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?

Answer
“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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Eric Schad
Answered on Apr 07, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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