It doesn’t matter if you are behind on your payments, you can always trade one vehicle for another, but you will encounter some issues: first, you may owe more money on the old car than it is worth plus any fees for late payments. Plus, the interest rate may have increased because you were late.

Your best bet initially is to try to call the lender to help you get current on your payments and reduce your interest rate back to normal. If not, you may want to contact another car loan lender to see if they will refinance your loan to a lower rate.

A Post from RateZip.com's: Auto Loan Rate Guide