Upside Down Car Loan
I want to get out of an upside down car loan..what should I do?
Okay, I have a 2005 dodge neon with about 38,000 miles. I bought it a little over a year ago and it is in great condition. Problem is, it was my first vehicle purchase so my interest rate is pretty high and I owe about $11,000 on it and it’s not worth that much and I really want to get something better. I went to look to trade it in only to find i wouldnt get over $6000 trade in value so that would leave me roughly with $5000 in negative equity. So basically I want to get out of this loan so I can get a car that I really want without being upside down again by rolling over the unpaid balance to the new car. What should I do????
You might try to refinance the loan to reduce the interest rate and lower the overall balance owed. If you have the patience, you might try running a color picture ad on websites like craigs list, yahoo auto, or even ebay…You might find a buyer there.