A lot of people run into a situation where they must decide if they will attempt to refinance their current auto loan or if they will go ahead and trade it in for something else. It can be a challenging decision for some individuals, but we are here to try to help with the understanding of the pros and cons of each option.

Refinancing means you can get a lower interest rate and an extended loan term. At the same time, good luck finding someone willing to do a refinancing deal. They just don’t happen often anymore.

A trade-in is a lot easier to do, but you are not going to get top dollar in this situation. You are more likely to end up selling off a car for far less than what it is really worth, but you may decide to go with that option just because you need to get out of it now.

 

Categories: Finance