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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.

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โˆ™ 2015-07-16 19:21:41
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Q: 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?
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