For many people, an automobile is one of the largest life expenses they have. Car loans are often the largest debt they carry. As lives change and circumstances morph, the auto loan taken a year or two ago may not be the best option today. Just because the contract has been signed and you’re making payments doesn’t mean that it cannot be altered.
Fixing the bad parts of a deal isn’t impossible. Even if months or years have gone by since your vehicle purchase, you can still refinance or absolve a bad car loan. Here, we’ll look at what makes up a bad car loan, options for getting out of a bad auto loan, and how to avoid bad car loans altogether in the future.