Refinancing vs. Trading-In Your Vehicle at Moore Cadillac Richmond

June 29th, 2021 by

If you are interested in learning more about refinancing or trading in your vehicle, our team at Moore Cadillac Richmond in Richmond, VA is always ready to help! There are a few differences between refinancing and trade-in that you should know before you think about taking the next steps.

When you refinance a car, that means you’re entering into a new period of you’re alone. This means that you can be paying longer on your loan than you are now, but you usually have lower payments or get cash out.

If you want to trade in your vehicle, it is usually because you want to upgrade your vehicle. Some want to downgrade their vehicle as well. If you are looking to buy a small vehicle versus an SUV, then you would be downgrading your vehicle. Either way, you will get an amount that is usually put towards your next vehicle down payment from your trade-in.

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