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How can I get a car loan off my credit report?
I want to get out of a car loan that I can't afford. Can I get the car loan off my credit report if I voluntarily return the car? I just want to not feeling like I'm drowning in debt anymore.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear you can’t afford your
car loan
—that can be really stressful. I’m happy to say, though, that you still have other alternatives.If you voluntarily give the car back, the lender will sell it at an auction. Whatever price it sells for will be deducted off your car loan, but you’re still responsible for the rest, and it might still damage your credit.
A better alternative (that will be kinder to your credit score!) is to contact your lender. You might be surprised how willing they are to work with you! They may lower your payments or do a pay-as-you-can loan so that you can get back on your feet.
In the meantime, you should consider how much you can save by shopping for car insurance. With the
Jerry
app, you can make sure that you get the best rate easily—we’ll get you customized quotes from top insurers so that all you need to do is choose the plan that works best for you!Best of luck with the loan, and hopefully your financial straits look up soon.
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- Gregory R.
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