If I'm upside-down on my car loan but I can drive my grandma's car for free, should I sell my car and take up my grandma on the offer?

"I got suckered into a loan for 22%. I'm currently about $3,000 upside-down on the loan.

My grandma said that she'd let me drive her car to work if I drive her to her doctor's appointments and such. But her car overheats on trips longer than about 30 minutes and it's not that reliable.

Should I sell my car and take my grandma's offer?"

Answer provided by
Eric Schad
Answered on Jun 03, 2021
“You should never take up an offer for a car that’s unreliable. It’s essentially a ticking time bomb.
A 22% car loan is a terrible deal, but since you’ve signed your name on the dotted line, you’re going to have to ride it out.
Finish paying off the loan, or at least get it to the breakeven point, if possible, and refinance. That’s the best move you can make.”

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