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What happens if I stop paying my car loan?
My lender has been jerking me around lately, and I feel like they don't care about me as a customer. I don’t want anything to happen to my credit, but this is really frustrating, and I’m tired of giving them my money. What happens if I just decide to stop paying my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m really sorry to hear about your lender! Unfortunately, though, refusing to pay your
car loan
means that you can risk the following:- A massive drop in your credit score
- Repossession of your vehicle
- The inability to get a loan of any kind for the foreseeable future.
It is definitely frustrating to be at odds with your lender, but keep paying your car loan—eventually, you’ll pay it off, and will never have to deal with them again. In the meantime, start shopping around for a new lender to
refinance
your vehicle. You might find that you love your new lender, they’re willing to work with you, and you get a lower interest rate! And if your payments were too high in the past, the refinancing can also reduce how much you pay per month. You may also want to consider shopping around for new car insurance too. The
Jerry
app makes this easy—we’ll get you customized quotes from top providers, so that all you need to do is choose the plan that works best for you. Who knows, you may just end up loving your new car insurance company just as much as your new lender!Best of luck with everything!
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- Gregory R.
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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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