0
If you have funds to pay off the loan balance, you can sell a vehicle with negative equity. Example: you owe $10k on a car, but the best offer you have is $8k. You must be able to payoff the remaining $2k balance of the loan to your lender to fully absolve yourself of the financial obligations as a borrower. Transfering the title is another matter, and you should reference your state laws.
What else can I help you with?
Can you use a car loan as a down payment on a car?
ya of curse you can use the upside down car loan for buying a new car...
Can you buy a car if you are 12000 upside down with your trade in?
You can but the amount(12,000) will be added to the new car loan. If you were to sell your car that you have now and pay it off, you would be better off.
How do you sell a upside down car?
If you mean you still owe money on the car you don't sell it unless you can take the money and pay off the loan. The bank really owns your car and the pink slip, so if you sell it without the loan getting paid you still owe the money to the bank.
How do you sell a car that you still owe on that is damaged?
If you can get enough out of the car to pay off the loan then just sell it. If you are upside down on the loan, they that presents a real problem. You may have to just sit on the car until you pay off enough of the loan to be able to sell it an get enough to pay off the loan. You could also sell it and take out another loan that will cover the deficiency, but that may not be a good decision if you are financially strapped.
How do you get out of a car loan?
You must know that it is legal obligation to pay off a car loan. To get out of a car loan, make regular payments. If doing so is becoming difficult for you, then you can sell your car and pay off your loan. Here, there would be problem if you have upside down loan. If your higher monthly payments are making things difficult for you, you can refinance your car.
What does it mean to be upside down in a loan and how does it affect your financial situation?
Being upside down in a loan means you owe more money on something, like a car or a house, than it is worth. This can happen if the value of the item decreases faster than you pay off the loan. Being upside down can affect your financial situation because if you need to sell the item, you may not get enough money to pay off the loan, leaving you with a debt even after selling the item.
If you trade in a car that you owe money on will you have to pay the previous car loan plus your new loan?
Yes. It is referred to as "upside down" financing.
Can you get a loan out on your car?
ImproveYou must know that it is legal obligation to pay off a car loan. To get out of a car loan, make regular payments. If doing so is becoming difficult for you, then you can sell your car and pay off your loan. Here, there would be problem if you have upside down loan.If you higher monthly payments are making things difficult for you, you can refinance your car.
What do you do to get out of your car loan?
ImproveYou must know that it is legal obligation to pay off a car loan. To get out of a car loan, make regular payments. If doing so is becoming difficult for you, then you can sell your car and pay off your loan. Here, there would be problem if you have upside down loan.If you higher monthly payments are making things difficult for you, you can refinance your car.
When upside down in a car loan how much more do you pay on a trade in?
If you are upside down with your car loan, meaning you owe more on it than what it is worth, you will need to pay the deficiency. That means if you owe $11,000 on your car and it is worth $9,500, then you will need to come up with $1,500 to erase the deficiency.Keep in mind that this may only be the first step. You may also need to come up with a down payment on top of paying the loan deficiency. If you do not put money down and are still approved for a car loan, then you will find yourself upside down with your new car.
What happen if you can not pay your car loan?
When you don't make regular payments, your car will repossessed. Now if you had an upside down loan, you will still owe the lender.
How can you re-negotiate a car loan for what it is worth rather than what you owe?
You can't. The lender wants what is owed on the car not what it is worth. This is being upside down on the loan.
