Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
Mrscreditrsk

0 Contributions
0 People Helped
What can I do at this point? I need to make a change and get a lower car payment soon.
I am upside down $15,000 on my car. The balance of my last car carried over to my new car. I have had this new car for a year and my monthly payments are too high. My husband lost his job and I am having a hard time paying the car note each month. What can I do at this point? I need to make a change and get a lower car payment soon.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1786 Contributions
3025 People Helped

Helpful to 0 out of 1 people

No matter what you do you still owe that 15,000.   No Lender will refinance your car loan.

You could try the following it all depends on how much you make.

* Talk with your back about getting a personal loan for the amount you are upside down on ( + about 1000 or 2000 dollars )

If you get that from the back.

* Sell the car asap,  Pay off the car loan with the difference and by used car for the the reaming 1000 or 2000 dollars. 

the only think you will be making payments on then is the 15000 personal loan and if you spread that over 6 years should be about 230 to 260 amonth.

Top Contributor
5038 Contributions
1136 People Helped

I agree with this advice given, I see that the poster of the question has found the answer unhelpful, but it is the correct one. As mentioned, no lender is going to refi a car that is 15k underwater. So the above advice would be the most workable situation (or) What do you have to sell that you don't need to try to raise enough funds to pay down the car so you have enough equity in it to refi. Sell things you don't need, get the husband back to work, get an extra job, do what you have to to get the balance down on the car. There really needs to be some laws put into place that prevent lenders from letting people get underwater on auto loans, it is a very common thing.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.