The value of your vehicle may have gone down, but you can still refinance or trade in your vehicle to lower your monthly payments. Both options are available to car owners who are having trouble with their car payments and want to avoid repossession. Trade-ins are available to car owners who have paid into their vehicle and have some equity. The dealer may be willing to pay off your loan in order to keep you under contract and get you into a lower cost vehicle.

Refinancing is the second option, and it’s available to some car owners who have a good credit score and want to reduce the interest on the car loan. However, you may wind up paying more for the car in the long run if you change the length of the loan terms. If neither of these options work, you could always sell your vehicle and pay off your loan, which may get you more money in the long-run.

You can head to Sterling Kia of Lafayette to get the best options for lowering your payments and staying on track to own a vehicle.



Categories: Finance