Should You Refinance Your Car or Trade it in?

Perhaps you’re feeling the strain of your monthly car payment and are wondering what options you can pursue to make the best of your situation. The decision on whether to trade in your current car or to refinance its loan is one only you can make, but there are some factors that can help with the decision.

The age of your car will help you to make your choice. If it’s an older car, you may not be able to refinance, as lenders don’t want to invest in an aging car. If your interest rate is fair and the duration isn’t long, you probably won’t be able to get better terms when refinancing and you’d be better off trading in your car for a less expensive vehicle.

Let us help you make the decision of refinancing or trading in your vehicle. We’re happy to sit down with you and go over the figures so you can make the best decision for your situation. While you’re here, be sure to check out our guide on whether or not you’ll need insurance to finance a used car and what the benefits of a used car lot with in-house financing are.