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A home will generally hold (or increase) its value, while a car will almost always lose its value the longer you own it.

When you owe more money on the asset than it’s worth, that’s called being “upside down” or “underwater.” And one of the things people often find themselves saying when they’re in debt is “I owe more than my car is worth.” If that applies to you, then you’ve got some tough decisions to make. You can start by using Ready For Zero to get an overview of your debt picture.

And thankfully there are several strategies (see below) you can implement when your car’s loan is more than the car’s value: 1.

You can use sites like Kelly Blue Book or Edmunds to determine the amount of your car’s current value for free.

To get an accurate valuation, be honest about the condition of your car and enter the exact mileage. Get updated on the balance of the loan Contact your local bank or loan company to find out the “payoff” balance of the loan.

Then compare this figure to the estimated value price from step one.

Sometimes car owners discover they’re not really upside down after all.

This step is a lot easier if your loan is already financed through the same bank. Consider alternate sources of funding for paying off the car loan If your bank or credit union won’t budge, or your car is financed through the dealership, you’ll have to look for alternate sources of funding to cover the difference.

If you have good credit, using peer-to-peer lending networks like Lending Club or Prosper could be good options.You could also consider taking advantage of a credit card with a balance transfer offer.However, if you bought a new car with nothing down, or rolled the balance of a previous car loan into your new one, the chances are high that you’re in an upside down car. Move the excess car debt to a local bank or credit union If you discover you are in fact underwater with your car loan, if you try to sell the car you’ll end up with excess debt.For example, if you owe ,000 on the car but it’s only worth ,500 you’ll end up with a balance of ,500 to pay the bank before they’ll release the title to the new owner.One of the most cost effective ways to handle this, is to take out a loan from a local bank or credit union to cover the excess debt.Local banks often have lower interest rates and you’ll have a higher chance of getting approved.