Reducing monthly payments on a vehicle could free up money for someone suffering from a strained budget. Financial situations can change, and an affordable car might become an affordable one. Refinancing is one way to cut down on costs, and so is trading the vehicle in for another model. How do you know which particular path to take? You have to weigh a few things before deciding.

Refinancing a car makes sense when you have an excellent credit score. The better your credit score is, the more favorable loan terms become. If you’ve improved your credit score since buying that expensive car, looking for a better rate may lead to a positive discovery.

Refinancing a newer car that still has value could be a good plan. A vehicle that has a little life left, however, probably won’t attract lenders willing to refinance. Training in a beat-up model might be your only option.

If you live near New Bern, NC, ask the lending team at our dealership about refinancing options. We’ll do our best to help you out.

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