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How can I get out of a balloon car payment?
To get the car I wanted last year, I got a loan that included a balloon payment. To be honest, I didn’t really know what that meant. Now I’m much more financially stable, but I don’t think I can make that payment. How can I get out of a balloon car payment?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Lots of drivers opt for a balloon loan due to the initial lower monthly payments, then find that the final balloon payment is far too much to handle.
Here are a few ways that you can get out of a balloon car payment:
- Sell your car and use the profit to pay off the loan.
- Pay the loan in full.
- Refinancethe loan to extend your loan repayment period and even out the remaining monthly payments.
If your credit score has improved, you may qualify to refinance your loan into one with a better rate that can save you hundreds of dollars in the long run. Use the
Jerry
app to quickly and easily compare refinancing options available to you.View full answer
- Gregory R.
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