends, late fees typically apply. Late fees vary but commonly range from $15 to $25 or sometimes a percentage of the monthly payment amount.

If a payment is significantly late—typically 30 days or more past the due date—the lender may report this to credit bureaus. A 30-day late payment can negatively affect your credit score and will remain on your credit report for several years. This can affect your ability to borrow money in the future and may result in higher interest rates on other loans or credit cards.

Continued nonpayment leads to more serious consequences. If you're 60 to 90 days behind on payments, you may receive formal collection notices. If payments remain unpaid for around 120 days (four months), the lender may begin repossession proceedings. Repossession means the lender sends someone to take the vehicle back. Once repossessed, you may still owe the difference between what the vehicle sells for at auction and your remaining loan balance—this is called a "deficiency." You'd also owe repossession costs, storage fees, and auction fees.

If you're struggling to make payments, contacting Bridgecrest early is important. Some lenders offer options like loan modification, deferment (postponing payments temporarily), or forbearance agreements. These options vary by situation and aren't always available, but lenders are often more willing to work with borrowers who reach out before missing payments.

Practical takeaway: If you anticipate difficulty making a payment, contact Bridgecrest before the payment is due