So, the situation when the car loan balance exceeds the current market value of the car is a pretty common phenomenon with vehicles. To determine if you have negative equity, you should just subtract the amount of car loan debt from the current market value of a similar vehicle. If the resulting number is negative, you have negative equity.
So, what do you need to assess how much negative equity you have? The first and foremost thing you need to know before calculating negative equity is the two key pieces of information about your loan and your vehicle — the estimated value of the car and the outstanding balance of the car loan.
In addition, owners of automobiles with negative equities can get an accurate estimate of the car cost by using special tools to calculate the vehicle's price automatically. As a rule, on such services, you only have to enter basic data about the car, such as the year of manufacture, make, model, and mileage.