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What can I do if I can't pay a car loan anymore?
I took out a car loan last year, and it’s been nothing but a nightmare. Since the first month, I’ve struggled to make the payments and had to start dipping into my savings. I simply can’t afford the loan. What should you do if you’re unable to pay a car loan anymore?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that you are stuck in a
car loan
that is too difficult for you to repay. Fortunately, you do have options.Contact the lender immediately to discuss your situation and find a solution. Because it’s in the lender’s best interest, they’ll often work with you and allow you to modify the loan.
Alternatively, you can:
Because you’ve struggled to make payments since the beginning, refinancing into a new loan with an interest rate and terms that better match your financial situation may be your best option.
Refinancing your auto loan is a great way to lower your car payments, but finding the right lender can be stressful and time-consuming.
Jerry
makes it simple–download the app and compare top lenders in minutes. Simply answer a few questions and Jerry will match you with multiple lenders that meet your needs.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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