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Do you need to refinance or trade with your vehicle? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive tools and financial calculators that provide objective and original content, by enabling users to conduct research and evaluate data without cost, so that you can make decisions about your finances without trepidation. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies who pay us. This compensation could affect how and when products are featured on the site, such as, for example, the order in which they be listed within the categories of listing, except where prohibited by law for our mortgage or home equity products, as well as other home lending products. But this compensation does affect the content we publish or the reviews appear on this website. We do not include the entire universe of businesses or financial deals that may be open to you.



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5 minutes read Read March 02, 2023.
Writer: 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 financial matters. She's also a full-time employee at the library in her town in which she assists the community get information on financial literacy, in addition to other subjects.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances with clear, well-researched information that breaks down complicated topics into digestible chunks.









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The process of refinancing and trading your car are two different procedures, and neither is superior nor inferior than the other. The benefits and drawbacks depend on the goals you'd like to achieve with your vehicle and your financial situation. Are refinancing or trading your car better? Both refinancing and trading your vehicle can save money, however the best option for you is dependent on your goals. is the best option should you decide to remain with your car, but wish to alter the terms for your loan. You could qualify for the lowest interest rate in the event that your credit score has improved since you first borrowed the auto loan. This could mean that you will pay a lower monthly amount and less interest paid in the overall. Making use of your vehicle as a loan can help you pay for your down amount. If you want to buy an additional vehicle, selling it -selling to a dealership could provide you with more cash to spend. It could also lead to better loan terms since you can get a lower interest rate on your next vehicle. Refinancing is different from. trading in a car . You can refinance the car loan either with your current or a new lender. In the best-case scenario, the allows you to lower your interest rate or obtain the option of a longer loan time. Both of these will reduce the monthly cost of your loan and help make your vehicle loan affordable every month. But, refinancing will mean you pay more interest. Refinancing is an option to consider if you're content with your current car, lenders often have strict requirements you will have to meet in order to be eligible. Trading in a car is a simpler option. When you've researched the value of your vehicle and then you are able to visit various dealerships to find out what they will offer you. The end goal is to sell your vehicle and use the proceeds to . If you've got any over, you can utilize it to make your down payment on your next car. In the end, it's a better choice if you would like to try something new and are confident that you will find a great deal on an existing loan and an old or new car. What is the process for refinancing your car? Refinancing is essentially similar to . It's more beneficial than trading in your vehicle if you enjoy your car and want to reduce your monthly payments. If your credit has improved and you have equity in your vehicle or you're looking to add a co-borrower, then refinancing may be the way to take. 1. Take your documents. It is important to know the amount you have to pay for your car and your credit score. Lenders will also want to see your financial information as well as more details about your vehicle, such as its model year and current mileage. 2. Study rates and lenders. Find out the most common conditions of lenders. Besides an excellent credit score and solid finances The majority of lenders require your car to be less than 10 years old and to have less than 100,000 miles. Many lenders also require an upper limit on the loan amount that you will have to meet in order to be eligible. 3. Apply to many lenders. Much like a new auto loan, you should apply with credit unions, banks and online lenders. This allows you to examine rates without impacting your credit score, which allows you to select the best refinance option. 4. Make sure you know how you will be able to know when the loan will be paid off. Once you sign your loan documents, be sure the lender or sends you money to pay off the loan or pays it on your behalf. You'll need to continue making payments until your current loan is paid in full. What is the process for trading your car works Dealers like to trade in your car as part of buying a new car, but it's a distinct process that must be dealt with independently. You are able to trade in your car at multiple dealers even if you do not want to purchase a vehicle with the one you decide on. 1. Research your car's value. Websites such as Kelley Blue Book and Edmunds provide average prices for a wide variety of cars. Make sure you're getting a good deal in exchange for your used car. 2. Check your loan. Each vehicle appreciates in value. If you have a loan an amount, it may make trading in difficult. While you are still able to sell it, you may be required to pay for the rest of your loan when the selling price is too low. 3. Come prepared to bargain . Similar to buying cars, you could negotiate your trade-in. If the car you are selling is in decent condition given its age and an average mileage, you might be able to squeeze more from the seller. 4. Transfer the keys. Once you find a dealer, you want to sell your car by signing any papers and have the title transferred. From here, you will either need to pay off your vehicle loan and use that funds as part of your down payment towards your next vehicle. How can you reduce your monthly payment There are other ways you can go about however, some of them could cost more in the end. Defer your payments Most lenders allow you to delay your payments for up to three months when you're experiencing an immediate financial crisis. However, you shouldn't miss the payment entirely. Instead the lender adds it until the end of your loan period. Therefore, you won't only need to pay for the loan later, but you'll be responsible for any additional interest. But, it's an acceptable option if you are unable to afford the monthly installment. But be aware that the deferral is limited and will not reduce the total cost of your loan. You could also be charged fees and penalties, which will be listed in your agreement for forbearance. To initiate a deferral, you'll most likely have to submit an emergency letter to your lender. The letter should outline why you must defer payments and when you will return them. The lender will then ask for details about your finances that support your request and helps establish the hardship you are experiencing. Not everyone is granted the option of deferring. If, for instance, your credit score is not great or your income has decreased, you may not qualify. Apply for a loan modification rather than refinancing with a new lender Try . It may offer to prolong the loan period -- which could lower your monthly payments -or even alter the interest rate. However that a lender might not be willing to change your loan. The responsibility for repaying the loan after you sign your contract therefore, your lender may choose to deny your request. It's not a bad idea to try however, it might not be as successful as refinancing. Pay biweekly If you find it difficult to make a large lump-sum payment every month, consider making it two payments. You will make the same payment, but it's more aligned with your pay plan. As an additional bonus Biweekly payments are likely to mean less interest on your loan. It is best to cut back on other expenses so that two smaller installments won't be a burden for your finances. The biweekly installments still equal the same amount every month, and therefore it will not be a solution if your payments are already excessive. The next steps, ultimately when you decide to either refinance or sell your vehicle is contingent on the goals you wish to get out of your car. Refinancing is the better option when you plan to drive the car however you require different conditions for your loan. But if you want to make a change and drive something new then you could trade in your current car to make up the difference in your down payment. In general, it's a good idea to put between 10-20 per cent down for a car, and having the option of trading in your car can ease that burden. Whatever you decide to do, make sure to do your research and know the value of your vehicle prior to searching for lenders or visiting the 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 finance. She is also a full-time employee at the library in her town where she helps her community access information about financial literacy, among other subjects.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances through providing concise, well-researched and well-written data that breaks complex topics into manageable bites.






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