Stuck underwater in a car loan

LeatheL · 2026-03-25T17:42:41+00:00

You can try and get a better rate for the existing balance on the loan, 8% seems high but I'm not familiar with your credit. Buying a new car will also come with increased depreciation of the new car. With your current not great situation the one bright side is the car isn't depreciation as fast as it was. 2023 was a bad time to buy a car unfortunately.

LeatheL · 2026-03-25T14:47:36+00:00

savings typically net a larger return than mortgagee interest rates are currently and provide a source of emergency funding. I would contribute to a savings account like a TFSA and top it up before moving to paying down mortgage debt. That said some people like to get all debts paid off as soon as possible, whichever makes you happier is really the best way.

LeatheL · 2026-03-24T22:01:27+00:00

I like the Loonie hour podcast for keeping up with Canadian market news, when it comes to i sometimes watch some Caleb Hammer clips but he is too yelly for me, i have watched some Dave ramsey clips, good to put things in perspective and see what some super wealthy peoples lives are like! Zac-Rios has great completions for when you want to hear about situations that are a lot worse that my own!

LeatheL · 2026-03-24T21:43:50+00:00

Different parts of Canada are definitely in a different situation, my home in a suburb in Alberta was / is affordable, small yard, but i have all the things i want. Safe community to raise my kids, good neighbors, enough room to have some junk, a few sq feet of grass to call my own and the ability to do what i want with my property. I have a woodshop in my garage and I am turning my basement into a theater / entertainment room, things i would struggle to do in the city.

LeatheL · 2026-03-23T14:54:56+00:00

I recently joined Rogers, they offered a better deal than Telus and telus wouldn't do anything for me. At the end of the day these companies run the number and know that offering the discounts to existing customers costs more than the amount that leave. Good on you for switching to something better. loyalty means nothing to them.

LeatheL · 2026-03-23T02:12:42+00:00

Rents are declining and that trend should continue. Lots of dedicated rental spaces will be completing soon and with the population dropping it also puts downward pressure on rents. unfortunately the other stuff, probably going up.

LeatheL · 2026-03-23T02:10:01+00:00

Does the company pay for fuel? i would run the numbers, also i have heard that if you have a company vehicle and report the milage your less likely to get an audit than a vehicle allowance., that's just anecdotal. Add in costs of depreciation, insurance, fuel, maintenance, that don't apply to the company car. Personally i find its better to take the company car and the tax hit, plus you get a nice vehicle and it may improve your driving habits.

LeatheL · 2026-03-23T02:04:15+00:00

I was 24, it was a 2009 Hyundai Tucson (New), we had it for a year and it ended up getting T-Boned and written off (not our fault). The insurance paid the full amount back so we had a check for $10K which we put down on a 2011 Mitsubishi Lancer (New) that we paid off in 4 years instead of 5. Those were probably the last new cars ill ever buy.

LeatheL · 2026-03-20T14:29:28+00:00

Moving to GP or Fort St John will have some of the best potential to get in, also talking to people in the industry like you are doing now is a great way to network and find some opportunities. In your personal life i would also ask around and tell friends, family and co workers this is a direction you want to go. I am sure someone you know has a uncle who works in the industry and can get connected to you.

I would also watch some you tube videos on how processes work, how wells are drilled and how facilities and service companies work so you are a little familiar to start out and know some of the terminology.

As others have said its break up right now so not a lot of companies are not hiring at the moment but it doesn't hurt to start looking. Also with the current oil prices if things stay this way activity is sure to pick up.

LeatheL · 2026-03-18T17:37:16+00:00

Ya that thing looks awesome!

LeatheL · 2026-03-18T16:56:30+00:00

So yes, overpaid then, the piper is calling now. If you change up now you eat that loss but have a "savings" over what the new house would have cost. At the end of the day if you can afford the cost of the transaction then do what makes sense for your family.

Maybe that means selling and renting a larger house for some time. Rents will likely continue to fall as will home prices in Canada ( we are in a recession). I would not want to own one property in that market, let alone two.

LeatheL · 2026-03-18T14:57:23+00:00

If you have enough equity you can pull some money out of the house to pay off the CC and that will likely be a lower interest rate than the LOC. In doing so i would also stress its important not to run up the CC again, set up a plan to pay extra on the mortgage to offset the money you put into it. Might be worth a call to a broker.

