{"id":37926,"date":"2022-03-28T11:06:02","date_gmt":"2022-03-28T11:06:02","guid":{"rendered":" https:\/\/dev.way.com\/blog\/?p=37926"},"modified":"2022-04-25T07:28:58","modified_gmt":"2022-04-25T07:28:58","slug":"how-to-get-out-of-a-bad-car-loan","status":"publish","type":"post","link":"https:\/\/dev.way.com\/journal\/how-to-get-out-of-a-bad-car-loan\/","title":{"rendered":"How Can You Get Out Of A Bad Car Loan?"},"content":{"rendered":"<p style=\"text-align: center;\"><em>Staying in a bad car loan with high monthly payments can play havoc with your finances! Here&#8217;s <a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\">how to get out of a bad car loan<\/a> and save your hard-earned money.<\/em><\/p>\n<p style=\"text-align: justify;\">When buying a car, it&#8217;s only natural that the excitement of getting behind your favorite vehicle outweighs other considerations. Most people only pay attention to whether they can afford to finance their car through loans, and do not take into account the long-term effect of paying a loan. However, they do sit up and take notice when they realize they&#8217;ve been given a bad deal which is causing them to bleed money!<\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/03\/what-do-you-need-refinance-car1.jpg\" alt=\"How to get out of a bad car loan? Follow these rules\" width=\"619\" height=\"465\" \/><\/span><\/p>\n<p style=\"text-align: justify;\">So what&#8217;s the best way out of a bad loan? We&#8217;ve broken down all the options you can consider to avoid those loans that do you more harm than good.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #e71346;color:#e71346\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #e71346;color:#e71346\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/dev.way.com\/journal\/how-to-get-out-of-a-bad-car-loan\/#What_Is_a_Bad_Car_Loan\" >What Is a Bad Car Loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/dev.way.com\/journal\/how-to-get-out-of-a-bad-car-loan\/#How_Can_You_Get_Out_of_a_Bad_Car_Loan\" >How Can You Get Out of a Bad Car Loan?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/dev.way.com\/journal\/how-to-get-out-of-a-bad-car-loan\/#Understand_How_Car_Loan_Payments_Are_Calculated\" >Understand How Car Loan Payments Are Calculated<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/dev.way.com\/journal\/how-to-get-out-of-a-bad-car-loan\/#Try_Auto_Loan_Refinancing_for_Better_Terms_and_Conditions\" >Try Auto Loan Refinancing for Better Terms and Conditions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/dev.way.com\/journal\/how-to-get-out-of-a-bad-car-loan\/#Renegotiate_with_Your_Dealer\" >Renegotiate with Your Dealer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/dev.way.com\/journal\/how-to-get-out-of-a-bad-car-loan\/#Trade_in_Your_Car_for_a_Cheaper_One\" >Trade in Your Car for a Cheaper One<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/dev.way.com\/journal\/how-to-get-out-of-a-bad-car-loan\/#Consider_Getting_Rid_of_Your_CarSelling_It_to_Another_Party\" >Consider Getting Rid of Your Car\/Selling It to Another Party<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/dev.way.com\/journal\/how-to-get-out-of-a-bad-car-loan\/#Voluntary_Repossession\" >Voluntary Repossession<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/dev.way.com\/journal\/how-to-get-out-of-a-bad-car-loan\/#Common_Mistakes_to_Avoid_While_Trying_to_Get_Out_of_a_Bad_Loan\" >Common Mistakes to Avoid While Trying to Get Out of a Bad Loan<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/dev.way.com\/journal\/how-to-get-out-of-a-bad-car-loan\/#Do_Not_Extend_the_Loan_Term\" >Do Not Extend the Loan Term<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/dev.way.com\/journal\/how-to-get-out-of-a-bad-car-loan\/#Do_Not_Choose_Refinancing_without_Comparing_Different_Offers_and_Rates\" >Do Not Choose Refinancing without Comparing Different Offers and Rates<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_a_Bad_Car_Loan\"><\/span>What Is a Bad Car Loan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">A bad car loan is one that causes you to spend more money than usual while paying off the loan. According to ConsumerReports, <a href=\"https:\/\/www.consumerreports.org\/car-financing\/many-americans-overpay-for-car-loans-a8076436935\/\" target=\"_blank\" rel=\"noopener\">Americans pay an average of nearly $600<\/a> on monthly car loan payments &#8211; up 25% from 2021. These high loan payments have resulted in financial troubles for a majority of Americans, with <a href=\"https:\/\/www.theguardian.com\/money\/2021\/oct\/27\/us-car-loan-payment-cost-study\" target=\"_blank\" rel=\"noopener\">thousands at risk of defaulting<\/a>.<\/p>\n<p style=\"text-align: justify;\">Some of the main reasons consumers end up with bad car loans include:<\/p>\n<ul>\n<li style=\"text-align: justify;\">You did not negotiate for a lower rate with the dealer<\/li>\n<li style=\"text-align: justify;\">You were charged a high <a href=\" https:\/\/dev.way.com\/blog\/what-is-apr-on-a-car-loan-and-how-is-it-calculated\/\" target=\"_blank\" rel=\"noopener\">APR<\/a>, resulting in high monthly car loan payments<\/li>\n<li style=\"text-align: justify;\">If you were given an APR higher than normal for your level of credit score<\/li>\n<li style=\"text-align: justify;\">The loan term is too long, causing you to pay more in interest charges on your car<\/li>\n<li style=\"text-align: justify;\">You are &#8220;upside-down&#8221; on the car loan (you owe more than the car is worth)<\/li>\n<li style=\"text-align: justify;\">You agreed to the car loan without including hidden charges, dealership fees, sales tax, etc<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_Can_You_Get_Out_of_a_Bad_Car_Loan\"><\/span>How Can You Get Out of a Bad Car Loan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While it isn&#8217;t easy to get out of a bad car loan, you can still follow these guidelines to try and extricate yourself from a financial mess.