It’s unfair that banks collect all of their interest at the beginning of the loan. I propose that the percentage of the interest rate given be the percentage of the payment. This way we can pay down our loans to match the value of the vehicle and not be so upside down.
For example. I have a loan for $30,000. I’ve been paying for 2 years and it’s only down to $24,000. The monthly payment is over $500 and half of that goes to interest. The vehicle is only worth $12000 now. If my interest rate is 5% then there should only be 5% of that $500 going to interest.