How can I get out of an upside-down car loan on a Mazda CX-5?

"I bought a Mazda CX-5 about 20 months ago. I currently pay $407 a month, which seems excessively high, but my credit is in the 500s.

Right now I'm upside-down on the car loan. Is there any way to get out of it?"

“You’re in a rough predicament, and there’s no straightforward way to get out of this loan.
You probably won’t be able to refinance the loan, and, even if you can, chances are your interest rate won’t go down.
Your best bet is to put as much money as you can toward the principal each month. Although you’re playing catch-up, you’ll eventually break-even between the loan balance and the value of the car (hopefully!).
From there, you can continue to make payments until the vehicle is paid off, or you can sell your car and get rid of the loan altogether.”
Eric Schad
Answered on Jun 07, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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