Need some input on a situation…
Currently own a car. It’s valued between $22k and $26k but the loan is around $31k with a 9% APR. For quick math, assuming it’s worth a median of $24k — I’m underwater about $7k. This is for a 72 month loan that started in August of this year with a $600/m payment.
My question is what advice is out there for what I should do next? I’ve heard a lot of different advice… Paying down the principal and trying to find a new car then going from there. Trying to ditch this into a new car with a lower APR.
I’m at a loss and trying to make sense of what the best option for me is.