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Negative Equity Auto Loan Payment Calculator
If you have more debt on your car than it’s worth, you’re dealing with negative equity. Calculate your car costs if you choose to roll your negative equity into a new loan.
How to use this calculator To access this calculator, simply enter the remaining balance of the loan you must make payments on, as well as the total amount that you borrowed from the new loan and the loan period and your . Then, you will have the expected monthly payment as well as the total interest and principal paid. If you’re interested in knowing how extra payments will affect your expenses, you are able to input them as well. Doing so will adjust the monthly payment and total interest paid accordingly. What exactly is negative equity? Negative equity — sometimes called ” ” it is when you owe more on your auto loan than the vehicle is worth. While it isn’t the worst case scenario for a loan holder, it does hinder the sale of your vehicle and make future auto loan approval difficult. Utilize this calculator to understand your monthly payments so that you know how the amount you still owe will affect the total amount of your new loan. Consider making extra payments, increasing the amount of your down payment, or your loan before you buy something new in order to reduce the amount of extra interest you’ll have to pay.
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