More drivers have negative equity on their car loans. What if they need a new car? [USA TODAY]
NerdWallet, Inc. (NRDS)
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Source: USA TODAY
Then, look up your loan balance, and compare that number to your car's value. You may be in for a shock. Nearly one-third of auto loans have negative equity , a recent survey found. That means the loan balance is more than the car is worth. In lending-industry parlance, the loan is underwater. Being underwater, or upside down, on a car loan is not so unusual. Vehicles tend to depreciate over time. Anyone with an auto loan is generally racing against the asset's dwindling value, hoping to pay down the balance faster than the car erodes in worth. Right now, however, is a particularly bad time to have a car loan. Find the loan that's right for you: Best personal loans Car values are falling. Interest rates are rising. Borrowing costs are rising. The average interest rate on a 60-month new car loan is 8.4% , as of August, up from 4.6% three years earlier, according to federal data. Meanwhile, car values are falling. Used vehicle prices dropped about 20% between February 2022
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