How to get out of an upside down car loan?
I need to purchase a family car, I have a 4 year old and a 2 month old baby. I currently drive a 2008 Ford Mustang that is worth about $6,000. I owe $7,710 on it, pay around $400 a month plus $170 for car insurance since I'm under 25. The car has some bumper damage, over all it's in a fair condition. I also owe $2,670 on a credit card, $1,670 on a student loan and have an emergency fund of $1,000.
Any suggestions?
If you can trade the vehicle in on something else try that but you will have a hard time getting a loan. Go to your local bank or credit union and see if they will loan you any money on a car. The problem you have is you owe more money than what the car is worth. Whst you think the car is worth and what you will get out of it since you have damage it will be hard to get any where near what the pay off is in your loan. You may trade cars and still owe a couple thousand.
Who says your car is worth $6,000? It's 6 to 7year old beaten up old wreck, that's not just my opinion but any that of any car dealer you try to sell it to. BTW you do know it's not your to sell don't you
Having debts of over 12000 and paying 570 per month for the pleasure of owning the car before fuel and maintenance costs are added do you have anything left to live on? Two hungry kids and wreck in the yard.
You are broke. Sorry.
Find a buyer for the car, selling it yourself. Get out of debt as fast as possible and never borrow a dime again. Find an older car and pay cash for it.
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