Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
india3430

0 Contributions
0 People Helped
Better Option: Refinancing/Reducing RoI
I got my Auto loan Interest Rate reduced recently to 1.99% but I still pay the same monthly installment of $369. The credit union said that the monthly installment would decrease only if you refinance your loan. But refinancing would have deleted my only loan history which in turn would have affected my credit score and history. I came to US a year ago and I am trying to build my credit history. Considering the whole scenario I want to know if I did the right thing or I should have refinanced the loan which would have reduced my monthly installment to $291?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7346 Contributions
3805 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

With the lower interest rate, you should have that car paid in full in very short order.  Getting this paid will show an excellent payment record, which is very good for your credit score.  Paying the lowest rate of interest possible is always the smartest idea.  You made a good choice.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.