Grace Period October 22, 2014 « Back to Glossary IndexGrace period refers to a period of time where no charge is given for being late on a payment of a loan. Related Articles: Dude, When’s My Car Payment? 4 Foolproof Memorization TechniquesWhat Are Your Options When Car Payments Become A Burden?How to Avoid Financial Pitfalls Now that You're Independent20 Million GM Recalls in 2014: Are you driving one?