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www.rivervalleyloans247.com/The longer you drive a car, the more it depreciates in value. At some point you may have negative equity, which means you still owe more on the car than what you can get by selling or trading it in. This is also called being upside down or underwater on a car.
Longer loan terms increase the risk of having negative equity at some point, which isn’t necessarily a problem unless you decide to sell or trade in a car before it’s paid off. If the amount you receive for the car doesn’t fully cover paying off the loan, you would need to pay the difference. This could mean paying cash or rolling the negative equity into your next car loan, which isn’t an ideal way to start a new loan.
www.rivervalleyloans247.com/
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