Overhaulin'

options if you are $9,000 upside down in car loan?

we are trying to get a new car but seem to not have any options since we are $9,000 upside down on a 2007 saturn aura. we owe about $23,000 and the trade-in value is about $14,000. are we just out of luck on getting a new car for under $600/month (trying to get about a $25,000-30,000 car if possible). thanks!

Public Comments

1. The best option is to keep the car. You don't want to roll that amount over into another car. If you really want a new car, try selling to an individual or paying off some of the difference. Negative equity will raise your interest and negatively affect your credit. If possible wait it out.
2. You could finance for longer than 5 years and get a car for under 600 a month, but I wouldn't recommend it. Why not keep the Aura for a few years?
3. Wait 4 more years until the saturn is paid off. Stop trying to keep up with the Jones's, they have more money than you and always will because they dont buy new cars every year. I might as well throw this solution in the ring. Pay off the 9000 extra you owe and you should be able to get that 30k car for 600 per month.
4. Trying to trade in a one-year old financed vehicle doesn't make financial sense. You owe more than its worth because of the huge initial depreciation on a new car. Just keep it.
5. Getting a new car loan is not easy though it can be the easiest way to attain your dream car. There are many players in the car finance industry and for the consumer choosing the best<!--type of loan is a difficult task. Many factors have to be considered before taking up a car loan. Whether you want to take up a loan or not, will depend upon the car you want to buy. http://best-loans.awardspace.com/guaranteed-car-loan.htm Since the rates of interest on different cars vary so the type of loan that you need will depend on the car you want.The total cost of the new car loan does not include only the interest payable but also-->extra charges such as processing, transaction fees, documentation fees or any other fees. So one has to confirm with the financer as to the other charges that accompanies an auto loan.
6. Stop! Why are you trying to smash yourself deeper into debt! This is like swimming after a slave ship, trying to get on. This is not the way to get rich, what you're doing. It's the doorway to hell. DO NOT trade cars before 2015. If somebody tells you to trade cars before then, smack them.
7. Keep the car until you can pay it off.