How do I refinance an upside-down car loan?

I've gotten myself into an upside-down car loan, and I need to get out of it. Should I refinance my loan? How do I do that?

Answer
If you have an upside down car loan and you can’t pay it off with a lump sum, you should definitely refinance as soon as you can. Refinancing your loan will likely save you money and can get you out of that uncomfortable financial position.
Here’s how to do it:
  • Contact your current lender, and ask if they can help you with your upside-down loan. They may be able to adjust the terms of your loan.
  • If your current lender can’t help you, then research a few companies that do refinancing for car loans.
  • Get quotes from multiple places so you can compare things like interest rates and repayment periods for different places.
  • Once you’ve found a company you like, apply for the loan. You can usually do this online, where the lender’s website will walk you through the process.
If you’re looking to cut back your monthly bills, your insurance is a great place to start. Check out the Jerry app, where you can compare quotes from top insurance agencies for free. That way, you’ll be able to save money and time.
Liz Jenson
Answered on Nov 09, 2021
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