Refinance or Trade in Your Car?
It can be hard to know what to do if your financial situation changes or you begin to feel stretched thin by your auto loan. There are advantages and disadvantages to refinancing your loan, or you could choose to trade in your car for a cheaper alternative.
If your repayment schedule and interest rate are both reasonable, refinancing won’t make much of an impact on your situation. If your interest rate is unfair, a refinancing of your loan may save you a noticeable amount each month. Paying your loan to this point may also have improved your credit score since initially signing the loan, which will also have a positive impact on refinancing.
If your situation won’t be improved by refinancing, trade in your car at Kiefer Kia and ensure that you will be able to easily manage your next auto loan. Thoroughly understand all terms and conditions before signing so you won’t find yourself at the mercy of a loan that you struggle to repay.
Source: Kiefer Kia