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Contributed by mm | September 11, 2006 10:43 AM PST
Don't get upside-down in your auto loan in the first place. But if you are already in such a situation, you can still do a few things to pull yourself out. Read Bankrate's 9-tips on avoiding and fixing such bad car loans.
From Bankrate:
1. Make a down payment of at least 20 percent of the vehicle's cost.
2. Do not finance the taxes and fees.
3. Take out the shortest-term loan you can afford.
4. Don't take out a loan that's longer than you intend to keep the car.
5. Consider gap insurance.
6. Buy a used car instead.
7. Keep the car until its value matches or exceeds the balance on the loan.
8. Buy cheap.
9. Sell your car yourself.
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Enjoy the latest personal finance news and commentary at PFBlog Network.
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How Much Car Loan Can You Afford? (September 20, 2006)
Good advice that you should only spend no more than 10 percent of your income on car expenses. I bought three cars in the past, and every single time I paid by cash.
8-Year Car Loan? (September 11, 2006)
7-year or 84-month auto loan is already a rarity, but smart people in car dealerships and banks are now inventing 8-year or 96-month auto loans. Surely, it is not a good idea to commit your payment for the next 8 years while your new set ...
Car Loans Getting Longer and Longer (September 11, 2006)
It is just astonishing that over a half of new cars are financed with a loan over five years. Probably we should face the reality: if you cannot afford a car, extending the length of your loan will not help (and it will only drag ...
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