Trade in or Refinance Your Vehicle with Friendly Honda

If you’re looking for ways to lighten your financial load, refinancing or trading in your vehicle are two options that you should definitely consider. Keep reading to learn more about both so that you can pick the direction that’s right for you.

Both refinancing and trading in can serve to lower your monthly out-of-pocket payments, but they do so in different ways. Refinancing simply stretches out your remaining payments over a longer period of time. Trading in allows the owner to take advantage of the equity that's been built up in one auto by using it to reduce the payments on another vehicle purchase.

Refinancing tends to be a good idea if the owner really likes driving the vehicle and it has a relatively long period of useful life ahead. Most drivers prefer to trade in a vehicle when it’s nearing the end of its useful life or it simply no longer suits their needs.



Categories: Finance