If you are a current vehicle owner that is concerned with the amount of money that you're paying each month, it might be time to think about whether or not you should refinance or trade-in your vehicle. There are pros and cons to each of these options.

Think about whether or not your credit score has improved since you signed up for your original loan. If it has, you may be able to refinance for a better interest rate. This would lower the amount of money that you're paying for each monthly bill.

Trading in your vehicle is beneficial if you want to pay less for an automobile but you don't have the ability to negotiate your current rate. Downsizing to something smaller is a great way to spend less money each month. You also don't want to refinance an older vehicle that is already on its last leg.

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