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How to Get Out of an Underwater Loan

Finance | 02/10/2022 23:00

Ok, let’s get one thing straight – if you have an underwater car loan, it doesn't actually mean that your car is under water. But, in many ways, it can feel just as helpless. And, while being in an underwater loan is less than desirable, it is probably more common than you think. 


But fear not! Today we are diving (pun intended) into the world of underwater loans. We’ll look at how you can get out of a negative equity situation – or even avoid the situation in the first place!


Here are our top tips on avoiding underwater loans and how to get out of an underwater loan if you have one.


Everything you need to know about underwater loans


What does being underwater on a loan mean? How does a loan become underwater?

Whenever you take out a loan, whether it’s on a house or on a car, you run the risk of your loan becoming underwater. Being “underwater” simply means that you owe more than your asset is worth. 

While we all like to think that we are expert researchers who make thorough decisions, that is sometimes not the case. Buying a car is exciting, and it is way too easy to get swept up in the excitement of car shopping and end up in a bad deal. The bottom line is there are many reasons a loan can become underwater.


You put zero money down

This is one of the quickest ways to end up in an underwater loan. Cars lose about 10% of their value the minute you drive them off of the lot. By the end of the first year, your car will be worth about 20% less than when you bought it. So let’s do the math on that.


You took out a loan for $25,000 for the cost of the car with zero money down. This means that second you drive the car off the lot, your car is worth $22,500. But your loan is still for the entire $25,000. Just like that, your loan is underwater.


You paid too much in the first place

If you didn’t do your research, you may have paid too much for the car from the get go. If your car was actually valued at $28,000 but you took out a loan for $30,000, you were underwater in your loan from the beginning.


You took out a long term loan

The longer your loan repayment is, the more likely you are to end up underwater. If you are using an 84 or 96 month repayment, your monthly payments likely cannot keep up with the depreciation. 


Your car was out of your budget

If you took out a loan with the lowest monthly car loan payments possible because you just HAD to have that particular car, it’s easy to end up underwater. Whether your payments are too low to keep up with depreciation or you miss payments here and there when you can’t make ends meet, the result will be ending up in an underwater loan. 

This can also happen by saying yes to all of those add ons from the dealership. The upgraded sound system, the fancy integrated computer system, the all-weather mats; these all add up and add on to your monthly payments.


You had a rollover loan

If you owed money on your last car, the dealer may have rolled that remaining amount into your new loan. In this case, you are essentially paying for two loans at once. This can easily make your loan amount much higher than the value of your new car.


You had a high interest loan

If your credit score and credit history were not great, you may have only been eligible for a loan with a higher interest rate. The higher rate makes it much more difficult for your payments to keep up with depreciation.


What steps should you take to avoid getting into an underwater loan?

As the saying goes, an ounce of prevention is worth a pound of cure. So what steps should you take to avoid getting into an underwater loan in the first place?


Purchase GAP insurance

Guaranteed Asset Protection (GAP) insurance is one of the best ways to prevent a loan from becoming underwater. GAP insurance is designed to cover the difference between what your car is worth and what you owe. GAP will protect you from depreciation (as well as cover you when collision and comprehensive coverage do not). 


Put money down up front

Experts recommend always putting a down payment on your car. Putting 20% down will give you a good head start on the depreciation that will immediately start accumulating.


Do your research – thoroughly

Make sure you know what the car you want is worth before you even step foot in the dealership. Use websites like Kelley Blue Book and Edmunds to get an accurate idea of what you should be paying for your new ride. 


Think about a realistic repayment period

The longer your repayment period is, the more money you will end up paying in the long run. After all, you are paying interest on that entire period. On top of that, the older your car is, the faster depreciation will creep up on you. Keeping a shorter repayment period will ensure that you save money in interest AND stay ahead of depreciation.


Pick a car within your means

Car shopping can be so exciting and it’s easy to ignore the budget that you know deep down you should follow. But you need to make sure that the car you pick has payments that are manageable. Sit down with your budget and determine what you can comfortably afford, keeping in mind that unforeseen emergencies pop up and you never want to end up stretched too thin financially.


