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Posted in Auto Loans
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Question By
hmc3691

6 Contributions
16 People Helped
Should I try to refinance my auto loan (19.65%) if my credit score dropped since I got financed?
In January 2012, I financed my first car with no previous credit. I had a poor credit rating due to some medical bills that hit my report. My credit score was 579. Since, my score has dropped to 549 (another medical bill that I didn't know was out there). We're coming up on January and I'd like to try to refinance my car. Is it a good idea to try even though my credit has gone down? I have never been late on a payment. The car is financed through Ford Credit at 19.65%, original amount was $6100. ($9600 car, $3500 cash down.) Thank you in advance for your help!

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