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How do you get out from under a car loan?
I lost my job and can’t afford to pay my car loan anymore. What can I do?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
One of the first things you should do is reach out to your lender to see what your options are. You may be able to negotiate a payment arrangement with them. They may also recommend refinancing your loan.
Next, look up your car’s value on sites like
Kelly Blue Book
. If your car is worth more than your car loan, you could try to sell your car. Doing so would allow you to pay off your loan and give you one less payment to worry about. That said, if you need a car when looking for a new job, this may not be the best option for you.
Again, you’ll want to talk to your lender to figure out your options. Things like this happen all of the time, so you’re not alone in this.
If your lender does recommend refinancing, use the
Jerry
app. Jerry compares multiple lenders and insurance providers to get you the best deal possible for refinancing and car insurance.”View full answer
- Gregory R.
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.
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