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How can I get out of a high-interest car loan?
When I got my car, I was straight out of college and didn't want to ask for help. So, I didn't get a cosigner. My interest rate is like 15%. It's a little ridiculous. I've got an aunt with a credit score of 680 who said she would've cosigned for me. How can I get out of a high-interest car loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Ouch—15% is painful. But don’t worry, you can get out of a high-interest car loan by refinancing and adding your aunt as a cosigner.
Refinancing allows you to make changes to your car loan as your financial circumstances change. You can do this easily with the
Jerry
app. Jerry will help you find and compare multiple loan offers to ensure you get the best deal and avoid overpaying.Adding a cosigner, especially one with good credit like your aunt, can help you get a much better interest rate, as well. You should end up paying far less monthly—and potentially overall.
Cosigner or not, continue improving your credit score as much as you can. Pay your bills on time and don’t close any lines of credit that have been extended to you before you try to refinance. Strangely enough, closing accounts and paying off loans will cause a temporary drop in credit.
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- Gregory R.
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