Refinance or Trade In Your Vehicle?

If you're considering whether it makes the best financial sense to refinance your car or to trade it in, there are many factors to consider, all of which will depend on your individual circumstances.

If your car is getting older, a lender might decide it's simply too risky an investment for them, which will mean you'll be better off trading in your car for another model. If your car is newer and the payment terms are fair in both interest rate and time span, you may not be able to secure a better rate when you refinance. If your credit rating has improved dramatically from the time of your initial loan, that might be a contributing factor for you to secure a better interest rate now, making refinancing an appealing option.

Sit down with us at Honda of Abilene, where we'll help you with your decision to refinance or trade in your vehicle by calculating a payment plan and listing the advantages and disadvantages of each choice.



Categories: Finance