Refinance or Trade-In Your Car?

The question to refinance or trade-in your car can be challenging to answer. If your car loan payments have become too difficult for you—perhaps because of a change in your income, marital status or housing situation—maybe it’s time to make some decisions. No one wants to live under constant financial strain, nor should they have to. Many choices in life are nearly impossible to undo—but not this one. So let’s take a look at your options.

First, do some digging to help define the problem by asking yourself some simple questions. Based on these answers, you can decide whether to cut bait and make a complete change or stick with your car and refinance.

  • Do I like my car?
  • What type of condition is it in?
  • Is it a reasonable car to have in my situation?
  • If my payments were more affordable, would I keep it?

Say you are a full-time employee who has decided to quit working and pursue a graduate degree. If your car is practical, gets good gas mileage and requires few repairs, and you will need a car for school, it may be a good idea to keep the car and seek refinancing to make it more affordable. A decision to refinance can often work to your advantage, especially if you have made improvements to your credit. Even if your credit is about the same, you can still benefit by stretching out your payment schedule to make your payments more affordable.

On the other hand, if your car is pricey and loaded with extras—clearly more than you need as a student with no income—it’s probably a great time to consider a trade-in. Through a trade-in, you can choose a more economical car with lower payments, and also transfer the equity you have built in your pricey car toward your new car. Both of these steps will help reduce your payments to a more affordable level.

Do Your Research

Regardless of which path you choose, you will need to do your research. If you decide to trade in your car for a lower-priced car, you’ll want to make sure that you are getting a fair deal for your trade-in. It’s a well-known fact that if you trade-in your car to a dealer, you will get a lower price than if you sell it yourself to a private party. After all, the dealer is taking your trade-in with two goals in mind: to sell you a new car and sell your old trade-in, both at a profit. At the very least, you owe it to yourself to get onto a site like Kelley Blue Book (kbb.com) to learn what your trade-in is really worth, considering its age and condition, and compare it to the dealer’s offer.

After analyzing if you want to refinance or trade-in your car, if you believe your current car is right for your situation moving forward, you can contact a company like RefiJet, which helps customers get a refinancing deal that is more advantageous. Since we work with so many different lenders, we can often find better loans for people who qualify. The important thing is to realize you have options—there is always another car or financing deal that better fits your circumstances.

Important Disclosures and Requirements

Customer Consent to Receive Account Information Electronically

The Electronic Signatures in Global and National Commerce Act requires your consent to receive certain disclosures electronically. Please read this section carefully and retain a copy of this document for your records.

ELECTRONIC RECORDS

Some communications and disclosures with and by RefiJet.com on its behalf and on behalf of participating banks, finance companies, and credit unions (hereinafter called “Lenders”) are conducted electronically. However, if you wish to obtain a paper copy of any disclosure to your offer and/or loan/finance offer request, you may write to Yield Solutions Group, LLC (dba RefiJet.com) at 7555 E. Hampden Ave., Ste. 500, Denver, CO 80231. We will not charge you a fee for a paper copy of the Disclosures you request. RefiJet does not provide any Lenders’ disclosures.

RefiJet.com reserves the right, in its sole discretion, to stop providing Disclosures electronically. RefiJet.com will provide you with notice of any such termination as required by applicable law. If RefiJet.com chooses to stop providing Disclosures electronically, RefiJet.com will send any future Disclosures to you in paper form.

YOUR CONSENT IS REQUIRED

The applicant and any co‐applicant (collectively, “you”) must consent to receive Disclosures electronically in order to complete the loan/finance offer request process with RefiJet.com on behalf of its participating Lenders (as defined above). Your consent will apply to Disclosures you receive from RefiJet.com, its successors and assignees, and any Lenders. You may withdraw your consent for receiving electronic Disclosures by notifying RefiJet.com at Info@RefiJet.com. Since RefiJet.com is structured to provide some loan/finance offer request related information electronically, not consenting, or withdrawing your consent to receive electronic Disclosures may terminate your loan/finance offer request process. You may withdraw your consent to do business electronically with our participating Lenders at no cost to you. You may do so by contacting the Lender at the mailing address, e‐mail address or telephone number they provide to you separately for such purpose.

CONSENT TO RECEIVE DISCLOSURES ELECTRONICALLY

In order to use this service, you must consent to receive disclosures including but not limited to the Terms of Service and Privacy Notice electronically and you agree that these electronic disclosures will be sufficient as a “writing” under applicable law.

If you have access to this website, you have suitable hardware/software to access and retain electronic documents.

This consent is valid until revoked by either party.

Please notify us at 1.800.260.5355 if your contact information changes at any point in the refinance process.

MONTHLY PAYMENT REDUCTION CLAIM**

This average monthly auto loan payment savings reflects loans where the borrower chose to lower their monthly payment. Not every auto refinance is intended to lower monthly payment. These savings are not guaranteed. Individual savings and rates may differ.

2018‐10‐08 02:30PM MST