How to Get Rid of a Car Payment

Video Transcript

"Hi, so you're wondering how to get rid of that car payment. No problem. I'll be able to tell you how to do so. My name is Adriel Torres and I'm the owner of ultimatecredittoday.com. In order to get rid of your car payment, you must do one of three things. The first thing is sell a car outright and that's how you get rid of it. Obviously the next person will assume it or they'll pay a new note. Or you can refinance the vehicle. There are specialty lenders out there that do just vehicle refinancing and maybe you can get a lower rate, or if you're a property owner, you have some equity in your property and you can obtain a second mortgage or maybe a home equity line of credit that is going to be a lower rate than the car payment, then it makes sense to obtain that loan and pay the automobile off and that way you're paying a lesser rate, a lesser monthly payment. Or if you can get maybe a family member or a friend that's going to charge you less on the money you borrow to pay the vehicle, then that's another way as well. So those are a few ways to get rid of a car payment. Again, my name's Adriel Torres and I'm the owner of ultimatecredittoday.com. Thank you very much."