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How can I get out of a car loan with a terrible lender without hurting my credit score or paying the balance?
"I bought a car from a shady car dealer and took out a loan at a high interest rate.
Now I'm finding little fees here and there on top of my already expensive loan.
How can I get out of the loan without hurting my credit or paying the balance of the loan?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You can’t, unless you can refinance the vehicle. If you’re not upside-down on the loan and your credit is decent, you should be able to find a new lender.
If you’re
upside-down
or have poor credit, your options are limited and you’re not going to like them.Your first option is to give the car back voluntarily. You’ll still be on the hook for the loan and this will hurt your credit. Or you can stop paying and have the company repossess the car. The result is the same either way.
In the future, always shop around and don’t sign a car loan for outrageous interest rates.”
View full answer
- Gregory R.
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