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How do I get out from under a bad car loan?
I've been paying off my car loan for a couple of years, but my sister who works at a bank said I am paying too much. Is it possible to get out of a bad car loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear about your situation. Your sister sounds like a great financial resource!
Refinancing a car is simply rebooting your loan deal with different terms, usually with a different lender. In general, you and a new financier agree on terms that are more beneficial to you. The new financier then pays off your old financier in full, and you begin making payments to your new financier based on your new agreement.
If you’re looking to refinance your car loan, start your search with the
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app. You can compare quotes from multiple lenders without the hassle of researching potential lenders and filling out loads of paperwork. 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.View full answer
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