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What does upside down mean on a car loan?
My aunt helped me go over my finances, and when she sent it back to me, there was a sticky note that said I’m almost upside down on my car loan. What does that mean?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Being upside down or underwater on a
car loan
means that you have negative equity. In other words, you owe more on your car than it’s worth. If you wanted to sell your car or trade it in, the amount you could get would not be enough to pay off the loan.- Paying a large lump sum
- Negotiating with your lender
- Refinancing the loan
- Selling the car (although you would still owe money after this)
To help pay off your loan, see if you could save some money on car insurance. The
Jerry
app compares cheap insurance quotes from over 50 top companies so that you can find the best rate on the coverage you need. The average Jerry user saves $879 per year on car insurance.View full answer
- Gregory R.
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