Refinancing a car loan is generally a good idea if you are looking to make your monthly payment more affordable. In some cases, you can cash out any equity that you currently have in the vehicle when you refinance your current loan. It is important to note that you may have to go through a credit check during this process.

This is because you are literally obtaining a new repayment agreement to replace the current one that you have with a lender. When you trade-in a vehicle, you may be able to cash out any equity that you have in your vehicle.

However, you will typically use the equity as a down payment on your next car or truck. In either scenario, the dealer will take possession of your current car. Feel free to contact Volvo Cars of Bloomington in Bloomington, IN to learn more about your vehicle finance options.

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