Keep this in mind when you are picking out your addons and upgrades as well – some of those additional items can easily add thousands on to your total loan.


Make sure you have a good credit score before you finance

Your credit score is the main contributor to the interest rate you will be offered. The higher your credit score is, the lower your interest rate will be. Get a copy of your credit report beforehand and look for any areas of concern. Was anything misreported? If there is an issue, report it immediately to the credit bureau. 

How do you get out of an underwater car loan?

But what if it’s too late and your car loan is already underwater? Don’t fret. As long as you are not in a rush to get rid of your car, there are a few steps you can take to chip away at the difference between what the car is worth and what you owe.


Continue making your payments

Keep making your scheduled regular payments. Once you own your car and it is your asset, you can decide what you would like to do, either sell it, keep it, or trade it in. But at that point you will have equity in the vehicle.


Make additional payments

If you are able to make extra payments on your loan, it will help bridge the gap between what you owe and what the car is worth. You can get ahead of the depreciation by being consistent with extra payments. You can even look into paying the loan off entirely if you have the capital to do so. But be sure to check your loan agreement to see if there is an extra fee if you pay off your loan early.


Refinance your loan

This may not be possible depending on your situation, but a car loan refinance might be worth a shot. Traditional banks typically do not refinance underwater loans, but a local bank or credit union might consider it. If you are able to refinance your car loan, you might be able to pay off the car faster.


Sell your car

If you are desperate to get rid of your car, you can always sell it privately. Selling your car privately will get you more money than if you were to go through a dealer. Do some research on Kelley Blue Book to find out what your car is worth, and try to honestly assess what condition it is in. Give your car a good detailing, fix any maintenance issues, and advertise locally as well as online. You might be able to sell your car and pay off most of the loan from that sale. 


This has other drawbacks of course, the main issue being that you will no longer have a car. But this will depend greatly on your personal situation and how bad you want to be free of your car.


And that’s everything you need to know about underwater loans.


The best way to get out of an underwater loan is to never get into one. Be sure to do your research and purchase GAP insurance when you take out your initial loan.


At Auto Approve, we know how important GAP insurance is, which is why we make sure your new loan comes with it when you refinance. 


If your loan isn’t underwater but you are having trouble keeping up with payments, it might be time to refinance with Auto Approve. We work with lenders to find you the lowest interest rates around and can change your repayment plan to make your payments more manageable.


So if you want to refinance a car loan, get your free quote today!

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Vehicle Safety in A Heat Wave

