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Refinance or trade?


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I bought my vehicle in 2018 after my bankruptcy was finalized.  My credit score has since increased. The dealership I bought it from has been trying to get me to come out to a "buy back" event asking me to sale my vehicle back.  I do want another  vehicle but the prices right now are ridiculous.  Capital One has reached out to me about being eligible to refinance.  My question is if I refinance and try to wait out better prices, can I then trade it in after I've refinanced it? 

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1 hour ago, Anukis said:

My question is if I refinance and try to wait out better prices, can I then trade it in after I've refinanced it? 

of course, you can, the dealership will just have to pay off whomever the new lienholder may be.

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As you stated, now is not a great time to be buying a vehicle.  Assuming your current car is in decent shape and meets your needs I would certainly look to refinance.

 

Just remember - Anytime the dealer sends you any type of "promotion" or "offer", all they are trying to do is sell you another car, regardless if it is truly in your best interests.

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How much is still owed and at what rate?  What rate would you get on a re-fi?  Are you upside down or is there equity in the vehicle (meaning, if you sold the vehicle today, would you pocket some cash or have to go into the pocket to give more cash to the bank to kill the note)? 

 

You can try the CarMax-type sites and see what they would offer (generally) for your vehicle...those offers are usually conditioned upon an inspection and are good for a week.  Even now, for example, the Spider I got last year is still returning estimates SUBSTANTIALLY higher than I paid. 

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