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Understand_How_Car_Loan_Payments_Are_Calculated\"><\/span>Understand How Car Loan Payments Are Calculated<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">It&#8217;s easier to avoid a bad deal than get yourself out of one after you&#8217;ve been locked in. If you&#8217;re looking to take on a new car loan and want to avoid a bad deal, it helps to <a href=\" https:\/\/dev.way.com\/blog\/how-are-car-loan-payments-calculated\/\" target=\"_blank\" rel=\"noopener\">know how car loan payments are calculated<\/a>. Besides the showroom price of the vehicle, you have many other additions and deductibles that need to be considered to arrive at the final purchase price of the vehicle, like:<\/p>\n<ul>\n<li>Sales Tax<\/li>\n<li>Trade-in value of your car (if exchanging)<\/li>\n<li>Brand loyalty rebate<\/li>\n<li>Dealership and processing fees<\/li>\n<li>Down payment on the loan<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Try_Auto_Loan_Refinancing_for_Better_Terms_and_Conditions\"><\/span>Try Auto Loan Refinancing for Better Terms and Conditions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure style=\"width: 480px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.giphy.com\/media\/chDFvZcbVVKfDnC2gF\/giphy.gif\" alt=\"\" width=\"480\" height=\"326\" \/><figcaption class=\"wp-caption-text\">Via Giphy<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">If you find yourself locked in a bad car loan,<a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\"> auto loan refinancing<\/a> is one of the easiest options to get a better deal. <strong>Refinancing involves taking on a new loan from a new lender that completely pays off your current auto loan<\/strong>. You can then start repaying the new loan, which will typically have a <strong>lower APR<\/strong>, <strong>a better loan term, or both. <\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">Consumers can <strong>save at least $100 on average per month<\/strong> and thousands every year through auto loan refinancing. Other benefits of refinancing include:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/www.way.com\/auto-refinance\/car-loans\/rates\">Compare rates<\/a> and shop around with different lenders before applying<\/li>\n<li>Adding a co-signer or co-borrower to the loan<\/li>\n<li>Add other benefits like GAP Insurance and <a href=\" https:\/\/dev.way.com\/blog\/what-is-an-extended-vehicle-service-plan\/\" target=\"_blank\" rel=\"noopener\">ESC<\/a> to the loan<\/li>\n<li>Get cash in hand based on your vehicle&#8217;s equity through <a href=\" https:\/\/dev.way.com\/blog\/cash-back-auto-loan-refinancing\/\" target=\"_blank\" rel=\"noopener\">cash-back auto refinancing<\/a><\/li>\n<li><a href=\" https:\/\/dev.way.com\/blog\/refinance-car-lease\/\" target=\"_blank\" rel=\"noopener\">Buy out your car lease\u00a0<\/a><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">Car loan refinancing is an excellent option if your credit score has improved since the time you originally took on your current loan. However, ensure your current lender does not have a pre-payment penalty &#8211; a fee for paying off the loan before schedule.<\/span><\/p>\n<p><a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/02\/REFINANCE-BANNER.png\" alt=\"How to get out of a bad car loan? Use Way.com to refinance easily\" width=\"744\" height=\"276\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Renegotiate_with_Your_Dealer\"><\/span>Renegotiate with Your Dealer<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">If you don&#8217;t want to refinance yet and are just behind on a few payments, it could help to talk to your lender. For example, you can ask for a temporary forbearance which will pause your payments for a short period. Some lenders may also change your monthly amount to a more manageable level, giving you more time to find your bearings.<\/p>\n<p style=\"text-align: justify;\">However, this option may not work all the time. The lender may have sold your loan to a third-party financial institution and could be reluctant to renegotiate terms.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Trade_in_Your_Car_for_a_Cheaper_One\"><\/span>Trade in Your Car for a Cheaper One<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">If it is the high purchase cost of the vehicle that is causing unmanageable payments, you can trade in your car for a cheaper one. The advantage of this is that you can <strong>reduce your monthly payments quickly<\/strong> through the exchange. It is likely that you won&#8217;t be able to pay off the entire loan, but it can at least get you out of deep waters and into the shallows.