At Bob Tedford Chevrolet Co. in Farmersville, TX, we always want to talk to our clients about refinancing or trading in their vehicles. If you are interested in refinancing or trading in your vehicle, here are a few tips about the processes.
Typically, a trade-in of your vehicle will involve a trade-in amount considering whether you have a paid-off loan or not. Once you have your trade-in value, then you can decide whether you want to trade in for an upgrade or not. Usually, the trade-in value goes toward the down payment of the new vehicle.
A refinance for your vehicle is usually because you would like to have lower monthly payments. You may also want to refinance your car because you still like it, but you want to take advantage of lower interest rates. There are additional benefits to refinancing, such as getting a cosigner off of your loan.