But if you’re upside-down, you’ll owe the lender that amount. Just make sure extra payments go toward your principal.Refinance with a shorter loan term. This won’t lower your loan amount, but may.
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If you have reasonably good credit, refinancing at a lower interest rate could be the right move. When refinancing a loan that’s upside down, it’s important to search for the right loan terms. You might be tempted by low monthly payments, but lower payments extend the life of a loan and could lead to more negative equity.
Used Auto Loan If you bought a new vehicle with little or no money down, or if you’re driving a clunker, refinancing it may be tough. That’s because you may be upside down on your loan — you owe more.
A loan secured by a collateral that has depreciated in market value and is worth less than the balance owed. For example, if you owe $5,000 on a car that is only worth $4,000, the loan is upside down. With an upside-down loan, the collateral that secured the loan is worth less than the money owed on.
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Fannie Mae and Freddie Mac worked diligently to create a program to facilitate an upside down mortgage refinance for distressed homeowners that have been sabotaged by deteriorating market conditions. They announced the Home Affordable Refinance Program that is often referred to as "HARP."
How to Get Out of an Upside Down Car Loan. The only real way to fix the problem of being upside down is by paying down the excess debt.You’ll have to go through a few steps and make some sacrifices to manage the loan or raise the cash, but the process is worth your time.
HARP 2 does away with that cap, with the goal of allowing homeowners who are seriously upside down on their loans to refinance. That means this program potentially could help a lot of borrowers.
Loans go upside down when the item you buy loses value faster than the loan balance decreases. For example, a brand new car might cost $25,000. A few years later it might only be worth $15,000. If you owe more than $15,000 on the loan, you have an upside-down loan.
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