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
atkinspp

0 Contributions
0 People Helped
I want to apply for car loan with a lower interest rate. Will that impact my credit score a lot?

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
7816 Contributions
1485 People Helped

It would have a negative affect on your credit, by how much depends on your overall credit profile. When refinancing you will incur Hard Inquiries, you will lower the "average age of accounts" by opening a new account and you will go from an account that was paid down to an account having a full balance owed. The question is, how much money can a refi save you? If it would be a substantial amount then it may be worth it, if your only going to save a few hundred bucks or something, probably not worth it.

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.