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Should I refinance my Honda Accord or trade it in and buy a new one?
"I love my Honda Accord, but when I bought it last year, my interest rate was 10.99%.
Now I've found 7.24% interest rates. Also, the dealership called asking if I want to trade my Accord in for a new one.
Which is the better option?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you already have a car that you love, there’s no sense in trading it in for something you might not like as much.
Because you’re pretty early on in your loan, you might still be upside-down on it (owing more than the car is worth). If you get a new Accord, you’ll have to roll that negative equity from your old loan into the new one, which only adds more debt and interest payments.
A refinance is probably the best option for you. It will save you money on interest, prevent you from taking on unnecessary debt, and, most importantly, let you keep a car you love.”
View full answer
- Gregory R.
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