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Refinancing vs. trading in your car

When you have a vehicle that costs you a large sum every month, you may want an out that will allow you to get into another car. When you do this, you're trading in your vehicle and cashing in on its equity. With positive equity, meaning that your car is worth more than what you owe on it, you're able to get a better interest rate or even trade in your vehicle for more value in a new car.

If you don't want to trade in your vehicle but you have negative equity, you may be looking…
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