Refinancing an auto loan can be an effective way to regain control of your finances. By extending the term of your loan, you can make smaller payments each month that are likely easier to afford. You might also be able to reduce the interest rate on the loan in an effort to reduce your payment without extending its term.

If you're interested in accruing equity in your vehicle faster, feel free to make additional payments whenever you can afford to. Trading in a vehicle allows you to lock in any positive equity that you have in it, and positive equity can be used as a credit toward your next vehicle purchase.

At Volvo Cars of Dayton in Dayton, OH, it may also be possible to roll negative equity into a new loan. However, you still benefit from being able to get a car that offers modern safety and other features.

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