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Question By
harveyoswald

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Want to refi auto loan. Will it affect CS of 754 for home refi in a few mts? 5 cs inquires already
If I refinance auto loan I will save $850 a year. I have 5 hard credit inquiries already. In a few months I will be looking to obtain financing for a home. My credit score is 754. Is saving money now on auto refi just going to burn me later for home financing?

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Questions,  How much do you owe on your currently loan,  how long have you had the loan,  and what is the current APR on it.  

the saving 850 is based on getting a loan at what APR?   Also was this a new Car or Used Car?

Hold old is your oldest Credit Line? 

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harveyoswald

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i owe 10926.  i've had the loan since oct 1, 2013.  the current rate is 2.8%.  I pay 256 mth on a 2006 vehicle.

the savings dropped today (maybe because i made a payment on existing loan), but it's still a good deal, i think.  new loan would be 1.99%.  payments of $191 mth.  Yearly I would save $780, and $33 in interest over the course of the loan.

my oldest credit line is 8 years.  from my credit score i get a C for inquires and B for credit history.

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harveyoswald

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i'm also going through a divorce and looking to shave costs wherever possible to weather the storm

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It will add an inquiry and a new account, which will probably lower your score.  If you have a long credit history, then it won't affect it much. 

But that shouldnt cause a problem with your mortgage lender as long as you aren't buying an additional car or taking out unsecured loans.

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