How do I get out of an upside-down car loan now that I'm working less?

I don't work as much as I used to, and I'm also trying to save up for a home. How do I get out of an upside-down car loan?

Answer
“Based on what you’ve laid out, you have two options: work more or cut down your expenses (or both).
Since you’re already saving for another expensive purchase, you should consider both of these options anyway. You actually might want to take your vehicle and moonlight for Uber or Lyft to earn some extra cash (just make sure you have the right car insurance).
Or you can learn to cut expenses. Get rid of cable, stop buying a $5 coffee every day, and eat at home instead of dining out. With any luck, you can pay down the principal on your vehicle until you’re not upside-down anymore.”
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Eric Schad
Answered on May 05, 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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