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How do you get out of being underwater on a car loan?
I'm tired of being underwater on my car loan. Is there a way to expedite the process so I reach the break-even point?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you’re underwater or upside down on a
car loan
, you may feel helpless. By budgeting and paying a bit more toward your car loan each month, you can make sure that you get out from under your loan.To pay down your balance and get more equity, use the following ideas:
- Make a lump-sum payment toward the principal a few times a year
- Round your monthly payment up to the nearest $50 or $100
- Make principal-only payments regularly
- Double up on your payments each month
However, adding this money to your car loan may prove difficult if you don’t have any disposable income. So to save money, you may want to look into lowering your car insurance policy. Sign up with
Jerry
to search quotes fromup to 50 different insurers to get the best rate possible. The average Jerry user saves $879 per year on car insurance! View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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