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What can I do if I financed a Toyota RAV4 for 14.99%, and I'm already upside-down?
"I rushed into a car loan for a Toyota RAV4. Now I pay 14.99% interest on a $14,000 loan.
I'm upside-down on the loan, and I won't break even for around 30 months.
What can I do to fix this issue?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Because you’re upside-down on the loan, it’s unlikely that a lender will consider you for a refinance until you break even.
The best option is to start paying down your overall balance. Instead of simply paying the monthly note, put additional money toward the principal—even if it’s only $50 a month.
The more principal-only payments you make, the faster you can pay off your negative equity and reach a break-even point.”
View full answer
- Gregory R.
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