Should Your Refinance Your Car?

At Susan's Auto Mall, we do our best to make sure our customers make informed vehicle purchases. Two options you have if your monthly car payment is too much are refinancing and trading in. Which is best depends on your unique situation. Our team can help you go over your options and find the solution that's right for you.

Refinancing your car will let you keep the car while reducing your monthly payments. If there is room for negotiation on your car loan term or the rate, then refinancing may be a good choice. Consider trading in if you're not able to decrease your monthly payments enough through refinancing. Another factor is how your credit score has changed since you took out the loan. If your credit score has decreased, trading in may decrease your monthly payments more than refinancing.

Refinancing is ideal for those who obtained poor interest rates or loan terms because there is more room for negotiation on lowering the monthly payment. If you originally got a good interest rate and loan term, then you may find a greater decrease in monthly payments with trading in.

 

 

Categories: Finance