There are several reasons why some vehicle owners find ways to get out of expensive car loans. One of these reasons is sudden unemployment or losing a source of income. This situation makes payment for a car loan less manageable. When this situation happens to you, there are several ways to give up an expensive car loan to minimize personal expenses.
1. Refinance the vehicle
One way to get out of an expensive car loan is by refinancing it. This could be done by getting a loan from a second lender in order to pay for the first loan's standing balance. Refinance loan lowers your monthly payments by extending the loan term.
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In addition to this, you could possibly get lower interest rates. By faithfully making on-time payments on the first loan, there is a greater possibility that your credit score has increased or the credit situation fixed.
2. Have someone assume the car loan
Another method of getting rid of expensive car loans is to look for individuals who are willing to assume the loan payments for you. You can go to the car dealer and inquire if it is allowed to have someone assume the loan payments. There are many dealers who would allow loan payment assumptions.
Always remember that assumption of a car loan does not require another down payment. This condition allows you to convince someone to take over the loan. When you are able to find one, inform the lenders about this decision. The lenders would then check on the person's credit and the source of income before allowing him/her to take over the payments.
3. Sell the car
Selling the car is also a tried and tested solution. Contact the lender and ask for your pay off balance. When this is done, place ads on the local news paper and wait for possible buyers. You can also advertise the car sale using the internet and other promotional techniques for car selling. Once the car is sold, use the money you earned to pay for the pay off balance.
4. Have the car repossessed
Finally, you can return the vehicle to the dealer. This helps you get away with an expensive car loan in case that the other methods failed. Car dealers would then sell the car through an auction. If the car is sold in a price below your remaining balance, all you need to do is pay for that remaining amount. In case it is sold in a price equal to the remaining balance, this means that you are no longer required to pay for anything.
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