Bad Credit Agency

Upside down 9K in auto loan, have bad credit. What type of vehicle could help me absorb this negative equity?

I have an SUV that I owe $20K but worth approx 11K. Looking to get a sedan. Was told by an auto dealer a high line vehicle would work. I just wanted to know if I had any options if any. My credit is 510 score. I don't have much of a downpayment, just $500. I have been approved at several places but they require a high downpayment normally of about 3K. I would like to know if there are any dealerships that would work with someone in my situation. I obviously will keep the vehicle if I cannot get out of it.

Public Comments

1. if you can afford it,then expensive vehicle with your good credit.the more the vehicle costs-the more the LTV.also look for vehicles w/high rebates-its your only options
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3. Was told by an auto dealer a high line vehicle would work This is a LIE! My credit is 510 score You will only qualify for a sub-prime loan at best. The interest rates will eat you alive. Going further in debt will only compound the problem. Instead of being 9K upside down you'll be 15K or more upside down. Drive slow and pay fast. You are not going to be able to get out of a vehicle you are this buried in without coming out of pocket with money to cover the negative equity.