How To Get Out Of Car Loan Without Ruining Credit

I really wish I could get out of my car loan because I have real buyers’ remorse. But I dont want to ruin my credit.

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How do you get out of a car loan without ruining credit?

Call your lender and explain the situation, hoping they will work with you, or refinance your loan are the only two options that will keep your credit unharmed and allow you to keep your car.

Does surrendering a car hurt your credit?

Giving your car back to the lender voluntarily because you can’t make your auto loan payments will damage your credit.

How can I get out of a financed car?

5 ways to get out of your car loan
  1. Pay off the car. Paying off the loan’s balance is the best way to get rid of a car loan.
  2. Refinance your loan. …
  3. Sell the car. …
  4. Renegotiate the terms of your loan. …
  5. Trade in the car. …
  6. Voluntary repossession. …
  7. Default on the loan.

Can you let a car go back without ruining credit?

A voluntary surrender or voluntary repossession occurs when you return your vehicle to the lender before it has been fully paid off. A voluntary surrender should only be used as a last resort because it is derogatory in terms of your credit and will significantly lower your scores.