When Is It A Good Idea To Refinance Vs. Trade In

Our team wants you to be informed about all things related to cars. That is why Honda of Santa Fe wants to make sure you know all about when it is a good idea to trade in your car versus refinance it.

Trading in your car is always a good idea once you've fully paid off your car loan and are now in search of a new car. This way, the full trade in value of the car goes right toward the new car. If it isn't paid off, the trade in value will have to go to paying off the old loan. Refinancing your car is a good idea if it still has relatively low miles on it and you are generally happy with it but want lower monthly payments. If it has a higher number of miles, you will end up paying far more interest on it over time without seeing much additional benefit.

 

 

Categories: Finance