Refinancing won’t lower your loan amount and it won’t automatically eliminate negative equity. However, if you shorten the term – and, thus, increase your monthly payment – it can help you reach.
Unfortunately, the most common way to refinance an upside down car is to extend your loan term. For example, if your original car loan term was for 48 months, extending the loan to 60 months with a lower interest rate will lower your payment , and help bring down the principle balance you owe faster.
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Yes, you technically can refinance an upside down car loan, but it’s generally not a good idea. There are other ways to remedy your situation, and refinancing an upside down car loan will probably only worsen your financial position in the long run. If it’s your only option to avoid bankruptcy, then go ahead, but otherwise try to avoid it.
· If you find yourself in an upside down car loan, it is a safe bet your situation could be improved if you sell that “new” car and buy a much cheaper used one for your work commute. You may still owe money, but you’ll owe much less money, and that is almost always a good thing. How to Get Out of An Upside Down car loan. 1.
· An upside down loan is a loan for more than your car or house is worth. Find out how loans end up that way and what to might be able to do about it. You can refinance an upside down car loan, but there are other options you should try first. Refinancing an underwater auto loan can be uniquely difficult, especially if you have bad credit. If it.
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Because a car is treated as collateral, most lenders won’t refinance a vehicle that’s upside down, as the risk of a loan default is much greater with negative equity. The first thing you need to do in.
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Refinancing an Upside Down Car Loan. There are a few things you can do to help alleviate the situation. While many people think refinancing the car is the best way to go, lenders will not lend more money to you than the car is worth. Since the car is used as collateral, they would lose money if you were to default on the loan.