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How do I cancel a car loan?
I can't afford my car anymore. Is there any way to cancel my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear that you may not be able to afford your
car
anymore. But there is a silver lining if you want to cancel a car loan.You have several options, some of which may result in you keeping the car:
- Call your lender to work out a payment plan
- Ask for a payment deferral until you sort your finances out
- Refinance the vehicle if you have positive equity
Contacting your lender is always a smooth move, as they’re often more willing to work with you than you might expect.
But if you have negative equity or none of the above options work, you have two less attractive—but still viable—options:
- Sell the car and use the proceeds to pay off your loan. Save up until you have enough money to purchase a different car with cash.
- Voluntarily surrender the car. This will hurt your credit score and you won’t have a car, but it’s still better than the lender coming to repossess your vehicle.
If you can’t afford your car payment, you could try to find other ways to save money—like lowering your car insurance bill with
Jerry
.It’s this simple: download the Jerry app or go to getjerry.com. In less than 45 seconds, Jerry collects all of your information from your existing insurer. Choose from competitive quotes from 50-plus top insurance companies and Jerry takes care of the rest—securing your new policy and helping you cancel your old one. The average Jerry user saves $879 a year on car insurance.
View full answer
- Gregory R.
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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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