Choosing Between Refinancing and Trading In Your Car

The choice between trading in or refinancing your car or truck turns on how much you have invested in paying off your vehicle loan and whether you would prefer to keep it or use it to get a different car.

In the absence of major mechanical issues, refinancing your car can net you a lower monthly loan payment, which means that you can save up more money for the purchase of a new car or truck down the line. Trading in your vehicle, on the other hand, will get you a higher down payment and more equity in your new vehicle off the bat. It is best to trade in your car or truck before it starts breaking down or accumulates too many miles so that you get a better trade-in offer.

Gillman Honda San Benito is a helpful, friendly choice for exploring your refinancing or trade-in options for your current vehicle.



Categories: Finance