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Posted in Auto Loans
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Question By
Haku1071

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Upside down on loan
I'm $8k upside down on my car loan. The bank that financed this ridiculousness will not refinance. Nor will any other bank (understandably). I have tried to lease a new vehicle by rolling the negative into the lease however they will not roll that much. Do I have any other options (other than making additional principle payments when possible)?

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Top Contributor
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Unfortunately, no there is not really any options here. The only thing you can do is get it paid down as fast as you can.

Top Contributor
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A new vehicle depreciates quickly. I would suggest looking at pre-owned vehicles.You'll still be on the hook for the $8000 on the other vehicle, but keeping a less expensive vehicle longer will help you get out of debt faster. Paying loan interest is wasted money every month.

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