Difference between revisions of "Get Out of a Car Loan"
m (importing article from wikihow) |
m (Text replacement - "[[Category:C" to "[[Category: C") |
||
| Line 1: | Line 1: | ||
Whether your car payments have become too expensive or you are just ready to buy a different vehicle, you may feel the need to get out of your current car loan. One of the most common obstacles to getting out of a car payment is negative equity. Negative equity occurs when you owe more on your car loan than the car is actually worth, like, for instance, if the value of your car depreciated due to damage. This short guide will help you assess the state of your loan and decide on an option for getting out of your loan that's right for you. | Whether your car payments have become too expensive or you are just ready to buy a different vehicle, you may feel the need to get out of your current car loan. One of the most common obstacles to getting out of a car payment is negative equity. Negative equity occurs when you owe more on your car loan than the car is actually worth, like, for instance, if the value of your car depreciated due to damage. This short guide will help you assess the state of your loan and decide on an option for getting out of your loan that's right for you. | ||
| − | [[Category:Car Finances]] | + | [[Category: Car Finances]] |
== Steps == | == Steps == | ||
# Find your car's market value. Since negative equity is the biggest, most common obstacle to getting out of a car loan, it's a good idea to begin by determining whether you have negative equity or not. To do this, you'll need to figure out what your car is currently worth. For a quick estimate of your car's value, use an online valuation service like Kelley Blue Book or NADA Used Car Guides. These free sites can quickly and easily provide you with an estimate based on your car's make, model, and condition. | # Find your car's market value. Since negative equity is the biggest, most common obstacle to getting out of a car loan, it's a good idea to begin by determining whether you have negative equity or not. To do this, you'll need to figure out what your car is currently worth. For a quick estimate of your car's value, use an online valuation service like Kelley Blue Book or NADA Used Car Guides. These free sites can quickly and easily provide you with an estimate based on your car's make, model, and condition. | ||