Do you know how to drive safely in a heat wave?The dog days of summer are arriving across the United States, and as it gets hotter, our vehicles do too. Just like driving in wintry conditions, driving in extreme heat poses its own unique set of challenges. From dead batteries to tire blowouts to soft tarmac, there’s a lot to be on the lookout for when the thermometer hits a record high.That’s why now is a good time to refresh your knowledge of when you need to worry about car safety in high temperatures, what to look out for, and how to keep yourself safe.Let’s start with the basics.FAQs: Summer Car SafetyTo lay a little groundwork and make sure we're all on the same page, let’s take a look at these frequently asked questions about driving in inclement heat.Is it safe to drive in a heat wave?Yes, broadly it is safe to get on the road in a heat wave, as long as you are prepared and understand the risks. We’ll dive into the details in the next section, but you should: avoid long drivesplan to stop frequentlyhave an emergency kit in your car in case anything goes wrong, and keep a close eye on your engine temperatureHowever, if you follow all the tips in the guide, there is no reason you can’t drive in hot weather by exercising caution and good sense.What temperature is too hot to drive a car?There is no single temperature at which it becomes definitively unsafe to turn on a car, but avoiding driving in unusually high heat is generally good practice, if you have the option. The outside temperature is less important than your engine temperature and the temperature inside your car. If your engine reaches over 220° F, the various fluids that allow your car to run could start burning up – this is where things start to get dangerous. Similarly, the human body needs certain conditions to function properly. Depending on the humidity, temperatures can become dangerous between 95 and 130° F – but you don’t want to risk being at the top of what your body can handle for any length of time. That means, if your car doesn’t have good cooling or if it’s hot enough that you can’t use the AC because your engine is in trouble, you want to avoid being in the car for any length of time. 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Take any chance you can to park in the shade, in a garage, or in a covered parking lot – when you start with a lower car temperature, it’s easier to maintain.We’ve mentioned a sunshade a couple times in this guide, but here’s one more plug to pick one up – they can be an effective way to keep the interior of your car cool, and there are relatively inexpensive universal and model-specific models that fold up neatly into the back of your car. Car covers can be more of a hassle to get on and off, but can be a big help if you don’t have a better parking option and will regularly need to park your vehicle in the sun during hot days.4. Avoid The Hottest Parts of the DayIf you must drive during a heat wave, driving in the morning or evening when the air is a few degrees cooler is a smart move. Try not to run errands at high noon if they’re something you could do at night instead. And, again, if you must be on the road in the heat, make the trips short and stop frequently. Plan smart. Summer’s not the best time to take a road trip through the Mojave desert (but a great time for a road trip up the Northeast coast!). 5. Keep An Eye on The RoadOne final danger to think about is the road during very high heat days. When temperatures rise, tarmac can soften, potholes can open up, and other drivers can be more prone to overheating and vehicular issues. Make sure that, even on familiar roads, you’re paying attention to the terrain and the cars around you to keep yourself safe.As the driver of your vehicle, you are an essential part of everything working correctly. Being too hot or dehydrated can lead to confusion, illness, and exhaustion, so make sure you take care of yourself as well as the car.Now You Know How To Take Care of Your Car In SummerExtreme heat has become a staple of summers in the US. Make sure you’re ready for anything the next time a heat wave hits.Remember these key points:Use every tool you can to keep your car cool when you’re not drivingAvoid the hottest part of the day and long driving stintsCarry emergency supplies, and especially waterGet your vehicle fully checked to avoid the worstPull over as soon as possible if you see steam, smoke, or an engine heat warning lightRemember that heat affects the road and other drivers as well as you and your vehicleTake care of yourself and avoid unnecessary risksFollow these tips to keep your vehicle in tip top shape on even the hottest days and you should be able to drive smart and safe all summer long.And one more tip? Refinance with Auto Approve and save on your monthly auto loan payment!Summer means high heat, but it also means vacation and fun in the sun. Refinance to put more of your money back in your wallet for the things that matter most to you.Thanks to dealership markups, most people are paying a higher rate than they need to be on their vehicle loan. Refinancing can help you secure the best rate you’re eligible for. When you get a free quote from Auto Approve, one of our representatives will work with you to find the deal that makes the most sense for you – then do the paperwork for you, making refinancing simple.Get your free quote now.

