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Posted in Auto Loans
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Question By
meaking

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I am upside down on my car by over half of what the car is worth. Any suggestions?
I owe 7700 and its worth 3000 top, per KBB. I don't know if there is anything I can do.

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Probably not. I don't see any lender refinancing a loan worth more than the vehicle. 

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Reply by
mindjazz

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Is the loan through a bank or was it processed through a vehicle dealership? The only thing I can think of, is if you traded your current vehicle in and obtained another one, keeping in mind the $7700 and possibly more*, would now be rolled into the new loan.

I don't recommend going this route, but it also depends what the interest rate is.

 *Would depend what the dealership trade in amount is. The dealership has to make a profit, so you wouldn't receive the full $3000.

You could possibly obtain a secured loan of some sort; or depending on your credit an unsecured loan to pay some or all of the difference. Again you need to look at the interest rate. Paying interest is wasted money, so you always need to go for the lowest interest rate and get out of any debt as soon as possible.

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