What is an upside down car loan?
“Upside Down” almost always refers to customers who have received financing on a vehicle. Let’s say for example that you have a truck that you owe $10,000 on that the dealership says is only worth $8,000 as a trade-in vehicle then you are “upside-down” by $2000.
Upside Down is just another way of saying you have negative equity in the vehicle you are trading in and that you owe more than it’s worth.
Not to worry! If you have been told you have negative equity or no equity, Canada Drives specializes in helping customers with unique financial and credit situations gets approved fast!