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 provided by
Answered on May 05, 2021
“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.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
How do I find a better option for car insurance as a current USAA customer?
I'm insuring three cars with USAA for almost $4,500 a year. One of the drivers on the policy is a 17-year-old, which really jacks up the price. How can I find better-priced alternatives?
Apr 12, 2021
Do I need uninsured motorist coverage on my old 2006 Dodge Ram?
I have good health insurance and my truck is old. Adding the coverage isn't expensive, but I don't want to waste money if I don't need it.
May 10, 2021