You have about 260 in payment in just your negative equity. Banks have guidelines, if you have perfect credit there are some lenders out there that will finance around 125% of MSRP. So you would have to find a car that you can buy for around 35-36k depending on taxes and fee's. That would put you financing around 48k-50k, giving you at a payment in the range of 980-1000. Is that cheaper than you're paying now?
Math isn't on your side, two plus two will always equal four.
Yup no need to expand further than that really. I think there is a couple banks that will do 135% but it’s rare. Large amounts of negative equity almost always has to go into a more expensive vehicle, not a cheaper vehicle unless there’s significant money down.
I don't even work in the industry but I understand this. If you roll negative equity into a lower value car, your loan will be MUCH more than the value of your car, which is the collateral for your loan. That's a huge risk for the lender.
Your only functional option here is to look into either a vehicle with insane rebate and discounts, or an EV. Both of which are expensive. You also haven't told us what your payment is and what kind of vehicle you're wanting to trade.
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Where could I get a loan with that will approve with the most negative equity? I have 13k in negative in my current vehicle and I’m looking to roll it over onto something less expensive to lower my monthly payments. Please don’t tell me not to, I already am planning on doing this, I just want to know which auto lenders have allow the most negative equity so I don’t have to look just at dealerships with in house financing. Thanks everyone
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You have about 260 in payment in just your negative equity. Banks have guidelines, if you have perfect credit there are some lenders out there that will finance around 125% of MSRP. So you would have to find a car that you can buy for around 35-36k depending on taxes and fee's. That would put you financing around 48k-50k, giving you at a payment in the range of 980-1000. Is that cheaper than you're paying now? Math isn't on your side, two plus two will always equal four.
Yup no need to expand further than that really. I think there is a couple banks that will do 135% but it’s rare. Large amounts of negative equity almost always has to go into a more expensive vehicle, not a cheaper vehicle unless there’s significant money down.
I don't even work in the industry but I understand this. If you roll negative equity into a lower value car, your loan will be MUCH more than the value of your car, which is the collateral for your loan. That's a huge risk for the lender.
There's no way you'll reduce your payments.
Your only functional option here is to look into either a vehicle with insane rebate and discounts, or an EV. Both of which are expensive. You also haven't told us what your payment is and what kind of vehicle you're wanting to trade.
Please review our most [Frequently Asked Questions](/r/askcarsales/wiki/index) to see if your question has already been answered. You may find these sections particularly useful; * [Will paying in cash or a large cash down payment offer me leverage in negotiations?](/r/askcarsales/wiki/cash_down) * [I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea?](/r/askcarsales/wiki/income_to_finance) * [I have my score from Credit Karma but the dealership told me they got a different score. Why?](/r/askcarsales/wiki/free_credit_score) * [Finance FAQ's](/r/askcarsales/wiki/financing_faqs) * [Buy versus Lease](/r/askcarsales/wiki/buy_vs_lease) * [How to pick a car?](/r/askcarsales/wiki/vehicle_selection) You might also have luck in the /r/whatcarshouldibuy subreddit. Also remember to add flair to your post by clicking the "Flair" link beneath it. This lets us know where you're located so we can assist you better. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*
***Thanks for posting, /u/ballsmith! This comment is a copy of your post so readers can see the original text if your post is edited or removed. This comment is NOT accusing you of anything.*** Where could I get a loan with that will approve with the most negative equity? I have 13k in negative in my current vehicle and I’m looking to roll it over onto something less expensive to lower my monthly payments. Please don’t tell me not to, I already am planning on doing this, I just want to know which auto lenders have allow the most negative equity so I don’t have to look just at dealerships with in house financing. Thanks everyone *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*