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Posted in Auto Loans
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Question By
savenny

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will financing a car with a co signer help my credit
I have a car I have been paying ontime for the past 4 years. but its not under my name. I have 2 years left to pay on it. Should I refinance the car with me as the primary , and the other as a co signer and finish the last two years? will that really help my credit?

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If you can refinance in your name with a lower interest rate I would recommend it. Having an auto loan, and especially once it is paid in full with an on-time payment history, it will help your credit score. I would recommend you doing it under just your name if possible, but it won't really matter if a co-signor is on it so long as your name is. These past 4 years you have just been increasing their score with all of those on-time payments, so you might as well take the benefits. Applying for refi will net you a hard inquiry, but if you are going to rate shop, make sure all inquiries are made within 15 days of each other. Consumer protection laws allow "rate shopping" which means if all inquiries are made within 15-45 days of each other (depends on the agency) all inquires will list, but only 1 of them will actually effect your score allowing consumers to shop for the best interest rate.

Reply by
savenny

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Thank you for the info, That was very helpful !

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