Ways To Get Out Of Negative Equity On A Car Paying extra will help you get out of the loan faster and may allow you to bring down the balance at a rate that outpaces your car s devaluation While you ll still have to cover your negative equity keeping your vehicle and paying off your loan can help you make the best of a bad situation
1 Sell Your Car If you re serious about getting rid of your car it is possible to sell a car with negative equity If you re looking to sell your car without trading it in at a car dealership you ll need to pay the difference between the sale price and your loan balance to settle your current loan when you sell your car Check out our The Rise of Negative Equity in Car Loans The phenomenon of negative car equity has been escalating with recent Edmunds data revealing that 1 in 5 trade ins have negative equity The situation has become particularly pronounced in the new car market where 20 4 of trade ins are underwater marking a significant jump from 14 9 in Q4 of 2021
Ways To Get Out Of Negative Equity On A Car
Ways To Get Out Of Negative Equity On A Car
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In this article the team here at RateWorks will break down what you can do to get out from under negative equity and move forward without worries If the loan balance exceeds the car s value you re dealing with negative equity For example if your car is worth 15 000 but you owe 18 000 you re upside down by 3 000 Never ever roll negative equity into a new loan Your 90 Day Challenge Starts Now I hope you can see that getting out of a negative equity car loan isn t just possible it s absolutely doable with the right plan In just 90 days you can completely transform your relationship with car debt by taking consistent strategic action Remember
The only way to get out of a negative equity car loan is to pay off the original lender However this process doesn t have to be as difficult as it may seem Refinance Your Auto Loan Perhaps the fastest way to get out of a negative equity car loan would be to refinance with a new loan When you refinance auto loans a lender will take your To find out your car s current value you can use resources like Kelley Blue Book KBB or Edmunds which give you estimates based on the car s make model year mileage and condition How to get out of an upside down car loan You have four main strategies to help you get out of an upside down car loan Make extra payments on your loan
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How to Get Out of Negative Equity 1 Refinance to a Lower Rate One of the fastest ways to improve your situation is by refinancing your auto loan By securing a lower interest rate you can reduce your monthly payment and free up cash flow If you keep making the same payment after refinancing applying the savings toward your principal you can pay down the negative equity faster Typically the easiest way to get out of a negative equity situation is to pay more on your car loan whenever you can Whether you do this by paying multiple times a month or by making a lump sum payment that s larger than normal By bringing down the amount you owe you can tip the balance in your favor By doing this you also pay off your
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Ways To Get Out Of Negative Equity On A Car - The only way to get out of a negative equity car loan is to pay off the original lender However this process doesn t have to be as difficult as it may seem Refinance Your Auto Loan Perhaps the fastest way to get out of a negative equity car loan would be to refinance with a new loan When you refinance auto loans a lender will take your