Did I mess up?

[Birdie82]

I traded a 2017 HRV with 42K miles today at a Honda dealership, my payment was 439 on a 13.5% interest with Consumer Portfolio (Bankruptcy) and I could not refinance it because of the negative equity . I purchased a 2020 HRV Sport with a 5% interest but the negative equity, fees and all  rose it to $30K even though I put $2000 . I am having buyer's remorse per say, I know a car value's depriciates but , I will be keeping the car . I feel like I mess up somewhere .

They checked Equifax and it was 698

[AllZero]

---

@Birdie82 wrote:

I traded a 2017 HRV with 42K miles today at a Honda dealership, my payment was 439 on a 13.5% interest with Consumer Portfolio (Bankruptcy) and I could not refinance it because of the negative equity . I purchased a 2020 HRV Sport with a 5% interest but the negative equity, fees and all  rose it to $30K even though I put $2000 . I am having buyer's remorse per say, I know a car value's depriciates but , I will be keeping the car . I feel like I mess up somewhere .

They checked Equifax and it was 698

---

Looking solely at the interest rate, I think you did good from 13.5% to 5%.

[Birdie82]

I feel relieved about that part because my payments will be going towards the principal instead of interest . 

[Anonymous]

I guess it depends on what your goal was.  If it was just to get a lower rate, you succeeded.  

I personally look at what gets me out of debt faster.  Does this new plan get me out of car debt sooner than the old plan?   In your shoes and given the limited info I have, this would likely have motivated me to pay extra on principal to get from underneath that car loan as quickly as possible.   I would not have taken on significantly more debt just to get a lower rate and put the loan even more upside down.

At this point just focus on paying the loan off as fast as you can or to at least get right side up on it.