The choice of whether to refinance your car or trade it in can be a difficult one, and it will really depend on your individual circumstances. If your car loan has a reasonable interest rate and the duration isn't too long, yet you are still struggling to make the payments, it may be a sign that you should trade your vehicle in for a less expensive model.

If your credit rating has improved since initially taking out your loan, you may be able to refinance for a more competitive rate based on your new score. If your car is getting older, you may not be able to refinance due to its age. You may want to trade it in and put that money toward a younger car that will be more reliable.

If you want to refinance your vehicle, visit us at Lakewood Happy Motors, where we'll be happy to work with you in deciding whether to trade it in or to refinance.



Categories: Finance