The folks at Lyle Pearson Volvo Cars Boise want you to be aware of the differences between trading in a car and refinancing an auto loan. By trading in your vehicle, you are giving it back to the dealer in exchange for a credit toward your next car or truck.

Your trade allowance is equal to the difference between what the car is worth and what you still owe to a lender. If you owe more than what the car is worth, you may be able to add that negative equity to your next loan.

When you refinance a car loan, you keep possession of the car but under different terms. For instance, you may receive additional time to pay or receive a lower interest rate from the lender. You may also be able to remove a cosigner from your loan or obtain other concessions from a bank in Boise, ID.

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