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What are the best ways to get positive equity on your car?
I want to make sure I have positive equity on my vehicle sooner rather than later. How do I do it?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting positive equity on your
car loan
is essential for staying financially healthy. The best way to have positive equity on your vehicle starts before you even purchase the car.Making a sizable
down payment
and financing a car you can comfortably afford will keep you on the positive side. After you purchase the vehicle, you can also get positive equity through:- Staying on top of your payments
- Paying down the principal with additional payments
- Doubling up on payments each month
- Rounding up on your car loan payments
Doing a combination of these can ensure that you don’t go
upside down
on the car loan, while also ensuring that you can make moves later down the road, such as selling the car or refinancing.Remember that the car loan is only one expense of owning a car; you will also need to budget for gas, maintenance, and car insurance for your new vehicle. You can save money on car insurance by shopping for the lowest rates on the number-one-rated car insurance app,
Jerry
. Jerry compares personalized rates from more than 50 top providers and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!View full answer
- Gregory R.
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