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5 min read Published March 02, 2023
Authored by Kellye Guinan. Written by Personal and Business Finance contributor

Kellye Guinan is a freelance editor and writer with over five years ' experience within personal finance. She also works full-time as a librarian at the local library where she helps her community gain access to information on financial literacy, among 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 dedicated to helping readers gain confidence to control their finances through providing precise, well-researched and well-researched content that break down complex topics into manageable bites.









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Trading and refinancing your car are two distinct methods, so neither is more or less than one or the other. The benefits and drawbacks depend on what you want to get out of your car and the money you have. Are refinancing or trading your car better? Both refinancing and trading your vehicle can save money, but the most effective option for you will depend on your objectives. is the best option if you want to stick with your car, however you want to alter the terms that apply to your loan. You may be eligible for the lowest interest rate in the event that your credit score has improved since you first borrowed an auto loan. This will result in a lower monthly payment and less interest all-around. Making use of your vehicle as a loan allows you to supplement your down payment. If you're looking to purchase a different vehicle, trading it inselling it to a dealer could give you more money to spend. This could also result in better loan terms as you are able to borrow less on your next vehicle. Refinancing instead of. trading for a car. You are able to refinance a car loan either with the current or new lender. In the best-case scenario it allows you to lower your interest rate or obtain a longer loan term. Both can lower your monthly payment and potentially increase the amount of your car loan less expensive each month. But, refinancing is likely to cost you more interest. And while refinancing is a good option if you're satisfied with the car you have, lenders often have strict criteria you have to meet in order to be eligible. Selling your car is a much simpler process. When you've researched the value of your car and then you are able to visit various dealerships to find out what they have to offer. The end goal is to sell your vehicle and use the money to . If you have any left in the bank, you can utilize it to make your down payment on the car you want to buy. It is ultimately a better choice if you want to switch things up and are confident that you will get a good deal on a new loan -- and an old or new car. How do you refinance your car? It's basically the same as . It's more beneficial than trading in your vehicle if you enjoy the car you drive and want to lower your monthly installment. If your credit has improved and you have equity in your car or you'd like to get a co-borrower then refinancing is the best way to move. 1. Gather your documents. It is important to know the amount you owe on your car and your credit score. Lenders are also likely to verify your financial records and have more information about your car, including the model year, as well as current mileage. 2. Find out about rates and lenders. Review the typical requirements of lenders. Besides an excellent credit score and solid finances The majority of lenders require that your vehicle is under 10 model years old and to have at least 100,000 miles. Many lenders also require a minimum loan amount you'll need to meet to qualify. 3. Apply with several lenders. Much like a new auto loan it is recommended to apply to credit unions, banks and online lenders. This allows you to compare rates without affecting your credit score. This allows you to pick the best refinance option. 4. Confirm how the loan is to be paid back. When you sign the loan documents, be sure the lender either sends you the money to pay off your loan or pays it on your behalf. You will need to keep making payments until your current loan is paid in full. How trading in your car works . Dealers want to offer trading on your car part of buying a new vehicle, but it is a separate procedure that should be negotiated independently. You are able to trade in your car at multiple dealers even if you do not want to buy a new car using the car you choose. 1. Research your car's value. Websites such as Kelley Blue Book and Edmunds list average sale prices for a variety of vehicles. Check to know you're getting a fair price on your trade-in. 2. Check your loan. Every vehicle is worth less. However, if you are owed , it can make trading in difficult. Even though you could still sell the item, you might be required to pay for the rest of the loan if the sale price is not enough. 3. Prepare yourself to negotiate . Similar to buying a car, you can negotiate the price of your trade-in. If the car you are selling is in excellent condition given its age and relatively low mileage, you might be able to squeeze more out of the dealer. 4. Hand over the keys. If you have found a dealer, you want to sell your car and then sign any paperwork and then transfer the title. From here, you will have to either pay off the vehicle loan and use that cash as part of your down payment towards your next ride. How can you lower the cost of your monthly installment There are several additional ways you can go about however, some of them could cost more over the long haul. Pay off your debts in advance Most lenders allow you to delay your payments for as long as three months when you're experiencing temporary financial difficulties. However, you shouldn't miss the entire payment. Instead the lender tacks it on until the end of your loan period. This means that not only will you have to pay for the loan later, but you'll be liable for additional interest. It is however an option that is often used when you genuinely can't afford the monthly installment. But be aware that the delay is not a permanent solution and won't reduce the total cost of your loan. There are fees and penalties, which will be listed in your agreement for forbearance. To begin a deferral you'll probably need to send an application for hardship in writing to the lender. The letter should outline the reason you have to delay payments and when you will take them back. The lender could then require details about your finances that support the request and helps prove the level of hardship you're experiencing. Not everyone is granted the option of deferring. If, for instance, your credit score is not excellent or your income has declined it is possible that you will not be eligible. You can request an loan modification instead of refinancing with a different lender, you can try . It may be willing to extend the loan period and lower your monthly payments -or alter the rate of interest. This being said that a lender might not be willing to change the terms of your loan. You become responsible for paying the loan when you sign your contract consequently, your lender might decide to decline your request. It doesn't hurt to try however, it might not be as successful as refinancing. Pay biweekly if you are struggling to make a big lump-sum monthly payment, you can try making it two payments. You will make the same amount, but it will be more in line with your pay plan. As an additional bonus, biweekly payments tend to mean less interest being accrued on your loan. It is best to cut back on other expenses so that two smaller installments won't be a burden for your finances. But biweekly payments still equal the same amount every month, so it's not going to make sense if your payments are already excessive. Next steps Ultimately when you decide to either refinance or sell your car depends on what you want out of your car. A refinance is the best option for those who want to keep driving it however you require different conditions to your loan. However, if you'd like to switch things up and try something new then you could trade in your current vehicle to make up the difference in your down payment. In general, it's best to put between 10 and 20 percent down on a car and a trade-in can help ease that burden. Whatever you decide to do, make sure to research and understand the value of your car prior to looking for lenders or going to an auto dealer.


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Written by Business and personal finance Contributor

Kellye Guinan is a freelance editor and writer with more than five years of experience in personal financial matters. She is also a full-time employee at the library in her town which she assists her local community to get information about financial literacy, among other topics.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are enthusiastic about helping readers gain the confidence to manage their finances through providing precise, well-studied facts that break down complicated subjects into digestible pieces.






Auto loans editor




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