Smart Money Moves to Make When You Have A Little Extra Cash In Your Pocket

“What can I do with $500?”It’s one of the internet’s most-asked personal finance questions. Well, here at Auto Approve, we’re always saving people money. After all, refinancing your auto loan can save you anywhere from a few hundred to several thousand dollars over the life of the loan! That means we’ve had some time to think about what your next step should be.Whether you have a few hundred or a few thousand dollars back in your pocket, here are 5 smart things to do when you have more money back in your wallet!The Best Thing to Do When You Have Surprise CashAlways speak to an advisor about your unique financial situation before making any big moves. Everyone’s personal finance journey is unique, so these may not all apply to you. Hopefully you can find an idea for your money (or a combination of these suggestions!) that sounds just right.1. Put it in savingsA simple, elegant solution for any windfall, putting your money in savings – especially a high yield savings account, if you have the option – is a great way to set up your future self for success. Savings are important for so many reasons, from lowering financial stress to ensuring you have future freedom.Most Americans aren’t hitting savings recommended targets for emergency funds and retirement. While this bit of extra cash in your wallet might not feel like enough to get you there, any amount is a good start!Ideally, money you save should start to grow with interest so you can keep earning a little extra pocket change on autopilot. Many high yield savings accounts have no minimum balance, so you can even start earning a few percent on just $500 – although the more you can add to the account to grow it, the better.2. Pay down debtDepending on your overall financial situation, you may want to use any extra cash to knock off some debt. If you have debt with a relatively high interest rate – like credit card debt – paying off even a portion of the balance will save you from paying more interest than you need to in the long run.Having less debt has financial and psychological benefits! It can reduce stress as well as expenses. Plus, reducing your credit utilization ratio and debt-to-income ratio can raise your credit score and make you more eligible for future loans should you want to make a big purchase down the line.And if you have a larger chunk of debt, it might be worth consolidating your debt while you’re at it. Consolidating your debt means bringing all your debt together under one umbrella (or fewer umbrellas, at least, depending on the nature of your debt). It can help you get more favorable terms and simplify the money management and payment process.Use the extra cash toward your first payment(s) and take time to figure out how you can build a budget and make changes in your spending to avoid future issues.3. Put it in an index fundConsider growing your money by putting it in an index fund.An index fund lets your money rise (and fall) with the stock market. If you can handle a little risk and won’t need the money in the immediate future, putting it in an index fund is a good way to enter the stock market for the first time and to ensure you have money at least matching the rate of inflation. That means your $500 today will be worth the equivalent of $500 several decades from now – or, ideally, more. After all, historically speaking, the stock market has always trended upwards in the long run, so even when things are down, the best advice is usually just to hang on and it’ll work itself out. This is especially true of index funds that don’t rely heavily on one company’s success or failure but rather act as a picture of the market overall.Wondering where to get some extra cash to get started? Consider refinancing! Refinancing allows you to get the best rate you’re eligible for and to change the term of the loan, meaning you can pay less per month and pay less interest overall. Most people who got their auto loan from a dealer can save money thanks to marked up dealership rates!Get a free quote to see how much you could save.4. Start a side hustleIf you want to grow your extra cash into more extra cash, why not use it to start a side hustle? Whether there’s something you love to do or something you’re good at that might be in demand, a little investment can go a long way to get you started. Popular side hustles include things like cottage baking, photography, design, selling things from your garden, or skills learned for work like accounting, personal assistant work, coaching, and so on.If you want to get started with a side job, some things you might consider spending the extra money on could include:EquipmentSoftwareIngredients or materialsA websiteA small standMarketingCourses to build your skillsCertifications to make yourself more marketable5. Spend it on someone or something you loveSo you have a little extra money in your pocket. If you’re in good financial shape otherwise, you can use it as an excuse to treat yourself, your friends, your partner, or your family!Experiences and fun aren’t without inherent value. A great meal might inspire you to cook differently at home. Guitar lessons might feed your soul. A vacation could expand your horizons and help you feel refreshed. And fun is important just for the sake of fun! Even with just a few hundred dollars, you could plan a road trip or find ways to add more excitement and joy to your year.And those are 5 great ways to make the most of $500 (or more!)Which option is right for you and your money? Only you can say. But hopefully, these ideas have given you a jumping off point to get started making your extra cash go further.Put more money in your pocket with Auto Approve.Is refinancing right for you? Find out how much you could save in just a few minutes! Tell us a bit about your vehicle and current loan to see your refinancing options – no commitment or hard credit check required unless you decide to move forward with refinancing! When you get a free quote, an Auto Approve representative will work with you to find the right option for you, then do the paperwork for you when you find a loan that’s right for you.Get your free quote now.
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*APR and Fees Disclosure: Auto Approve works to find you the best Annual Percentage Rate (APR), which is based on factors like your credit history, vehicle and desired payment terms. Fees to complete your loan refinance vary by state and lender; they generally include admin fees, doc fees, DMV and title. Advertised 5.49% APR based on: 2019 model year or newer vehicle, 730 minimum FICO credit score, and loan term up to 72 months. All loans subject to credit and lender approval.
Auto Approve has an A+ rating with the BBB and is located at 5775 Wayzata Blvd, Suite 700 #3327 St. Louis Park, MN 55416-1233. Auto Approve works to find its customers the best terms and APR, which are based on factors like credit history, vehicle, and desired payment terms. Loan amounts, costs, and fees vary by state and lender; they generally include admin fees, doc fees, DMV, and title fees, depending on the lender and period of repayment. There is no fee to obtain a quote and all refinancing-related costs are included in the amount financed so there are no out-of-pocket costs! For more information, please go to AutoApprove.com.