There are differences between refinancing a car loan and trading in a car for a new one. Most of us know someone who has done a trade-in deal before. This is because these deals are so easy to find at most dealerships. However, the ability to get a car loan refinanced is not nearly as easy.

Trade-ins are great because they allow you to upgrade your vehicle when you are ready to do so. The downside is that to do so means that you will have to take a bath on the car you currently own.

Refinancing means you keep the car you have now, but you might get a better deal on the interest rate on it. That is wonderful, but at the same time, there are hurdles to get over that make life difficult. It is hard to find a lender that will do a car refinance deal, but if you can find one you might want to snap it up.

Categories: Social, New Inventory