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…