If you own a car and still owe money on it, you might be thinking about trying to get a different car to lower your payment. You trade in the existing car but you also might want to look at refinancing your loan.

If you buy a different car, you can trade in the one you have, but if you owe money, you might not be able to get enough trade-in value to pay off the loan. In that case, you might have to take on additional debt.

Another option is to refinance the existing auto loan you have. You can extend the term to lower the payment. If interest rates have dropped or if you have improved your credit score, you might be able to get a lower interest rate and lower your payment that way.

If you are looking to trade-in a vehicle, come see us at Volvo Cars Oklahoma City in Edmond, OK.

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