Refinancing vs. trading in your car

Have you seen the latest interest rates? You may be missing out on some low APR refinancing. If you have a vehicle that costs too much each month, it can be a difficult payment to budget. You want a car with positive equity, meaning that the vehicle's worth more than you owe. You'll be able to get a better interest rate if the value of the car is in your favor.

However, if you have negative equity in your car, it will be more difficult to trade in to get a good deal on a new car. In this case, you should try to refinance in order to save money with a better interest rate. Most dealerships are happy to help you and negotiate a better interest rate if you are having trouble making payments.

Want to see all of your options? You could get into a new car with your vehicle now if you decided to trade-in. See all of your options at Stokes Honda North located in North Charleston.



Categories: Finance

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