Honey and I have been searching for ways to save money on our car loans. With that in mind we were both looking at refinancing our car loans, especially since my credit score just went up.

I tried a couple of places only to be turned down or given ridiculous rates. I went into the local credit union to try that and was told that I was upside down on my car loan. Being upside down means that you owe more on the loan than the vehicle is currently worth.

It turns out that after checking comparable cars, I am owing almost $2000 more than I could sell the car for. This is very upsetting to me because I thought the value of the car was higher. The only thing that keeps me going is the knowledge that the car is in great condition at 64,000 miles even though it is 6 years old.

I had planned on driving it into the ground because I cannot afford to get another car just for having a new car sake. Hey I can always buy the new car smell in a bottle at WalMart!

How are you doing on your car loan?
Are you upside down or right side up?