Putting extra money away is always a good move. To get out of a car loan fast, consider selling your car, refinancing your loan, or speaking with your lender.
While this might not sound like the most ideal option for you, selling your car may be the most economical option. Falling behind on payments can be detrimental to your credit score and financial goals, so consider quitting while your ahead.
You might be able to snag a lower interest rate on your loan if you choose to refinance
. When you refinance, you might be able to extend your loan term. Spreading your payments over a longer period can make your loan easier to pay every month. Refinancing is a good option if you need a car and want to find lower rates. Try using the Jerry
app to compare loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Jerry makes it easy by finding the best lenders at the best rates. On average, car owners pay $85 less every month by refinancing their auto loan. Getting out of your car loan may not be necessary if you can negotiate a payment deal with your lender, so talk to your lender. You might be able to pause or defer your loan payments for a short time until you have more money to meet the payments.
Good luck with your loan!