Troubling economic times can affect people in many different ways. An affordable car might prove unaffordable when circumstances change. The monthly car payment amount won't change, but you can change the interest rate and payment amount with a better loan. So, should you refinance the car or go in the direction of a trade-in? The answer varies on a case-by-case basis. Car owners must weigh factors regarding their situation.

A vehicle with a significant amount of mileage and many years of age isn't usually worth refinancing. Finding a lender willing to approve refinancing might be difficult. Trading the vehicle in for something better might be appropriate.

If you have excellent credit and the new car is relatively expensive, refinancing might work. You could get a much lower rate and save money on your preferred vehicle.

At Prime Volvo Cars South Shore, we handing many refinancing requests in Rockland, MA. Contact our offices today to discuss refinancing or trade-in options.

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