which would be better to refinance a 2005 Honda pilot with only 31k miles on it

  • Thread starter Thread starter Debbie V
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Debbie V

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or trade it in? for a 2008 Honda Accord. I need to lower my monthly car payment

i owe 21k on the pilot fully loaded great condition I bought the truck used two years ago (with only 8K miles) my interest is a 8%. I have 46 more payments.I love the truck but really need to lower my payment. my monthly payment is $560.00
just wanted to add my credit score is 725
 
Trade it in, take the hit, and LEASE the Accord. That way you will only be paying for the negative for 3 years, instead of 5-6 on a traditional loan.
 
First, you need to know the average value of that model Pilot. You may be "upside down" in your loan, that is, you may owe more than it's worth on the market. If that is the case, you can't get any real benefit from trading it in on anything, because whatever you owe above its value will be added to you new contract, whether you buy or lease. If you really need to get out from under the payments, you might find a buyer to assume your contract, but BE CAREFUL, and be sure that if you do this, you are legally relieved of any further responsibility for the vehicle and/or the payments. A lawyer will be well worth his/her fees in this case.
 
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