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How do I get out of my current car loan?
Is there a way that I can get out of my current car loan? I’m struggling financially right now, and I’m not sure how much longer I’ll be able to make the payments. I don’t want to lose my car, but I also don’t want to go through a repossession!
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that your financial situation is so challenging right now!
Here are a few things that you can try that might help you get out of your current car loan:
- Sell your car. If you’re worried that you’ll lose your car to repossession anyway, you might be able to get back some of the money that you’ve spent by selling your car and using the money for a less expensive vehicle.
- If the situation isn’t too bad, try to negotiate with your lender. You may be able to negotiate a forbearance, which is a short pause in payments or change your monthly payment amount to something more manageable.
- Refinance the loan. You might be able to find a lender with a better interest rate or get a loan with a longer repayment period. Either way, refinancing could reduce your monthly payments.
- Voluntarily surrender your car. If you’re already preparing to lose your car, this may be your best option. Voluntarily surrendering your car works much like a repossession, but it allows you to avoid some of the costs of repossession. It’s also better for your credit score, as the impact of a voluntary surrender won’t be as severe as the impact of a repossession.
While you’re trying to get on top of your finances, it might help to cut costs in other areas as well. The
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app saves the average user $879 a year on car insurance! Just download the app, answer a few quick questions, and choose from a comprehensive list of car insurance quotes from more than 50 top providers, including Nationwide, Allstate, and Travelers, in minutes for free.View full answer
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