Have you ever made a loan payment late? It's happened to most people at some point in time. If the payment is late, you may find that a late fee has been added. It's important to find out if there is a late fee, how much it is, and if it's added to the total of your loan. If there is a fee, it's best to pay it when you make your payment. If it ends up being added to your loan, you'll be paying interest on that amount. The charges can already be quite high to begin with, and you certainly don't want to pay more interest.
Yeah, you should definitely pay the late fee at the same time as the payment. If you don't, some loans will actually charge you an additional late fee on that fee if it's not paid at the time.
And if you still don't pay, they'll charge an additional fee on the fee charged on the late fee. That's why I hate banks. Their interest rates are so low but the fees they'll charge on the money they lend you . . . There are some small banks which I've heard, don't charge a late fee immediately. They offer a grace period of 14 business days. If you haven't made your loan payment by then, they'll charge a fee. That's why I'd prefer getting a loan from a smaller bank any time.