If you’ve become upside-down on your car loan, you’re in a financially precarious position. To be upside-down on your car loan means that you owe more on your car than it’s actually worth.
Maybe you opted for low monthly payments that stretched out your loan for too long, bought a car in Portage without making a down payment, or missed some payments that snowballed. But now, it’s time to get right-side up again. Learn how to get out of an upside-down car loan from the finance team at DeNooyer Chevrolet and use our upside-down car loan calculator for assistance.
If you have an upside-down car loan, it’s not always a problem. It’s possible to keep up with payments and keep your car until the loan is paid off. However, it does put you at risk if a tricky situation comes up in Galesburg. Some common examples include:
Once you decide you want to get ride-side up on your car loan, just follow these steps:
If you want more advice on how to get out of an upside-down car loan, feel free to contact us with your questions or visit us in Kalamazoo for a chat with one of our finance experts. You can also use our upside-down car loan calculator for help in determining where you stand on your loan.
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