Urgent debt question:
So I bought a 2018 Toyota Camry 2 years ago at 11% interest and I’ve been paying 472$ a month. The payments are killing my wallet and I need to get off the loan asap. (I currently owe 18k on the car and every payment is only lowering the sum by about 250 bucks cus of interest) I want to sell the car and buy just a cheap beater I can buy a beater cash I have about 3000 cash. I’m in no rush to buy a new car tho cus my family has an extra car I can drive after I sell the Camry. But it seems I’m only going to be able to sell the car for roughly 15-16k and I’d still have around 2000 left on the loan. Would it be wise to sell it for roughly 16k, take out a personal loan to pay off the 2k and just pay a way tinier monthly payment to pay off my personal loan. And then once I get a job again I can save up and the pay off the small loan. And then eventually save up a couple thousand to buy a new beater and have no more monthly payments anymore? (Sorry that this post is so long)
ROUGH SUMMARY:
sell my car with auto loan of 18k for 16k and take out a personal loan to cover the negative equity and then save up and buy a beater for cash.