If you have been driving the same Ford car for a while now, you may be thinking about making a change. This could involve doing something to help your finances, or you may be considering another vehicle altogether. So, should you refinance your loan or go the trade-in route? Lester Glenn Ford is here to help you decide with these Ford financing tips.
Why Refinance?
The main reason to refinance your loan is to get a better interest rate. If you are paying a lot in interest each month, this could be an excellent decision. If your credit score has improved since you made your purchase, you may be able to get a lower rate, which could end up saving you quite a bit.
Why Trade In?
Maybe you’ve gotten a little bored with your car, or it just doesn’t meet your needs any longer? In either case, trading it in is probably the better choice. This enables you to get a newer car that meets your requirements. Plus, that older model can give you a nice down payment.
Which Is Right for You?
Refinancing primarily makes sense if you still have a ways to go with your loan and the new interest rate will be significantly lower than on your existing loan. It’s important to remember that refinancing does come with a fee. With a trade-in, you get to upgrade to a better vehicle and can potentially still receive more favorable loan terms, though you’ll likely be locked into the loan for a longer period.
Get Ford Financing Support in Ocean Township, NJ
Not sure if you should refinance or use your car as a trade-in? Lester Glenn Ford in Ocean Township, NJ, will help you make a smart choice. Get in touch with our financing department to speak to one of our experts.