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Whether to Refinance or Trade In Your Vehicle

If you are deciding between lowering your monthly car loan payments through a refinance or trading it in for a new car, your decision should be based on how long you want to keep your car. Refinancing your vehicle lets you drive it longer without committing to a new car purchase. You need to be aware that you will pay more money in interest over the term of the new loan.

Trading in your car is a way to lower monthly payments on your new car loan if you get more in trade-in value than what you have left to…
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