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"How can I escape a car loan with 26% interest? "
"I got a car loan with a 26% interest rate two years ago because it was my only option. At the time it didn’t seem that bad, but now I can barely afford to make the payments. Is there any way I can get out of this awful loan?
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If your credit has improved since you took that deal and you are not too
upside-down
on the current loan, you can try to refinance
with a different lender. If refinancing is not an option, you should pay as much as you can on the loan until it is an option.
As a last resort, you could voluntarily turn the car back over to the lender, but this will hurt your credit. It could also hamper you if you don’t have access to other forms of transportation.”
View full answer
- Gregory R.
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