It’s a bad position in which to find yourself.
Especially if we’re talking about a vehicle on which you’re making payments.
Upside down means you owe more on your vehicle than it’s worth, which can get you in even bigger financial trouble when you want to trade it in for another and could end up having to pay on both.
Car buyers get there by not doing their research on vehicle costs, not shopping for the best loan terms, not having enough of a down payment, stretching out monthly payments, getting unnecessary options and rolling over money still owed on their current vehicle into a new, larger loan.
In short, it’s often the result of getting more car than the shopper can afford.
Our infographic below is aimed at helping car shoppers avoid falling into the large group of people who owe more on their vehicles than those vehicles are worth.
In other words, how to avoid the …