I keep falling behind in my payments & can not afford it anymore I owe about ,000 from a ,000 loan.Through a car loan company finance. What do you suggest I could do?? I would like to sell it but i am stuck?
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{ 7 comments… read them below or add one }
You could try to re-financing, by increasing the term of the loan and lowering the payments. Or you could sell it outright. Just make sure the seller knows you have a lien to pay-off and that you would require full-payment before delivery. What is the current market value…less or more than $9,000? If less, then you are backwards on your loan and in worse trouble. Find out what it’s worth first, thus having a better idea of what you could really sell it for. Also, look for comprable cars for sale already on Cars.com or similar to determine the going price for your make/ model.
well you need to look up kelly blue book to see the resale value and sell it for whatever that has. whatever you do just make sure you sell it for enough to cover your pay off amount. try to get extra so you can get a cheaper car.
how much is it worth/? if its worth 9grand you will be out what you have in it/try to sell it for 9 grand or 8 grand and come up with another grand and your out??
well, of course you don’t want to mess up your credit, so i say that you sell your car,, for example if it costed 16,000 sell it for 10,000 and pay the loan and you keep the rest…
you will need to sell it for at least the amount you owe on the car so the loan can be paid off
You could try to re-financing, by increasing the term of the loan and lowering the payments.
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How? The OP is upside down on the loan, so that refi is a dream. If the OP can’t afford this loan, no bank will give a refi loan, either.
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