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How to get out of a car loan?
I can’t afford to keep paying my car loan anymore. What can I do? Can you get out of a loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m so sorry to hear that, but take comfort in knowing you have options.
To get out of a
car loan
, the first thing you should do is talk to your lender. If you’re upfront about your situation, they might be able to defer some of your payments. You’ll still have to pay them later, but hopefully, this can kick the ball down the road a bit until you can get back on your feet.Speaking with your lender prior to missing a payment is the best-case scenario because, otherwise, your car may be repossessed. A repossession would stay on your credit history for seven years.
Alternatively, you could try to refinance your car loan to reduce your monthly bill.
Jerry
makes it quick and easy. Jerry’s app instantly connects you with top companies and takes into account your specific financial needs to find a loan that best meets those needs. Next, you can always sell the car. If you’re able to sell it for more than you currently owe, you may even make a small profit this way.
Kelley Blue Book
is a great resource to get a sense of how much the car is worth.Worst-case scenario, you can voluntarily surrender the car. This obviously isn’t ideal, but it may preserve your credit to some degree.
View full answer
- Gregory R.
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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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