What steps do I take towards getting rid of my current car that I'm financing for another one?
I have a 2010 Honda Accord that I'm financing and paying way too much for. I'm looking to get into something with cheaper monthly payments. How do I go about ending my current finance term and gettting myself something cheaper?
If the Honda is worth more than the balance on the loan, you have two options - trade the on a new car (he dealer will pay off the loan and credit you any difference - remember, however, you very rarely get what a car is worth from a dealer). Or, sell the Honda outright (you will get retail value) - you meet the customer at the bank, customer brings money, you pay off the loan and the bank should give you a lien release and a temporary title you sign over to the buyer (your bank's loan department can walk you through the process). You then take whatever cash is left over to a dealer and buy a new car.
If you owe more than the car is worth, you either have to come up with the difference or find a dealer willing to roll the difference into a new loan - this will raise your payments.
You can't borrow your way out of debt. Pay cash for cars or do not buy them.
Build wealth, not debt. $10 a week is $520 a year and $520 a year for 10 years is $5200. And I bet you can do more than $10 a week.
You sell the car - hopefully for more than you owe on the loan - that or pay off the car loan
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