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"Can I get out of a car loan without damaging my credit? "
I've got real buyer's remorse with my car loan and I'd love to get out of it. But I don't want to ruin my credit.
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you can no longer afford to make the monthly payments on your auto loan, there are a few options that can get you out of the loan. Unfortunately, most of them result in you losing the car. The best option available is selling the car to a private buyer. If you kept the car in good condition, you may even have enough money left over to put a down payment on a more affordable car.
The only two options that will keep your credit intact and allow you to keep your car is to call your lender and explain the situation, hoping they will work with you, or to
refinance your loan
.A last-resort option would be to hand your car over to the lender, though this will hurt your credit — but not as badly as if the bank has to come and get the car from you.
“
View full answer
- Gregory R.
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