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Posted in Auto Loans
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Question By
Barblette

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0 People Helped
Upside down for my car, but I want to downgrade so I can pay less. Is this possible?

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Top Contributor
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1445 People Helped

It depends on how bad you are upside down, if too much, you may not be able to trade it as a lender is not going to lend you way more than what the next car will be worth. If you would be able to trade it, the amount you are underwater will be added to the next loan, so even if you downgrade, the payment could be the same. I am glad that you are considering downgrading as that could be a big help for you financially. You are going to have to see what they will give you on trade or what you could sell the car outright for and how much you would have to pay out of pocket to make up the difference, if you don't have the money in your pocket, maybe you could get a loan to pay the difference to be able to sell the auto. You will just have to look at all the options here and run the numbers and go from there.

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