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
“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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Eric Schad
Answered on Jun 09, 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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