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…
Refinancing or Trading In Your Vehicle
Categories:
Finance