Services
Insurance
Loans
Repairs
Advice
About

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?

avatar
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.
View full answer 
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.

Join 4M+ members in lowering their car insurance

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies
Find insurance savings