![]() And if your car payment is tying up your income and keeping you from becoming debt-free in the next two years, then it’s definitely time to get rid of it. The quickest way to get rid of your car loan is to sell your car. ![]() That’s the super quick answer, but let’s break down each option. If yes, keep the car and pay off the loan. Can you pay off the car in two years or less? Is the total value of all your vehicles (things with a motor in them) more than half your annual income? And which one you should do comes down to how you answer these two questions:ġ. So, how do you get rid of a car payment? Well, you’ve got two main options: Pay off the loan or sell the car. We’re going to show you how to get out of a car loan once and for all! And you’re thinking, Will I always have a giant car payment?ĭon’t let your ride wreck your finances. But now that car loan is starting to feel like a real thorn in your side. ![]() And the dealer made it seem like you’d have no problem affording the monthly payments. Or maybe it was the only decent one you could find after you totaled your old Toyota (RIP Blue Steel).Įither way, you took out a car loan to secure your new (or new-to-you) wheels. When both are considered, the best decisions are made.Maybe you had your eye on the car for a while. Think about what works best financially AND emotionally for YOU. Financial transactions like these can be exhausting and may exacerbate an already stressful time in people’s lives. Sometimes after all of the information is gathered, I also suggest a gut check. There are a lot of factors that play into whether or not it’s a good financial choice.
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