SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!

Total Integration Fitness

Total Integration Fitness

Training the WHOLE you.

T (662) 574-3368
Email: Tony@totalintegrationfitness.com

Total Integration Fitness
Jacksonville, FL US

Open in Google Maps
QUESTIONS? CALL: 0900 800 900
  • LOGIN
  • Home
  • Our Services
    • Financial Coaching
    • Fitness Coaching
  • Blog & Stories
  • Videos & Media
  • Contact Us
FREEQUOTE
  • Home
  • Posts tagged "underwater"
May 19, 2022

Tag: underwater

Being Underwater in Your Vehicle…

Friday, 18 October 2019 by Tony Carter
You might have heard the phrases “upside down” or “underwater” when it comes to real estate.
underwatercar2
The same can apply to your vehicle.
The meaning of this phrase refers to owing more on the loan balance than what your home or car is worth.
For the purposes of the writing, we are discussing auto loans.
The very first thing you have to do is find out whether or not you are actually “underwater”. If you happen to be “underwater”, you need to know by how much. Finally, we will discuss how to remedy this situation.
Find out the balance of your auto loan. Review your most recent loan statement. If you don’t have one available, contact the financial institution that financed your vehicle and request the balance. Also, take note of your interest rate. (We will go into more detail about interest rates in another post.)
Find out the value of your vehicle. This can be easily found online with sites such as KellyBlueBook.com, Autotrader.com, Edmunds.com, and NADAguide.com
Compare the value vs. the balance. If your balance is lower than the value of your car or around the same amount, you are in good shape. If the balance is higher than the value, you are considered to be “upside down” or “underwater”. If you fall into this category, don’t fret. Here are a few ways to turn that upside down loan right side up:
Make principal payments: Any time you have extra funds, make a payment towards the principal of the loan. Ex. If your monthly payment is $400, try to pay $100-$150 extra towards the principal.
Whenever you receive bonuses, birthday money, income tax refunds, make an even larger principal payment.
*This will also assist you in paying the loan off faster.
Refinance your vehicle: Your credit may have improved since your loan was originated. Refinancing with different terms could bring the balance more in line with the value.
*Don’t stretch the term too far out, though. The longer the term, the chances of you going underwater again increases, as the value of the vehicle continues to decrease.
Sell your vehicle: If you have funds saved, you could sell the car and start fresh. Try to get the highest amount for it.  Keep in mind that you will have to cover the difference between the sale price and loan balance, hence the need for funds saved.
underwatercar3
I hope this was helpful in assisting you with identifying whether or not you are upside down on your auto loan. If you happen to find yourself in that situation, I hope that one of the suggestions mentioned will be a good solution for you.
autoauto financeauto loancarunderwaterupside down
Read more
  • Published in Auto, Business, Finance, personal finance
No Comments

Recent Posts

  • What’s a Legacy Drawer? Why you should have one and what to keep in it.

    What’s a Legacy Drawer? Simply put, it is...
  • 5 Tips to Help You Save Money

    Have you had trouble saving money or are having...
  • What is a Financial Coach?

    What exactly is a financial coach and what exac...
  • 5 Precautions to Take when Returning to the Gym after Covid-19 Quarantine

    At the time of writing this, things are looseni...
  • Blurred Lines- 5 Tips for Working from Home

    A few years ago, the singer, Robin Thicke came ...

Recent Comments

    Categories

    • Auto
    • Business
    • Finance
    • Fitness
    • Health
    • Interview
    • Parenthood
    • personal finance
    • real estate
    • Uncategorized
    • video

    Recent Posts

    • What’s a Legacy Drawer? Why you should have one and what to keep in it.

      What’s a Legacy Drawer? Simply put, it is...
    • 5 Tips to Help You Save Money

      Have you had trouble saving money or are having...
    • What is a Financial Coach?

      What exactly is a financial coach and what exac...
    • 5 Precautions to Take when Returning to the Gym after Covid-19 Quarantine

      At the time of writing this, things are looseni...
    • Blurred Lines- 5 Tips for Working from Home

      A few years ago, the singer, Robin Thicke came ...

    GET IN TOUCH

    T: 662-574-3368
    Email: Tony@totalintegrationfitness.com

    T.A. Carter Enterprises, LLC
    Jacksonville, FL

    • GET SOCIAL
    Total Integration Fitness

    © 2015 T.A. Carter Enterprises, LLC | Designed by Style The Word.

    TOP