Should I put more money toward the principal to pay off my $9,000 upside-down loan faster?

"I have a car that's $9,000 upside-down because of the 17% interest rate. I was thinking of refinancing, as my credit score is now 750, but I doubt any lenders will take this loan.

Should I just put more money to the principal?"

“You’re right about refinancing. No lender is going to touch that loan.
But you’re also correct thinking about applying more money toward the principal. If you can afford it, put more toward the principal every month.
This should help you pay down your negative equity, so you’ll be back on the right side of the loan.”
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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