Refinance or Trade in: Which is Best for Your Needs?

At Team Kia of Bend, we want you to get the most vehicle for your money. If you suddenly find yourself in need of some emergency cash, want to upgrade your vehicle, or happen to find a lower interest rate, then refinancing your vehicle may be an option for you to consider rather than trading in your old vehicle.

There are pros and cons to refinancing and trading in your vehicle that you should consider before you make a decision. If a new loan at a lower interest rate is possible, then refinancing is definitely an option to consider. A new, lower interest rate loan will allow you to save money and pay off your loan faster and could also put some extra cash in your pockets if you owe less than your vehicle is worth. Be aware that refinancing could also cost you more money in the long run if you extend the length of your loan as you will be paying off the loan over a longer period of time.

If you're simply looking for an upgrade, then trading in your old car may be the right option if you can get the full value of what your vehicle is worth. When it comes to refinancing and trading in a vehicle, it pays to do your homework. You should only deal with honest and professional dealerships and sales reps who will explain the details of a trade in or refinance in an easy to understand manner.

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