Deciding whether to trade in or refinance your car loan depends on whether you want to keep your current vehicle at lower monthly payments or use the equity in your vehicle to help with the down payment of a new car.

If you have earned significant equity from paying off your current vehicle loan, your monthly payments may end up being much lower than what you are paying right now. The downside is that you will have to pay on the loan for longer and will incur more interest charges. Trading in a vehicle is a good way to avoid having to invest more money in your car or truck for mechanical issues that may pop up down the line. This is especially true for an older vehicle.

Visit Honda of Salem to see what affordable options are available for you for refinancing, financing or trading in your current vehicle.



Categories: Finance