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| *Loan,banking and credit>>>auto loan |
Can I avoid being 'upside down' ,if I buy a used car, even though I still owe on my auto loan? |
Can I avoid being 'upside down' ,if I buy a used car, even though I still owe on my auto loan? It depends on how much you owe. I don't know. some places take trade ins paid for or not ! Being upside down means you owe more on your loan than your car is actually worth. The only way to not be upside down is to either pay off the difference on your loan or to find someone stupid enough to buy the car for more than it is worth. Whatever you do don't trade it in on a car when your upside down and just have them add it to your new loan. I am in that situation now and owe nearly double on a car than what it's worth. It's really a bad situation to be in. If you were already upside down on a car and couldn't pay the difference you're going to be really screwed when you still owe that amount plus the difference on a new car. You will never get out of the car. Most places won't even give you a loan going in upside down unless your getting a brand new car. Which is a upside down deal in itself. The places that will give you a loan you should be really suspicious of b/c they know they are screwing you and probably have more tricks up their sleeve waiting for you. this is the best site i've found to get quotes for a car loan. there's lots of them out there but this only takes like a minute to fill out and it's free! http://www.loantaker.info/car/ Highly unlikely, but possible. It depends on how much you are upside down on your current vehicle and how much below value you are getting the used car for. If you owe more on your current vehicle than what you are saving on the used vehicle (blue book value) it is not worth it. You also need to consider how much the bank will lend on a used vehicle. Banks will only lend approx. 80% of what the car is valued at. |
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