Sample Request Letter for Extension of Payment Terms

Your Name
Your Address
City, State, Zip Code
Account Number

DATE

Name of Lending Officer or Lender
Name of Bank or Lending Institution if Applicable
Address of Lender
City, State, Zip Code

RE: Request for an extension of loan payments

Dear Name of Loan Officer or Lender:

This letter is a formal request to have a five-month extension on my car loan. I have made payments of $200 per month for the past 18 months, and the loan is for 12 more months.

I have just lost my job and cannot make payments at this time. I need my car to find another job, and hope to do so within five months at the most. I understand that the interest still accrues and intend to pay this debt in full.

I was working as a gardener for the Name of University, when they let go seven gardeners including me. I am a qualified landscape artist and believe I can get another job soon.

I have applied to three local five-star hotels as well as to a landscape architect. I would like to make my last payment on DATE and resume payments on DATE.

Thank you for considering my request for a five-month extension of my car loan. I can be reached at Phone Number or at Email Address. I hope to receive a favorable reply from you soon. I will call to arrange an appointment next week.

Sincerely,

Your Signature
Your Printed Name