Financial recovery?

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Last year i got a loan to consolidate a car loan and a bank loan. Then for some exceptionally stupid reason, i bough another car. So now i'm paying out 250 for a loan and 200 for a car each month. so i have to change this. I also however, need a car. Any thoughts on the quickest way of selling the car?? I'm thinking if i can cover the cost of the car loan, i might be able to extend my existing loan and buy a cheap diesel car.

Financial recovery?

To get out of debt you can see if you can sell the car for approximately what you paid for it and pay off the auto loan if possible. If you find the car has depreciated faster than what you have paid on it then I would look at ways to reduce your expenses to find more money within your current income. Ways to cut back is eat at home more, fewer frills like sports activities/games, expensive nights on the town, drinking and or smoking. Some people don't realize that they waste a lot of money doing things that they could do without until they get the financial recovery underway. This doesn't have to be a forever thing, just get that car loan paid off and then feel better about what you have accomplished. If this works for you, start on the first loan and before too long you could get this one out of the way too. Some loans do not have prepayment penanlties so you actually see if the loan company would take principal payments above the monthly loan amount. It pays off the loan much faster and you save a ton of interest. The banks don't want you to know that you can do this. If you say save an extra hundred dollars from economizing and can afford to place it on the principal of your car loan, you could save a whole months interest or more just placing that against the principal for that month.

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Financial recovery?

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