It can be extremely difficult to make the decision to let go of a vehicle that you have had for some time. People find it challenging to make this call because they don’t necessarily want to back down from something that has provided them such joy and value over the years. It is understandable to be in that position, but it is also worth understanding how to do these things properly.
Trade-in the vehicle or refinance it? This is entirely dependent on what you want to get out of it. Trading it in means losing a lot of the value that you have tied up in it, but it also means you can make a deal today.
Refinancing is a good option if you want to hold onto the current vehicle but want better loan terms on it. Most people would like to do this, but you will need to search for a lender for some time. They are not easy to find.