At Ray Laks Honda we understand financial decisions concerning vehicles. We want our clients and the community of Orchard Park to have a good understanding of the different financial options they have. If you own a vehicle and want a change in your loan or a new car, you can either trade it in or refinance.

Trading in a vehicle is a clever idea if you want a new car and refinancing your current vehicle isn't best or desired. Trading it in means that you can use the value of the car as your down payment. If you still have a loan on the car, consider how much you owe versus how much the trade-in value is worth.

Refinancing your vehicle is a promising idea if your credit score is better than when you got your loan. Refinancing can lower your payments but may extend the amount of time until the vehicle is paid off!



Categories: Finance