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How can you get out of your car loan?
How can you clear your car loan? I’ve struggled to make my loan payments on time for a few months now. I realize I can’t afford to pay off my loan.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
There is no doubt it can be tricky staying on track with loan payments when there are other bills to pay. But rest assured, there are options you can take to help you clear your loan! Consider these tips to help you get out of your loan:
- Selling the vehicle: If possible, consider selling your car to help pay off your loan. Anything leftover can go towards a new, cheaper vehicle.
- Trade in your car: Trading in your vehicle at a dealership and getting a less expensive car is another option to help pay off your loan. That said, if you’reupside-down on your loan, you will need to pay the remaining amount out of pocket.
- Refinanceyour existing loan: Refinancing can help reduce your monthly loan amount, making your payments more manageable. It also may allow you to get out of your car loan faster.
If you want to explore your options for refinancing, consider using the
Jerry
app. Simply answer a few questions in our app and Jerry matches you with multiple lenders that meet your needs.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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