I'm currently trying to get out of debt 100%, and one current issue is that I am $3,500 upside down on my 2009 Chevy Cobalt ($9,500 on loan, $6,000 value). I want to buy a cheaper car, and roll the rest of the negative equity on top of it. Buy a $2,000 car, roll the $3,500 over, and owe $5,500. Will I run into an issue on not getting approved due to the car not being worth the loan amount?
(I would keep the car, but due to a bad speeding past, my insurance is $300 a month for full coverage. The older the car, the cheaper the insurance. As well as a smaller loan amount to pay in full.)
Thanks!
(I would keep the car, but due to a bad speeding past, my insurance is $300 a month for full coverage. The older the car, the cheaper the insurance. As well as a smaller loan amount to pay in full.)
Thanks!