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Can I get out of my car loan?
I’m a little overwhelmed. I sat down and looked at how much my car loan is going to cost me in the long run and turned the month timeline into years. It’s more than I thought it was going to be. What are some ways that can help me get out of my car loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
To start off, you should speak with your lender and go over your agreement. You may be able to re-negotiate your monthly payments or cancel certain add-ons that you no longer think you need. You should also see if there are any
prepayment penalties
.Here are your other options:
- Refinance your loanwith a different lender
- Sell your carand pay the additional amount out of pocket
- Voluntarily surrender your car to the dealership
- Trade the car in for a less expensive one
You may be paying a lot on your car loan, but make sure you aren’t overpaying on car insurance, too. The
Jerry
app is a licensed insurance broker that offers end-to-end support, gathers affordable quotes, helps you switch plans, and will even help you cancel your old policy.View full answer
- Gregory R.
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