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Refinance or Trade? The Pros and Cons

The processes of refinancing or trading in your car each have their unique pros and cons. Depending on your situation, either arrangement might suit you. How do know which is best for you? Our Acura of the Rio Grande Valley team offers this brief guide.

Pros and Cons of Refinancing

When you refinance your car, the pros are:

  • You may qualify for a lower interest rate
  • You can negotiate a different loan length or term

The cons are:

  • Your credit might not be sufficient to refinance
  • Your existing loan contract might contain prepayment penalties

Pros and Cons of Trading In…

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Is Trading In My Car a Better Option Than Refinancing?

There are times when you will need to consider trading in or refinancing a vehicle. This may occur when you are short on money and need to get a lower car payment. Acura of the Rio Grande Valley wants you to be able to make an informed decision about whether refinancing or trading in is your best option.

There are times when you will want to refinance. If you can get a better interest rate to lower your payment, refinancing makes sense. When you refinance, you can also extend the length of your loan repayment. This will also lower your…

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