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Do you need to refinance or trade with your vehicle? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing original and objective content, by enabling users to conduct studies and evaluate data for free - so that you can make decisions about your finances with confidence. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies who pay us. This compensation can affect the way and when products are featured on this website, for example the order in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other products for home loans. But this compensation does have no impact on the content we publish or the reviews you read on this site. We do not cover the universe of companies or financial offers that may be accessible to you.



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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 who has more than 5 years experience working in the field of personal finance. She also works full-time as a worker at her local library where she helps her community get information on financial literacy, in addition to other topics.







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

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances by providing concise, well-researched, and clear information that breaks down otherwise complex topics into digestible chunks.









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The process of refinancing and trading your vehicle are two distinct procedures, and neither is superior nor inferior than one or the other. The benefits and drawbacks are contingent on what you want to achieve with your car and the money you have. Is refinancing or trading in the car more beneficial? Both refinancing and trading your vehicle can save money, but the best option for you is dependent on your goals. is the best option should you decide to remain with your car, but wish to alter the conditions that apply to your loan. You could qualify for a lower interest rate in the event that your credit score has improved since you first borrowed the auto loan. This will result in a lower monthly payment and less interest paid overall. Using your vehicle as a loan can help you pay for your down payment. If you are looking to purchase a different vehicle, selling it -- selling to a dealership could allow you to have more money to work with. This could also result in more favorable 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 your current or a new lender. In the ideal scenario, the allows you to lower your interest rate , or even get an extended loan term. Both can lower the monthly cost of your loan and increase the amount of your car loan affordable every month. However, refinancing to a will mean you pay more interest. And while refinancing is a good option if you're satisfied with the car you have There are lenders who have specific requirements that you have to meet in order to be eligible. Trading in a car is a simpler option. When you've researched the value of your car You can then visit various dealerships to determine what they have to offer. The end objective is to sell your car and then use the money to . If you've got any over, you can utilize it to make the down payment you make for the car you want to buy. It is ultimately the best option for those who would like to try something new and are confident that you will obtain a bargain on an existing loan and an old or new car. What is the process for refinancing your car? Refinancing is basically the same as . It's more beneficial than trading in your vehicle if you enjoy your vehicle and wish to lower your monthly payment. If your credit has improved and you have equity in your car or you want to include a co-borrower then refinancing may be the way to go. 1. Get your documents together. You must know what you still owe for your car as well as your credit score. Lenders will also want to verify your financial records as well as more details about your vehicle, including its model year and current mileage. 2. Research lenders and rates. Review the typical criteria for lenders. In addition to having good credit and solid finances the majority of lenders will require your car to be less than 10 years old and less than 100,000 miles on it. Most lenders also have an upper limit on the loan amount that you will have to meet in order to be eligible. 3. Apply to several lenders. Similar to a new car loan it is recommended to apply for with banks, credit unions , and online lenders. It allows you to evaluate rates without impacting your credit score, allowing you to select the best refinance option. 4. Make sure you know how you will be able to know when the loan is to be paid back. After you have signed your loan documents, make sure the lender or sends you funds to pay off your loan or reimburses it for you. It is necessary to keep paying your loan until the current loan is paid in full. How trading in your car works Dealers like to make trading in your car part of buying a new car, but it is a separate process -- and should be negotiated independently. You can shop your trade-in at multiple dealers even if you choose not to buy a car with the car you choose. 1. Find out the value of your car. Websites such as Kelley Blue Book and Edmunds offer average sales prices for a range of cars. Check to know you're getting a good deal for your trade-in. 2. Check your loan. Every vehicle is worth less. If you have a loan the lender, it could make selling your car difficult. While you are still able to sell it, you may need to pay the remaining of your loan if the sale price is too low. 3. Be prepared to negotiate . Similar to buying cars, you could negotiate the price of your trade-in. If your vehicle is in excellent condition given its age and very low mileage, you may be able to get more out of the dealer. 4. Transfer the keys. If you have found an agent to trade in your vehicle with, sign any documents and have the title transferred. From here, you will have to either pay off your car loan or use the cash as part of your down payment towards your next ride. How to lower your monthly payments There are a few additional routes you can take to reduce your monthly payment, but some might cost you more in the end. Defer your payments Most lenders will let you defer your payments for up to three months when you're experiencing short-term financial hardship. However, you can't defer the payment entirely. Instead, the lender will add it until the end of the loan period. So, you will not only have to pay for the loan in the future, but you'll also be on the hook for additional interest. But, it's an option that is often used when you're unable to make your monthly payment. But be aware that the deferral is limited and doesn't lower the total cost of your loan. You could also be charged costs and penalties, which are outlined in your agreement for forbearance. To begin a deferral you'll probably need to send a hardship letter for your lender. The letter should outline the reason you have to delay payments and the date you'll resume them. The lender may then request details about your finances that support the request and helps prove the financial hardship you're facing. Not everyone is granted the option of deferring. If, for instance, your credit score isn't great or your income has decreased and you are not eligible, you might not be able to qualify. Apply for a loan modification instead of refinancing with a new lender You can also try . It might offer to prolong the loan term which can reduce your monthly paymentsor even alter the rate of interest. That being said, a lender might not be willing to modify the terms of your loan. You become responsible for paying your loan at the time you sign your contract, so your lender might decide to decline your request. It doesn't hurt to try, but it may not be as effective as refinancing. Pay biweekly If you find it difficult to make a large lump-sum monthly payment, try breaking it up into two. It will be the same payment, however, it could better align with your pay schedule. In addition the biweekly installments tend to result in less interest on your loan. The ideal would be to reduce other expenses so that two smaller installments won't be a burden on your budget. The biweekly installments still equal the same amount each month, so it won't be a solution when your monthly payments are excessive. Next steps ultimately, the choice to trade in or refinance your car depends on the goals you wish to get out of your car. The best option is refinancing if you want to continue to drive it but need different conditions on your loan. However, if you'd like to switch things up and get a new car then you could trade in your current vehicle to make up the difference in your down payment. It's generally recommended to put between 10 and 20 percentage down when buying a car with the option of trading in your car can ease that burden. In any case, you should be sure to do your research and know your car's value before 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 of experience in personal financial matters. She's also a full-time librarian at the local library where she helps her community get information about financial literacy, as well as other subjects.



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 take control of their finances with precise, well-studied information that breaks down otherwise complicated subjects into digestible pieces.






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