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Should you refinance or trade with your vehicle? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering interactive financial calculators and tools as well as publishing original and objective content, by enabling users to conduct studies and evaluate information at no cost - so you can make decisions about your finances without trepidation. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that compensate us. This compensation may impact how and when products are featured on this site, including the sequence in which they appear in the listing categories, except where prohibited by law for our mortgage, home equity and other products for home loans. But this compensation does affect the information we provide, or the reviews that you see on this site. We do not cover the universe of companies or financial offers that may be open to you.



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5 min read published March 02, 2023.
Written by Kellye Guinan. Written by Personal and Business Finance Contributor

Kellye Guinan is a freelance editor and writer with over five years of experience in personal finance. She is also a full-time employee at the library in her town which she assists her local community to gain access to information on financial literacy, among other topics.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing precise, well-researched and well-researched content that breaks down otherwise complex subjects into bite-sized pieces.









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Refinancing and trading in your vehicle are two distinct methods, so neither is more or less than the other. The advantages and disadvantages of each depend on the goals you'd like to get out of your car and your finances. Are refinancing or trading the car more beneficial? Both refinancing and trading in your car could save you money, but the most effective option for you will depend on the goals you have set. It is the most appropriate option for those who want to stay with your car, but wish to alter the terms that apply to your loan. You may qualify for the lowest interest rate if your credit has improved since you first borrowed an auto loan. This could mean that you will pay a lower monthly amount and less interest in the overall. Making use of your car as a means to increase your down amount. If you're looking to purchase another vehicle, selling it -selling it to a dealer -- will allow you to have more money to work with. This could also result in better loan conditions since you will be able to borrow less on your next car. Refinancing instead of. trading for a car. You are able to refinance a car loan either with your current or a new lender. In the best-case scenario it allows you to lower your interest rate or obtain an extended loan duration. Both can lower your monthly payment and potentially help make your vehicle loan affordable every month. However, refinancing will mean you pay more interest. And while refinancing is an option for those who are satisfied with the car you have, lenders often have specific requirements that you must meet to qualify. Making a trade in your vehicle is much easier. After you have researched the worth of your car and then you are able to visit various dealerships to find out what they will offer you. The end goal is to sell your car and then use the proceeds to . If you've got any over, you can make it part of the down payment you make for your next car. In the end, it's a better choice if you want to switch things up and are confident that you will find a great deal on an existing loan -- and the purchase of a used or new vehicle. What is the process for refinancing your car? Refinancing is basically the same as . It is better than trading in your vehicle if you enjoy your car and want to lower your monthly payment. If your credit has improved, you have positive equity in your car , or you'd like to include a co-borrower then refinancing is the way to go. 1. Take your documents. You should know how much you owe on your car and your credit score. Lenders will also need to see your financial information and have more information about your vehicle, including its model year and current mileage. 2. Find out about rates and lenders. Review the typical criteria for lenders. In addition to having excellent credit and solid financials, lenders typically require your car to be less than 10 years old and have less than 100,000 miles. Most lenders also have a minimum loan amount that you will have to meet in order to be eligible. 3. You can apply to several lenders. Similar to a new car loan, you should apply to credit unions, banks and online lenders. This lets you compare rates without affecting your credit score. This allows you to pick the best refinance option. 4. Check out how the loan will be paid off. When you sign your loan documents, ensure that the lender either sends you the funds needed to pay off your loan or reimburses it for you. You will need to keep making payments until the current loan is paid off. How trading in your car works Dealers like to offer trading on your car part of buying a new car, however it's a distinct procedure that should be negotiated independently. You are able to trade in your car at several dealers even if you choose not to buy a car with the one you decide on. 1. Research your car's value. Resources like Kelley Blue Book and Edmunds list average sale prices for a variety of vehicles. Be sure to confirm that you're getting the best price for your trade-in. 2. Check your loan. Every vehicle depreciates in value. However, if you are owed an amount, it may make it difficult to trade in. Although you can still sell it, you may have to cover the remainder of your loan in the event that the price is not enough. 3. Be prepared to negotiate . Like buying an automobile, you are able to negotiate the price of your trade-in. If your vehicle is in excellent condition given its age and an average mileage, you may be able to negotiate more out of the dealer. 4. Transfer the keys. If you have found a dealer, you want to sell your car and then sign any paperwork and get the title transferred. Then, you'll either need to pay off the vehicle loan as well as use the cash to make a down payment towards the next car you purchase. How can you reduce your monthly payments There are a few additional options you could consider to however, some of them could cost more over the long haul. Pay off your debts in advance Most lenders will allow you to defer your payments for as long as three months when you're experiencing temporary financial difficulties. But you don't skip the payment entirely. Instead, the lender will add it until the end of the loan period. Therefore, you won't only need to pay for the loan in the future, but you'll also be on the hook for additional interest. However, it is an acceptable option if you are unable to afford the monthly installment. But be aware that the delay is not a permanent solution and won't reduce the overall cost of your loan. And you may incur fees and penalties, which will be listed in your forbearance agreement. To initiate a deferral, you'll most likely have to submit a hardship letter in writing to the lender. The letter should explain why you must defer payments, and when you'll resume them. The lender will then ask for details about your finances that support your request and helps to establish the level of hardship you're experiencing. It is not always possible to get a deferral. If, for instance, your credit score isn't great or your income has declined and you are not eligible, you might not be able to qualify. Apply for an loan modification rather than refinancing to a new lender Try . It might allow you to increase the loan duration which can lower your monthly payments -or even alter your interest rate. However, a lender may not be willing to change your loan. You are responsible for the payment of your loan at the time you sign the contract, therefore, your lender may choose to deny your request. It's not a bad idea to try however it won't be as effective as refinancing. Pay biweekly If you struggle to pay a huge lump-sum monthly payment, you can try splitting it into two. You will make the same amount, but it's more aligned with your payment schedule. As an additional bonus, biweekly payments tend to mean less interest being accrued on your loan. It is best to reduce other expenses so that two lower payments won't put extra strain on your budget. However, biweekly payments make up the same amount each month, and therefore it will not make sense if your payments are already excessive. Next steps Ultimately your decision to refinance or trade in your car depends on what you want out of your car. A refinance is the best option when you plan to continue to drive it but need different terms on your loan. If you'd like to make a change and drive something new it is possible to trade in your current vehicle to help you pay for your down. It's generally best to put between 10 and 20 percent down on a vehicle, and having an option to trade in your vehicle can reduce the burden. Whatever you decide to do, make sure to do your research and know your car's value before searching for lenders or going to a dealership.


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Written by Business and personal finance contributor

Kellye Guinan is a freelance editor and writer with over 5 years experience working in the field of personal finances. She's also a full-time employee at the library in her town which she assists her local community to gain access to information on financial literacy, among other topics.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are enthusiastic about helping readers gain confidence to control their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.






Auto loans editor




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