How can I get out of an upside-down car loan?

I owe way more money on my car than it's worth and I really need to get out of my loan. What are my options?

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Eric Schad
Answered on Apr 07, 2021
“Fortunately, you have several options to get out of an upside-down car loan. These may include:
  • Making extra payments toward the principal of the vehicle (putting more money toward the loan or making more frequent payments)
  • Selling the car or trading it in
  • Refinancing the vehicle
  • Getting rid of added costs on the loan, such as an extended warranty or gap insurance
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