Is it Time to Refinance Your Car or Trade it in?

You may be wondering if it's in your financial best interests to refinance your car loan. You might also wonder if you should trade in your vehicle. There are certainly pros and cons to each choice, and the one you pick will need to reflect your particular financial situation.

An aging car is a liability in more ways than one. If your car is not long for this world, you'll have trouble refinancing it, as lenders view it as a risky investment. You're better off trading it in for a different model. If your credit rating is elevated since you initially took out your car loan, it may make sense to refinance, since you'll be able to reduce the interest rate on the loan and thus reduce your monthly payments.

Don't make your refinancing decision alone. At Hendrick MINI, our financial experts can sit down with you to devise a refinancing or trade in plan that makes sense for you.



Categories: Finance

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