![]() ![]() Occasionally a lender will allow you to refinance depending on your loan-to-value ratio. Often times you will be unable to refinance a car loan when you are underwater but it will depend on the lender. You can get out from under a payment you can no longer afford. You’ll have to go through a few steps and make some sacrifices to manage the loan or raise the cash, but the process is worth your time. The only real way to fix the problem of being upside down is by paying down the excess debt. How to Get Out of an Upside Down Car Loan When you’re upside down and can’t cover your loan payment, you’re in a tough financial place. The trouble comes when you can no longer comfortably afford your monthly car payment, whether it’s due to unemployment or job loss, income reduction, or another major negative change in your overall financial situation. But as long as you got a fair deal on your loan, and you make your payments on time, the expense of your loan and the value of your car eventually even out, usually in no more than five years. Sure, it’s not good news, especially if it means you overpaid. When Being Upside Down Becomes a Problemīeing upside down on your car loan doesn’t always require immediate attention. At first, it’s not necessarily a problem. That’s why many people don’t even know when it happens to them. ![]() In fact, it’s almost certain that you’re going to be upside down at some point. Unless you’re on high alert when buying a new or used car, it’s easy to fall into these traps. ![]()
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