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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 more than 5 years experience working in the field of personal financial matters. She is also a full-time librarian at the local library in which she assists the community get information on financial literacy, as well as other topics.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances with concise, well-researched, and clear information that break down complex topics into manageable bites.
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Trading and refinancing your car are two different methods, so neither is superior nor inferior than either. The benefits and drawbacks depend on what you wish to achieve with your car and the money you have. Is refinancing or trading in your car better? Both refinancing and trading in your vehicle can save money, however the best choice for you will be based on your goals. is the better choice should you decide to remain with your car, but wish to alter the terms for your loan. You could qualify for a lower interest rate if your credit has improved since you initially taken out an auto loan. This could mean a lower monthly payment and less paid in interest in the overall. Using your car as a means to increase your down cost. If you are looking to purchase a different car, trading in -selling to a dealership could give you more money to spend. This could also result in more favorable loan terms since you can take out a lower loan on the next car. Refinancing vs. trading in a car . You can refinance the car loan either with your current or a new lender. If you are lucky, the allows you to reduce your interest rate or obtain an extended loan duration. Both can lower your monthly payment and potentially make your car loan less expensive each month. However, refinancing to a means you will pay more interest. Refinancing is an option to consider if you’re content with your current car The lenders typically have specific requirements that you must meet to qualify. Trading in a car is a much simpler process. Once you research the value of your car You can then visit various dealerships to find out what they have to offer. The end objective is to sell your vehicle, and then apply the proceeds to . If you’ve got any to use, you could utilize it to make your down payment on the car you want to buy. Ultimately, it is the best option for those who want to switch things up and you know you’ll obtain a bargain on a new loan — as well as the purchase of a used or new vehicle. What is the process for refinancing your car? Refinancing is essentially the same as . It is better than trading in your vehicle if you enjoy the car you drive and want to reduce your monthly payments. If your credit rating has improved, you have positive equity in your car or you’d like to include a co-borrower then refinancing is the way to move. 1. Get your documents together. You should know how much you still owe for your car and your credit score. Lenders will also need to see your financial information and have more information about your vehicle, including the model year, as well as current mileage. 2. Research lenders and rates. Check out and the common criteria for lenders. In addition to having good credit and solid finances The majority of lenders require that your vehicle be less than 10 years old and to have under 100,000 miles on it. Many lenders also require a minimum loan amount that you will need to meet to qualify. 3. Apply to several lenders. Like a car loan one should apply for with credit unions, banks and online lenders. It 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 the loan will be paid off. After you have signed the loan documents, be sure the lender either sends you the funds to pay off the loan or pays it on your behalf. You will need to keep making payments until your current loan is paid in full. What is the process for trading your car works Dealers like to offer trading on your car part of the process of buying a brand new vehicle, but it is a separate procedure that should be negotiated on its own. You are able to trade in your car at multiple dealers even if you decide not to buy a car with the car you choose. 1. Find out the value of your car. Sources like Kelley Blue Book and Edmunds provide average prices for a wide variety of cars. Be sure to confirm that you’re getting a fair price in exchange for your used car. 2. Check your loan. Every vehicle depreciates in value. But if you owe the lender, it could make selling your car difficult. Although you can still trade it in, you could be required to pay for the rest of your loan in the event that the price is too low. 3. Prepare yourself to bargain . Similar to buying a car, you can negotiate your trade-in. If your vehicle is in decent condition considering its age, and has very low mileage, you may be able to negotiate more out of the seller. 4. Give the keys to the dealer. Once you find a dealer, you want to exchange your vehicle with, sign any documents and then transfer the title. After that, you’ll either need to pay off the car loan and use that funds as part of your down payment for your next ride. How can you lower your monthly payment There are a few additional options you could consider to , although some of them could cost more in the long run. Pay off your debts in advance Most lenders allow you to delay your payments for as long as three months when you’re experiencing short-term financial hardship. However, you shouldn’t miss the entire payment. Instead, the lender will add it until the end of the loan term. This means that not only will you have to pay the loan later, but you will also be on the hook for any additional interest. It is however an acceptable option if you are unable to afford the monthly installment. Be aware that deferral is limited and will not reduce the overall cost of your loan. You could also be charged costs and penalties, which are outlined in your forbearance contract. To begin a deferral you’ll likely need to submit an application for hardship to your lender. The letter should state the reason you have to delay payments and when you will resume them. The lender may then request 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 example, if your credit score is not good or your income is declining it is possible that you will not be eligible. Request a loan modification rather than refinancing to a new lender You can also try . It may be willing to extend the loan duration — which could reduce your monthly payments- or adjust your interest rate. That being said, a lender might not be willing to change your loan. You become responsible for paying the loan at the time you sign the contract, so your lender may choose to deny your request. You can try it however, it might not be as effective as refinancing. Pay biweekly if you are struggling to pay a huge lump-sum monthly payment, try breaking it up into two. You will make the same payment, but it will be more in line with your payment schedule. Additionally the biweekly installments tend to mean less interest being accrued on your loan. It is best to reduce other expenses so that two lower payments won’t put extra strain for your finances. However, biweekly payments make up the same amount every month, so it won’t be an option for you if your current payments are excessive. The next steps, ultimately your decision to either refinance or sell your vehicle is contingent on what you’d like to get out of your car. Refinancing is the better option for those who want to continue to drive it however you require different conditions for your loan. However, if you’d like to switch things up and try something new, you can trade in your current car to make up the difference in your down payment. It’s generally recommended to put between 10 and 20 percent down on a vehicle with the option of trading in your car can alleviate the burden. In any case, you should be sure to research and understand your car’s value before searching for lenders or going to an auto dealer.
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Written by a Personal and Business finance contributor
Kellye Guinan is a freelance editor and writer who has more than five years ‘ experience within personal finances. She also works full-time as a librarian at the local library where she helps her community get information about financial literacy, in addition to other topics.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to take control of their finances through providing clear, well-researched data that breaks otherwise complicated topics into bite-sized pieces.
Auto loans editor
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