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Refinance An Auto Loan
I plan on buying a house soon. My current auto loan is at a high interest rate. I've paid on time for the past three years and now I would like to refinance this loan to get a lower rate. Will this hurt or improve my credit score?
Asked by
dgolden1962
3 months ago
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I am in a similar situation, looking to refinance. As best I can tell, the only risk you're taking is the hard credit inquiry during the application process and the change in credit history age that will occur. To refinance, you will close your current auto loan and open a new one with a new lender. If your average age of open accounts is relatively stable, I would think it wouldn't hurt too much.
smtanet 2 months ago