When do i know im not underwater on car loan?

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Melyna Carter asked a question: When do i know im not underwater on car loan?
Asked By: Melyna Carter
Date created: Mon, Oct 11, 2021 9:28 PM
Date updated: Tue, Jun 28, 2022 5:40 PM

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What happens if you have an underwater car loan?

  • The coronavirus crisis amplifies the issues with having an underwater car loan. First, unemployment is going to spike in nearly every segment of the economy, making it harder for people to make their payments. With reduced market demand, your car is probably worth less than it was before the outbreak.

Look up the year, make, and model of your vehicle at a website like Kelly Blue Book or NADAGuides to get its current value, then look up the payoff amount on your loan. If your car's value is less than the amount you owe, you're considered "underwater" on your loan.

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