What to Know About Your Car Payment

One of the benefits of owning a vehicle is that you can sell or trade it in at any time. When you trade in a vehicle, any equity that is in the vehicle will be applied to the purchase price of your next car or truck.

It may also be possible to save money on sale taxes when you trade in your car. Even if you choose to pay the sales tax yourself when buying a new vehicle, it can still help to reduce its overall cost. Refinancing a loan can either change its term or the interest rate that you pay to a lender.

Lowering your interest rate will generally lower your payment as you pay less to the lender for the right to borrow money. Extending the loan's term can also reduce your payment as you're paying over a larger number of payments.



Categories: Finance