Should You Trade In Your Car Or Try To Refinance It?

Our team here at Rick Roush Honda want our customers to be as informed as possible. This is why we want to explain the scenarios in which trading in or refinancing your car might make sense.

First, if you are on the hunt for a new vehicle and have already paid your existing car loan in full, trading in your existing car for a new one might make the most sense. This way, the full trade in value can be deducted from the cost of a brand-new car. If, on the other hand, you plan on driving your car for a few more years and it has relatively low miles, you may want to consider refinancing it. This way, you can continue to drive a car you love with lower monthly payments. The only downside to this is that you will end up paying more in interest over time.



Categories: Finance