Should You Refinance or Trade in Your Vehicle?

If making your monthly car payment simply isn't as easy as it used to be, you might be considering other options to relieve the pressure. Refinancing your loan may be one way to bring down the payments; another way is to trade in your car for a less expensive model.

Your best bet for refinancing is if your credit rating has improved since you took out your initial loan. You may be able to negotiate a lower interest rate based on your better credit rating. If your car is older, you may not be able to refinance it for a better rate, as lenders don't typically want to invest in an older vehicle. In this case, you're better off trading it in for a more reliable car.

Visit us at State College Used Cars for help with refinancing your loan. We'll help you calculate your payment plan and assist you in the decision of whether to refinance or trade in your vehicle.

 

 

Categories: Finance