How do we get upside-down?

For most of us, auto loans are just a part of life. We need our vehicles to get us from point A to point B. But, these modes of transportation can be extremely expensive… so much so that most of us don’t have the funds to purchase them with cash. This is where financing comes into play. Instead of waiting for years to save up for the vehicle we need, we can borrow money from a dealership, bank, or financial institution and get the car the same day. Then, we just need to pay back our lender slowly over time. But, the “slowly over time” factor could be problematic, as it could initiate the down side of being “upside-down” on a car loan.

Read on to get the lowdown about being upside-down.