Refinancing vs. Trading in a Vehicle

Have you steadily been making payments on your vehicle, but the payments have become too much? With every payment, you add a little bit of equity and with a lot of equity, you can typically refinance or trade in your vehicle to lower payments if you are having trouble with the monthly cost. Refinancing your vehicle or trading in your car are great options if you are falling behind and in fear of repossession. Before you consider either option, you should calculate the value of your car and how much you have paid into the vehicle.

Trading in your vehicle could be the better option if you don’t think that refinancing will reduce your monthly costs. You could use the equity in your current vehicle to help pay off a lower-cost vehicle that you can trade in for. The best way to determine these options is by talking to a professional about your loan and what interest rate is available now.

You can talk to the customer service team at Kurt Johnson Auto Sales & Service to see whether you should trade-in or refinance. It’s the best place to get a high quality selection of vehicles for low-cost rates.

 

 

Categories: Finance