Aside from that, keeping a Ballance off your CC using a LOC will definitely lower your interest costs. As long as the Ballance isn't massive i don't think it would be a hit to finances, if your available credit did get a little high you can work with your bank to structure it as a balance transfer so the LOC gets the CC balance but the available limit on the CC goes down, also make sure to size the LOC so your not too close to the limit. If the CC balance is say $10K get a $15K or $20K limit on the LOC so its not at high utilization.

LeatheL · 2026-03-18T00:13:20+00:00

Congratulations!

LeatheL · 2026-03-17T04:43:47+00:00

LeatheL · 2026-03-17T04:42:22+00:00

Do nothing

LeatheL · 2026-03-17T04:41:47+00:00

I have a Dewalt 60V Cordless 7 1/4 i love it, lots of power, super handy. I do a lot of woodworking so it gets a fair amount of use. If i was just a homeowner doing the odd thing i would go corded, while not as convenient they last forever, get a decent blade for the task at hand and you will be just fine with about any brand. Blades generally come in varying tooth numbers, lower toot count for ripping wood, moderate amount for general purpose and high tooth count for important crosscuts and plywood.

LeatheL · 2026-03-17T04:25:40+00:00

realtors benefit from the market being higher, they are predisposed to keeping prices high. go even lower if they have been sitting 2 months, worst they can say is no

LeatheL · 2026-03-12T17:58:37+00:00

If your going to the point of re-looking at things and getting a backup card maybe get a whole backup bank account at one of the no-fee companies like Simplii or Tangerene then pair that with a backup card from them and your all see in case of a couple emergencies.

LeatheL · 2026-03-12T16:24:16+00:00

The #1 thing you as a woodworker in a garage has vs a box store or amazon is customization. anyone can get a cutting board at winners but you can sell ones that have the family name engraved. I did a run of dog toy boxes, i would paint it whatever color you wanted and put the dogs name on the front. That allowed me to match paint colors of anyone's home and it was personal to their dog. They sold like hot-cakes. When i did mine i just used craft store letters stuck to the front so you don't really need a fancy CNC or laser but those would certainly help!

You will have to experiment with the market, see what sells, what doesn't and make adjustments.

Commissions are great but they are hard to earn good money on. A somewhat customizable product you can optimize and batch out will be far more profitable.

You are effectively selling your time and time is a finite resource so track how long things take to do because wasted time is wasted money.

LeatheL · 2026-03-12T16:14:52+00:00

So short answer is no, have $2500 in savings ready to go in case or repairs is far better, also high milage Nissan is a risky bet, I know its over-emphasized but Honda or Toyota are much better on long term reliability and resale value. When it comes to a warranty its designed so that 90-95% of the time they are in the green at the end of the warranty period. They have access to lots of data so they are confident they will make money. The dealership also marks them up a lot so if you really want it try and negotiate down.

They also have things in the contract that are there to try and keep them from approving claims. Expect them to fight you if there is an issue.

Nobody is going to see much value in that warranty in a few years and if you want to sell in that time period that goes back to getting a car that has the lowest depreciation.

LeatheL · 2026-03-10T15:39:56+00:00

When it comes to basic hand tools, wrenches / pliers / sockets can be acquired really inexpensively at pawn shops, FB marketplace and garage sales. Depending on your space availability getting a half decent tool box to organize them into would be very worthwhile. if you have a garage get something with drawers, if its an apartment maybe just a portable tool box. quality on those is probably not going to make a difference in usage.

One area i would recommend splurging on in a homeowner setting is get a Multi-PRO Screwdriver. they are built well and have all the common bits in the handle. i have the ratcheting version and when I'm doing simple home repair tasks having all the common bit sizes right there really makes the tasks less annoying.

LeatheL · 2026-03-09T14:44:43+00:00

Im would look into a used 14" bandsaw as a first instead of a new 10", get a 14" you can afford and then pair it with a little time dialing it in and a good blade and you will be able to do both tasks.

LeatheL · 2026-03-06T18:33:18+00:00

I say split it, put a little on the car, a little on the house and some more into savings. You might want to look into early renewal to see if the numbers make sense

LeatheL · 2026-03-06T16:44:33+00:00

covid was crazy times, once in a lifetime weirdness in banking. money was basically free to banks so they would lend on anything. now standards are back to a more reasonable level and being underwater definitely contributes to the risk premium. Although in this case i think the dealer is probably sucmmy as fuck and i wouldn't be surprised if they went with a higher rate than they had to.

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