Comparing Refinancing with Trading In - The Ins and Outs

The finances of purchasing and owning a vehicle can often be complicated. With so many options to wade through, it is important to consider all of the pros and cons of each situation. The automotive financing experts at Barbour-Hendrick Honda Greenville want to equip you with the knowledge that you need to be able to make an informed financing decision.

One of the primary things to consider when making a decision about whether to refinance or trade in your vehicle is the amount of equity that you have in the car. If you owe more on your vehicle than it is worth, then it may not be a good financial decision to trade in your car.

A refinancing option can help you to keep your current vehicle while lowering your monthly payments if you are able to secure a lower rate. However, you may end up paying more interest over the loan.

 

 

Categories: Finance