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If you bought a car with high interest and currently you have an upside down loan would it be a good idea to trade the car in for a cheaper newer model with a lot fewer miles?
Wiki User
∙ 8y ago
The problem with many of the auto loans is that you get "upside down" in them quite soon. Even if you buy a newer vehicle, when you trade in your existing vehicle you will be upside down almost immediately. Pay off what you have, drive it as long as it keeps serving you well. Once it is paid off you will have some equity to put down on your next vehicle. Then you should only buy something with a 2 or 3 year note. Anything longer will put you upside down. If you can't afford the shorter note on the vehicle, don't buy it; it just means you cant afford the vehicle. The only people who really make money on those deals is the finance company. You're giving a lot of money to someone so that you can buy a vehicle that you can't really aford.
Wiki User
∙ 8y ago
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If you must voluntarily have your car repossessed due to an upside down loan what effects will this have on trying to get a home loan in two years?
Carly, it can affect what interest rate you pay(HIGHER THAN NORMAL), how much you have to pay down to even get a loan. It is NOT a positive thing to have on your CR.
GRANT FROM OBAMA FOR MORTGAGE'S UPSIDE DOWN AND HOMESTEAD SENIOR CITIZEN ?
GRANT FROM OBAMA FOR MORTGAGE UPSIDE DOWN AND HOMESTEADED SENIOR CITIZEN
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it is convex
Can you refinance if your loan is upside down?
turn it right side up stupid, everyone knows that.
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St.Peter. He supposedly was crucified in the exact spot that St.Peter's basilica is in now (Vatican City).
I bought a can of crisco spray and the label is on upside down is it worth anything?
it's worth what you paid for it.
Can you trade a car that's upside down?
As long as we are talking about the loan being upside down, not the car:Yes you can trade it,BUTIt is not recommended as you will pay a large penalty in extra interest.
What movies has Alyson stoner been in?
Alice upside down,step up,camp rock,cheaper by the dozen,and the suit life of Zack and Cody
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put one upside down on top of the other. But if it has a roof, open the doors all the way, and push the cages together
How do you trade upside down car?
I recommend you not do this! This cost a lot in extra interest on your financing!In North America this is possible as long as only the financing is upside down. If the car is or has been upside down it is very difficult.The problem is you take on the finance rate.Go to a dealer, tell the truth about what you owe. They will organize up financing that pays off your old car and buys a new car.
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Which beatle often played his instrument upside down?
At the very beginning of their music career - when they were still in Liverpool - Paul was seen to be playing guitar upside down. This is because he is left handed and left handed guitars had to be custom made and were expensive. Therefore, it was easier and cheaper for Paul to flip the guitar and rearrange the strings for a left handed player.
What does upside mean?
The upside is ;the good thing about it .
How many roller coasters in six flags discovery kingdom go upside down?
There are currently 7 rides at Six Flags Discovery Kingdom that go upside down/have inversions: Boomerang Coast to Coaster Hammerhead Shark Kong Medusa Superman: Ultimate Flight V2: Vertical Velocity Voodoo
Can the earth be upside down?
The earth can not be upside down.
What sports are upside down?
Gymnastics is kind of an upside down sport because the handstand you do it upside down and that's the only sport you do upside down flips and etc...
How do you spell upside down?
Main Entry: backward Part of Speech: adverb Definition: Toward the back. Synonyms: about, around, back, rearwardMain Entry: back Part of Speech: adverb Definition: In or toward a former location or condition. Synonyms: about, around, backward, rearward, round If you mean going backwards like a car, "reverse" is the word you are looking for.
