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Negative Equity Auto Loan Payment Calculator
If you owe more on your vehicle than it’s worth, you have negative equity. Calculate your car’s monthly payment if you decide to transfer your equity from negative to the form of a new loan.
How to use this calculator To access this calculator just enter the amount remaining on the loan you have to make payments on, as well as the total amount you borrowed on your new loan, the loan period and your . You will now have the expected monthly payment together with the total principal and interest paid. If you’re interested in knowing how the extra payments affect your cost, you can add them in as well. In this way, you can adjust the monthly payment and total interest paid to reflect this. What exactly is negative equity? Negative equity, also called ” ” — is the case when you have more debt on your auto loan than your vehicle is worth. While it isn’t the worst-case scenario as a loan owner, it could make vehicle trade-in and future auto loan approval difficult. Use this calculator to comprehend the monthly installments you make so you know what amount you owe could affect the overall amount of your new loan. You might want to consider making additional payments, increasing your down payment or even your loan prior to purchasing something new in order to lower the amount of extra interest you’ll have to pay.
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