Best Way To Get Rid Of Negative Equity In Car | FAST!!! (2022)
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Negative Equity is very common in auto loans. According to a lending tree report, https://www.lendingtree.com/auto/debt... over $56,000,000,000 dollars in auto loans are taken out each month in the United States. Combine that in low-interest rates and no money down deals and you quickly understand why negative equity is so common.
Here are five ways you can overcome negative equity and get your financial life on track.
1. The simplest and easiest way to attack this is to just ball out! Pay the difference. This may not be an option for most and don't worry I have some tips for those of us without deep pockets.
2. Most people find out they are upside down on the vehicle loan when they go to trade it in. This is mainly because dealers often try to buy cars as close to wholesale as possible. Trading in your car is a way to get from under your loan but you have to be careful. You have to ensure you are getting the most money possible when you go to trade it in. The only way to do this is to arm yourself with information. Get your car's blue book value and market value by comparing, KBB to Carvana, CarMax, etc. Use this information to ensure the dealer offer is fair and doesn't accept less.
3. Use your car to take part in this gig economy that we. are living in and sign up to drive for Uber, Lyft, Doordash, etc. Use this money to pay down your auto loan by making principal payments.
4. This may shock some but another option you have is to keep the car. DON'T TRADE IT. The dirty little secret is that negative equity in a car loan will disappear with time. Being upside down in a loan is not a big deal unless the car is totaled and you don't have gap insurance or you are trying to get into a different car. If you can't make the payment see #4 & 5.
5. If you are having trouble making your payment and may be facing a repossession another option is to sign up for peer-to-peer car sharing such as Turo, Getaround, HyreCar. Unlike ridesharing apps such as Uber and Lyft car sharing does not require as much time. This is because you are renting your car out to your peers and collecting a daily rate in exchange. Use this money to pay off your loan. This option has a lot of risks and should not be taken lightly. Be sure to read the TOS before getting started. You have been warned! I have decided to start a car-sharing business and will create a series on youtube to help you get started with Turo. Make you have subscribed!
Other videos that may interest you:
How Much Car Can You Afford - 20/4/10 Rule vs 50/30/20 Rule
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5 TIPS to PAY OFF a CAR Loan EARLY - MY TRUCK PAID OFF IN 34 MONTHS!
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Voluntarily Surrendering Your Vehicle? DON'T! Watch this instead!
Voluntarily Surrendering Your Vehicle...
How To Protect Your Emergency Fund | Money Saving Tips
How To Protect Your Emergency Fund | ...
//CONNECT WITH ME ON SOCIAL MEDIA//
Instagram @DiamondDEdwards
Twitter @DiamondDEdwards
Business Inquiries:
Email// [email protected]
#DebtFree #Invest #PersonalFinanical
///DISCLAIMER///
This video is for entertainment purposes only. Always seek professional assistant for financial and legal matters. I am not a licensed financial advisor and only share my opinion. The links in this description may be affiliate links which means I may receive a commission if you make a purchase. Don't worry it's no additional cost to you and it's not enough to make me rich. Thanks for supporting my channel. @Diamond Edwards
Negative Equity is very common in auto loans. According to a lending tree report, https://www.lendingtree.com/auto/debt... over $56,000,000,000 dollars in auto loans are taken out each month in the United States. Combine that in low-interest rates and no money down deals and you quickly understand why negative equity is so common.
Here are five ways you can overcome negative equity and get your financial life on track.
1. The simplest and easiest way to attack this is to just ball out! Pay the difference. This may not be an option for most and don't worry I have some tips for those of us without deep pockets.
2. Most people find out they are upside down on the vehicle loan when they go to trade it in. This is mainly because dealers often try to buy cars as close to wholesale as possible. Trading in your car is a way to get from under your loan but you have to be careful. You have to ensure you are getting the most money possible when you go to trade it in. The only way to do this is to arm yourself with information. Get your car's blue book value and market value by comparing, KBB to Carvana, CarMax, etc. Use this information to ensure the dealer offer is fair and doesn't accept less.
3. Use your car to take part in this gig economy that we. are living in and sign up to drive for Uber, Lyft, Doordash, etc. Use this money to pay down your auto loan by making principal payments.
4. This may shock some but another option you have is to keep the car. DON'T TRADE IT. The dirty little secret is that negative equity in a car loan will disappear with time. Being upside down in a loan is not a big deal unless the car is totaled and you don't have gap insurance or you are trying to get into a different car. If you can't make the payment see #4 & 5.
5. If you are having trouble making your payment and may be facing a repossession another option is to sign up for peer-to-peer car sharing such as Turo, Getaround, HyreCar. Unlike ridesharing apps such as Uber and Lyft car sharing does not require as much time. This is because you are renting your car out to your peers and collecting a daily rate in exchange. Use this money to pay off your loan. This option has a lot of risks and should not be taken lightly. Be sure to read the TOS before getting started. You have been warned! I have decided to start a car-sharing business and will create a series on youtube to help you get started with Turo. Make you have subscribed!
Other videos that may interest you:
How Much Car Can You Afford - 20/4/10 Rule vs 50/30/20 Rule
How Much Car Can You Afford - 20/4/10...
5 TIPS to PAY OFF a CAR Loan EARLY - MY TRUCK PAID OFF IN 34 MONTHS!
5 Tips to Paying Off A Car Loan Early...
Paying Off Car Loan Early | Principal vs Extra Payment Explained
Paying Off Car Loan Early | Principal...
How To Pay Off Debt Fast With Low Income...Watch This!
How To Pay Off Debt Fast With Low Inc...
Voluntarily Surrendering Your Vehicle? DON'T! Watch this instead!
Voluntarily Surrendering Your Vehicle...
How To Protect Your Emergency Fund | Money Saving Tips
How To Protect Your Emergency Fund | ...
//CONNECT WITH ME ON SOCIAL MEDIA//
Instagram @DiamondDEdwards
Twitter @DiamondDEdwards
Business Inquiries:
Email// [email protected]
#DebtFree #Invest #PersonalFinanical
///DISCLAIMER///
This video is for entertainment purposes only. Always seek professional assistant for financial and legal matters. I am not a licensed financial advisor and only share my opinion. The links in this description may be affiliate links which means I may receive a commission if you make a purchase. Don't worry it's no additional cost to you and it's not enough to make me rich. Thanks for supporting my channel. @Diamond Edwards
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