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Should I put more money toward the principal to pay off my $9,000 upside-down loan faster?
"I have a car that's $9,000 upside-down because of the 17% interest rate. I was thinking of refinancing, as my credit score is now 750, but I doubt any lenders will take this loan.
Should I just put more money to the principal?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You’re right about refinancing. No lender is going to touch that loan.
But you’re also correct thinking about applying more money toward the principal. If you can afford it, put more toward the principal every month.
This should help you pay down your negative equity, so you’ll be back on the right side of the loan.”
View full answer
- Gregory R.
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