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.