question
Q: I have a fairly new car that I purchased 18 months ago and currently have a payout figure on my secured personal loan of $27k.
This is about $10 500 more than the car is currently worth if I sell it privately.
I would like to buy a cheaper car (around $10-12k) and sell my car. This means that I'll need a loan of roughly $22 000.
Should I apply for another person loan to cover this and sell my car? Any advice appreciated.
Kate