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/media.giphy.com\/media\/ynbVEKDJAjxlwFMu0S\/giphy.gif\" alt=\"\" width=\"385\" height=\"385\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Consider_Getting_Rid_of_Your_CarSelling_It_to_Another_Party\"><\/span>Consider Getting Rid of Your Car\/Selling It to Another Party<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">If both trading in and refinancing do not seem feasible due to your poor credit or vehicle eligibility, then the only way to get out of the bad loan is by selling off the car. However, the fact that you do not own the car completely (that happens only when you pay off the loan) can complicate things. Therefore, you need to first contact the lender, let them know you want to sell the car, and complete all the paperwork required to transfer the lien to the new owner.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/media.giphy.com\/media\/jUuYhnyTrzeX61Nvvb\/giphy.gif\" alt=\"\" width=\"386\" height=\"386\" \/><\/p>\n<p style=\"text-align: justify;\">The advantage of selling off the car is that you can <strong>pay off a large amount of the loan quickly<\/strong>. It is likely that you won&#8217;t be able to pay off the entire loan, but it can at least get you out of deep waters and into the shallows.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Voluntary_Repossession\"><\/span>Voluntary Repossession<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">The last resort to get out of a bad car loan is to allow the lender to repossess the vehicle. You can do so by voluntarily turning in the car and asking the lender to clear the loan. You can save the lender a lot of paperwork and hassle, and also get a favorable payoff amount in the process. <\/span><span data-contrast=\"none\">Going down the voluntary repossession route might hurt your credit score &#8211; but it&#8217;s a hit you&#8217;ll have to take compared to the damage caused by possible future defaults.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Common_Mistakes_to_Avoid_While_Trying_to_Get_Out_of_a_Bad_Loan\"><\/span>Common Mistakes to Avoid While Trying to Get Out of a Bad Loan<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Here are the things you SHOULD NOT do while attempting to get out of a bad car loan:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_Not_Extend_the_Loan_Term\"><\/span>Do Not Extend the Loan Term<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">It will seem tempting to extend your loan term to get lower monthly payments. However, doing so will only cost you more in interest. Always choose a loan term between 24-60 months for the best results. 72-month and 84-month terms will incur huge interest charges and you might end up &#8220;upside down&#8221; on your loan.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_Not_Choose_Refinancing_without_Comparing_Different_Offers_and_Rates\"><\/span>Do Not Choose Refinancing without Comparing Different Offers and Rates<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Use refinancing aggregators like Way.com to <a href=\"https:\/\/www.way.com\/auto-refinance\/car-loans\/rates\" target=\"_blank\" rel=\"noopener\">compare different refinance rates<\/a> and shop around for better deals. You can also use the pre-approval process through a soft credit inquiry to quickly find out which offers you qualify for, and whether you can save money on them.<\/p>\n<p><a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/02\/REFINANCE-BANNER.png\" alt=\"How to get out of a bad car loan? Use Way.com to refinance easily\" width=\"744\" height=\"276\" \/><\/a><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><em>Read more blogs for info on finding\u00a0<\/em><a href=\" https:\/\/dev.way.com\/blog\/category\/parking\/airport-parking\/\"><em>top-rated airport parking<\/em><\/a><em>, the best\u00a0<\/em><a href=\" https:\/\/dev.way.com\/blog\/category\/parking\/city-parking\/\"><em>parking spots in your city<\/em><\/a><em>, and affordable\u00a0<\/em><a href=\" https:\/\/dev.way.com\/blog\/category\/car-wash\/\"><em>car washes near you<\/em><\/a><em>.<\/em><\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Staying in a bad car loan with high monthly payments can play havoc with your finances! Here&#8217;s how to get out of a bad car loan and save your hard-earned money. When buying a car, it&#8217;s only natural that the excitement of getting behind your favorite vehicle outweighs other considerations. Most people only pay attention&hellip; <a class=\"more-link\" href=\"https:\/\/dev.way.com\/journal\/how-to-get-out-of-a-bad-car-loan\/\">Continue reading <span class=\"screen-reader-text\">How Can You Get Out Of A Bad Car Loan?<\/span><\/a><\/p>\n","protected":false},"author":46,"featured_media":37929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1962,1855],"tags":[5395,5396,5397,5398],"class_list":["post-37926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auto-refinance","category-finance","tag-bad-car-loan","tag-how-to-get-out-a-bad-car-loan","tag-how-to-get-out-of-a-bad-car-loan","tag-getting-out-of-a-bad-car-loan","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.3 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Can You Get Out Of A Bad Car Loan?<\/title>\n<meta name=\"description\" content=\"Staying in a bad car loan with high monthly payments can play havoc with your finances! Here&#039;s how to get out of a bad car loan and save money.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Can You Get Out Of A Bad Car Loan?\" \/>\n<meta property=\"og:description\" content=\"Staying in a bad car loan with high monthly payments can play havoc with your finances! 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