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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 who has more than five years ' experience within personal finance. She's also a full-time employee at the library in her town in which she assists the community access information about financial literacy, as well as 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 the confidence to manage their finances with clear, well-researched information that break down complex topics into manageable bites.









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Refinancing and trading in your vehicle are two distinct procedures, and neither is better nor worse 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. Is refinancing or trading in a car better? Both refinancing and trading in your car can save you money, however the best choice for you will be based on your goals. is the better choice for those who want to stay with your car, however you want to alter the terms of your loan. You could qualify for a lower interest rate if your credit has improved since you first taken out the auto loan. This means that you will pay a lower monthly amount and less interest all-around. Using your car to pay for your mortgage allows you to supplement your down amount. If you're looking to purchase an additional vehicle, trading it inselling to a dealership -- will give you more money to spend. It could also lead to more favorable loan terms since you can borrow less on your new vehicle. Refinancing vs. trading in a car You can refinance the car loan using your current or a new lender. If you are lucky this will allow you to lower the interest rate or get a longer loan time. Both can lower the monthly cost of your loan and help make your vehicle loan affordable every month. However, refinancing is likely to cost you more interest. Refinancing is an option to consider if you're content with your current car The lenders typically have strict criteria you have to meet in order to be eligible. Making a trade in your vehicle is much easier. Once you research the value of your car You can then visit various dealerships to see what they have to offer. The ultimate goal is to sell your vehicle and use the money to . If you have any left in the bank, you can utilize it to make your down payment for the next car. Ultimately, it is an ideal option if you want to switch things up and know you can find a great deal on an existing loan -- as well as a new or used car. How do you refinance 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 installment. If your credit has improved or you have equity in your vehicle or you're looking to get a co-borrower then refinancing is the way to move. 1. Take your documents. You should know how much you have to pay for your car and your credit score. Lenders are also likely to see your financial information as well as more details about your car, including the model year, as well as current mileage. 2. Research lenders and rates. Check out and the common criteria for lenders. Besides good credit and solid finances the majority of lenders will require that your vehicle is less than 10 years old and less than 100,000 miles on it. The majority of lenders have an minimum loan amount that you will have to meet in order to be eligible. 3. Apply with many lenders. Similar to a new car loan it is recommended to apply with banks, credit unions , and online lenders. This allows you to compare rates without affecting your credit score, allowing you to select the best refinance option. 4. Confirm how you will be able to know when the loan is to be paid back. Once you sign your loan documents, be sure the lender either sends you the funds needed to pay off the loan or pay it on your behalf. You will need to keep making payments until your current loan is fully paid off. What is the process for trading your car works Dealers like to trade in your car as part of the process of buying a brand new car, however it's an entirely separate process that must be negotiated separately. It is possible to shop for your trade-in with multiple dealers, even if you choose not to buy a new car using the dealer you select. 1. Find out the value of your car. Resources like Kelley Blue Book and Edmunds list average sale prices for a wide variety of vehicles. Make sure you're getting the best price in exchange for your used car. 2. Check your loan. Every vehicle depreciates in value. However, if you are owed the lender, it could make selling your car difficult. Although you can still sell it, you may need to pay the remaining of your loan in the event that the cost is too low. 3. Be prepared to negotiate . Similar to buying cars, you could negotiate your trade-in. If your car is in excellent condition considering its age, and has an average mileage, you may be able to negotiate more from the dealer. 4. Transfer the keys. When you locate a dealer, you want to trade in your vehicle and then sign any paperwork and get the title transferred. After that, you'll either need to pay off the vehicle loan as well as use the funds to make a down payment for your next ride. How can you reduce your monthly payments There are a few additional options you could consider to reduce your monthly payment, but some may end up costing more over the long haul. Pay off your debts in advance Most lenders will let you 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 tacks it on until the end of your loan period. Therefore, you will not only have to pay the loan later, but you will be responsible for any additional interest. It is however an acceptable option if you're unable to make the cost of your monthly payments. Be aware that deferral is limited and won't reduce the overall cost of the loan. You could also be charged costs and penalties, which will be listed in your forbearance contract. To begin a deferral you'll likely need to submit an application for hardship in writing to the lender. The letter should outline the reasons you need to defer payments and when you will resume them. The lender could then require financial information that supports the request and helps prove the level of hardship you're experiencing. It is not always possible to get a deferral. For instance, if your credit score is not excellent or your income has decreased it is possible that you will not be eligible. Apply for an loan modification Rather than refinancing with a new lender You can also try . They may offer to prolong the loan period -- which could lower your monthly payments -or alter your interest rate. However, a lender might not be willing to alter the terms of your loan. You are responsible for the payment of your loan at the time you sign the contract, consequently, your lender might decide to decline your request. You can try it however it won't be as effective as refinancing. Pay biweekly if you are struggling to make a big lump-sum monthly payment, you can try breaking it up into two. The same payment, however, it's more aligned with your payment schedule. As an additional bonus, biweekly payments tend to result in less interest being accrued for your loan. It is best to reduce other expenses so that two lower installments won't be a burden on your budget. However, biweekly payments add up to the same amount each month, so it won't make sense if your payments are already too high. Next steps ultimately your decision to trade in or refinance your car is based on what you'd like to get from your vehicle. A refinance is the best option for those who want to continue to drive it but require different terms for your loan. However, if you'd like to switch things up and drive something new it is possible to trade in your current vehicle to make up the difference in your down payment. It's generally a good idea to put between 10 to 20 per cent down for a car, and having the option of trading in your car can reduce the burden. Whatever you decide to do, make certain to study and comprehend the value of your car prior to looking for lenders or going to a dealership.


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Written by Personal and business finance Contributor

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



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances through providing precise, well-studied facts that break down complicated subjects into digestible pieces.






Auto loans editor




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