September 11, 2006 10:43 AM
Avoid (or Correct) Upside-Down Bad Car Loans
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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