Should You Refinance or Trade?
Are you thinking about refinancing your car loan, or should you trade it in? You want your decision to be a good one, so you may need to research both options.
Advantages to refinancing a car loan are that you can draw money out if you owe less than the car’s value and lower interest rates. Disadvantages include less money out of your vehicle when you sell or trade it and paying more over the long term with a loan extension. Advantages of trading in your vehicle include getting something newer and using your car’s equity against the cost of the new car. Disadvantages are that you will be tied to another loan at a new rate, which could be higher.
Our team at Straub Honda helps local drivers just like you find the right financial option to drive a high quality car. Stop by today to research your choices. Our team can also help you learn how to take on the financing process like a pro!
Source: Straub Honda