Along with buying a house, getting an education, and starting a family, choosing a vehicle is one of the biggest financial and lifestyle decisions you’ll make. And whether you’re a new driver or you have millions of miles behind you, you might be wondering if it’s better to buy or lease your next ride.

It’s time to upgrade your vehicle to something that better suits your lifestyle and needs, but what’s the best way to get rid of your old car? If it is in good condition, many owners choose to sell their car to put money towards the cost of the next one.

So, you currently have a loan that allows you to purchase or lease a vehicle, but your monthly payments or term are not what you’d like them to be. Refinancing your auto loan would replace your existing loan with one that can meet your desired monthly payment amount and preferred term length. When you refinance, you could save hundreds or more dollars in interest over the loan’s term.