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Posted in Auto Loans
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Zorasmom

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Refinance before trade-in?
Just moved to Chicago & need to trade my rear wheel drive car for an SUV better suited for the winter. In researching, found out I can refi my auto loan and save over $100/month. Does it make sense to refi before I trade-in? Will the refi hurt my creditworthiness and cause a higher rate on the new car?

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Unless I am reading you post wrong it makes no sense to refinance before you trade in. There will certainly be costs associated with the refinance and the refinance does not affect your loan balance in a positive way to change the deal on the new vehicle.

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