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?

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 loan with a different lender
  • Sell your car and 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.
Lauren Smith
Answered on Nov 17, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.

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