My wife and I purchased a new truck in September last year. We rolled our car loan from the used car we purchased a few years ago into it, and needless to say, we are upside down. At the time we were trying to have a child but with no luck and that’s why we thought we would be okay with a high payment. Fast forward a new month and my wife is pregnant, and the truck isn’t looking like such a good idea. We can still afford it, but barely, and would like to buy our first home. I am a seasonal worker with an annual income of around 50-55K.
Would it be feasible financially to trade in the truck for a used car to lower our payment and term?
My friend has adviced me to talk with the truck finance company and try to get the EMI as low as possible. But I don’t know whether that is possible or not? Do you guys have any idea on this?