"How can I escape a car loan with 26% interest? "

"I got a car loan with a 26% interest rate two years ago because it was my only option. At the time it didn’t seem that bad, but now I can barely afford to make the payments. Is there any way I can get out of this awful loan?


“If your credit has improved since you took that deal and you are not too upside-down on the current loan, you can try to refinance with a different lender.
If refinancing is not an option, you should pay as much as you can on the loan until it is an option.
As a last resort, you could voluntarily turn the car back over to the lender, but this will hurt your credit. It could also hamper you if you don’t have access to other forms of transportation.”
Johnny Puckett
Answered on May 25, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.

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