What can I do about my Hyundai Santa Fe 72-month car loan with a 14.49% interest rate?
"Last year I purchased a $28,000 Hyundai Santa Fe with a 72-month loan at 14.49% interest.
Now I'm upside-down by about $10,000. I can afford the monthly payments but want to get rid of this loan.
What should I do?"
Answer provided by
Answered on Jun 09, 2021
“Your best bet is to sink every extra dime into your car loan principal.
If you have the extra money, this can help you lower your principal to the point where you can break-even or garner consideration for auto refinancing.
In the future, avoid taking out any loan with interest that’s in the double digits. This way you won’t accrue any negative equity.”
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