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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 who has more than five years ' experience within personal finances. She is also a full-time librarian at the local library in which she assists the community access information about 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 confidence to manage their finances by providing precise, well-researched and well-researched content that breaks down otherwise complex subjects into bite-sized pieces.
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The process of refinancing and trading your car are two distinct processes -- so neither is better nor worse than one or the other. The advantages and disadvantages of each depend on what you wish to get out of your car and your finances. Are refinancing or trading your car better? Both refinancing or trading your car can save you money, but the most effective choice for you will be based on your goals. It is the most appropriate option if you want to stick with your car, but want to change the conditions of your loan. You could qualify for the lowest interest rate when your credit score has improved since the time you first borrowed an auto loan. This means you pay less monthly and less paid in interest overall. Making use of your vehicle as a loan can help you pay for your down amount. If you want to buy a different vehicle, selling it -selling it to a dealer -- will allow you to have more money to work with. It may also mean better loan terms as you are able to take out a lower loan on the new vehicle. Refinancing is different from. trading in a car You can refinance a car loan either with the current or new lender. If you are lucky this will allow you to lower your interest rate , or even get an extended loan term. Both of these will reduce your monthly payments and increase the amount of your car loan less expensive each month. But, refinancing is likely to cost you more interest. While refinancing can be an option for those who are happy with your current vehicle, lenders often have specific requirements that you need to meet to qualify. Making a trade in your vehicle is a simpler option. After you have researched the worth of your vehicle, you can visit different dealerships to determine what they will offer you. The end objective is to sell your vehicle and use the proceeds to . If you've got any in the bank, you can use it as part of your down payment for the next car. In the end, it's the best option for those who want to switch things up and you know you'll find a great deal on an existing loan and the purchase of a used or new vehicle. How refinancing your car works It's basically similar to . It is better than trading in your vehicle in case you are happy with your car and want to lower your monthly installment. If your credit rating has improved and you have equity in your vehicle or you want to get a co-borrower then refinancing is the best way to go. 1. Get your documents together. It is important to know the amount you owe on your vehicle and credit score. Lenders will also need to verify your financial records as well as more details about your vehicle, such as its model year and current mileage. 2. Study rates and lenders. Find out the most common conditions of lenders. In addition to having excellent credit and solid financials, lenders typically require that your vehicle be less than 10 years old and less than 100,000 miles. The majority of lenders have a minimum loan amount you'll need to satisfy to be eligible. 3. Apply to many lenders. Like a car loan, you should apply to banks, credit unions , and online lenders. This lets you evaluate rates without impacting your credit score, which allows you to choose the most suitable refinance option. 4. Check out how you will be able to know when the loan is to be paid back. After you have signed your loan documents, ensure that the lender either sends you the funds to pay off your loan or pays it on your behalf. You will need to keep making payments until the current loan is paid in full. How trading in your car works . Dealers want to offer trading on your car an element of purchasing a new car, but it's a distinct process that must be handled separately. You are able to trade in your car at multiple dealers even if you choose not to buy a new car using the one you decide on. 1. Research your car's value. Websites such as Kelley Blue Book and Edmunds list average sale prices for a wide variety of vehicles. Be sure to confirm that you're getting a good deal in exchange for your used car. 2. Check your loan. Every vehicle is worth less. If you have a loan an amount, it may make selling your car difficult. Although you can still sell the item, you might have to cover the remainder of the loan when the selling cost is too low. 3. Come prepared to negotiate . Much like buying a car, you can bargain your trade-in. If your car is in decent condition considering its age, and has an average mileage, you may be able to squeeze more from the dealer. 4. Give the keys to the dealer. Once you find a dealer, you want to exchange your vehicle and then sign any paperwork and get the title transferred. After that, you'll be required to pay off the vehicle loan and use that money as part of your down payment towards your next ride. How to lower your monthly payment There are several additional options you could consider to however, some of them could cost more over the long haul. Pay off your debts in advance Most lenders will let you defer your payments for up to 3 months if you are experiencing an immediate financial crisis. But you don't skip the entire payment. Instead, the lender tacks it on until the end of your loan term. This means that you won't only need to pay for the loan in the future, but you'll be liable for additional interest. However, it is an acceptable option if you genuinely can't afford the cost of your monthly payments. But be aware that the delay is not a permanent solution and won't reduce the overall cost of the loan. There are fees and penalties, which will be listed in your forbearance agreement. In order to initiate a deferral, you'll likely need to submit an application for hardship for your lender. The letter should outline why you must defer payments and when you will take them back. The lender may then request documents that prove your request and helps to establish the level of hardship you're experiencing. It is not always possible to get the option of deferring. For example, if your credit score is not excellent or your income is declining it is possible that you will not be eligible. Request an loan modification instead of refinancing to a new lender Try . It might be willing to extend your loan duration and reduce your monthly paymentsor alter your interest rate. This being said the lender may not be willing to modify the terms of your loan. You are responsible for the payment of your loan when you sign your contract, therefore, your lender could decide to reject your request. It's not a bad idea to try, but it may not be as successful as refinancing. Pay biweekly If you find it difficult to make a big lump-sum payment every month, consider splitting it into two. It will be the same payment, however, it's more aligned with your pay plan. As an additional bonus the biweekly installments tend to reduce the amount of interest being accrued for your loan. It is best to reduce other costs so that two payments don't place a strain on your budget. But biweekly payments still make up the same amount each month, so it's not going to be an option for you if your current payments are excessive. Next steps ultimately, the choice to either refinance or sell your car depends on the goals you wish to get from your vehicle. The best option is refinancing for those who want to keep driving it but require different terms for your loan. If you'd like to make a change and get a new car, you can trade in your existing vehicle to make up the difference in your down payment. It's generally a good idea to put between 10-20 percentage down when buying a car and an option to trade in your vehicle can reduce the burden. Whatever you decide to do, make sure to research and understand the value of your vehicle prior to searching for lenders or visiting the dealership.
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Written by Business and personal finance contributor
Kellye Guinan is a freelance editor and writer with over five years ' experience within personal finance. She's also a full-time employee at the library in her town which she assists her local community to access information about financial literacy, among other topics.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to manage their finances by providing concise, well-researched and well-written information that breaks down otherwise complicated subjects into digestible pieces.
Auto loans editor
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