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
“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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Eric Schad
Answered on Jun 03, 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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