How to Get Out of an Upside-Down Car Loan…FAST!

I’ll admit that I’ve lost over $15,000 between 2 different car trade-ins, but it was because I wanted a new car, not because I had to get out of the loan. But if you find yourself in the position of owing more on the car than it’s worth, here are some tips to get rid of that car loan quickly.

1. Get a good estimate on your car is worth

There are a ton of sites out there that tell you what they think your car is worth, but you need to get an evaluation from many sources. I advise doing at least the following:
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• Get the True Market Value (TMV) from Edmunds.com. Be honest with the condition of your car because very few cars will really sell for the “Excellent” price. Most cars are Good or Fair. Same goes for
• Kelly Blue Book (kbb.com). Keep in mind though, that these sites are often what vehicles are listing for, not always what they’re selling for. Look at the trade-in and private-party values and know you’ll probably have to settle somewhere in the middle (unless you have a hot car, which depends on the market).