Upside Down Car Loans Explained
Many Canadians find themselves in a position where they are “upside down” in their car loans. All this means is the amount left owing on their vehicle loan is more than the vehicle’s present value.
What is an upside down car loan?
“Upside Down” almost always refers to customers who have received financing on a vehicle. Let’s say for example that you have a truck that you owe $10,000 on that the dealership says is only worth $8,000 as a trade-in vehicle then you are “upside-down” (or "under water") for $2000.
Upside Down is just another way of saying you have negative equity in the vehicle you are trading in and that you owe more than it’s worth.
Don't worry! If you have been told you have negative equity or no equity, Canada Drives specializes in helping customers with unique financial and credit situations gets approved fast!
Canada Drives can buy your vehicle off you and pay the balance that is owed to the bank. If you want to buy a new car, Canada Drives can then help you select a new vehicle too. Your old car loan will be paid off and any difference is added to your new auto finance agreement.
Our programs are designed to help customers who have either good, bad or no credit; and can accommodate customers who may be upside down on their vehicle for as much as thousands of dollars.
