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Auto Loan Refinancing - Good idea if I just purchased my car last month?

New Member

Auto Loan Refinancing - Good idea if I just purchased my car last month?

Hi everyone,

 

I'm new here and just had  question....

 

I just recently started to care alot about my credit score as I want to buy a house in about 4 - 5 years.

 

My question now is I purchased my Car not even a month ago maybe 3.5 weeks and the dealer gave me a rate of 2.99%

 

But my bank (US BANK) offered me 1.97.%

 

I guess my question is if I refiance so early isnt my credit score going to get hit again and go down even more? 

 

I am fiancing 22,000 / 60 Months (maybe 48 Months)

 

I did the math and I am obviously saving more on the interest but I'm more worried about the credit score than anything. any advice will be appreciated. Thanks!!!

Sorry if someone already asked this question.... I didn't see it on the forums.....

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Valued Contributor

Re: Auto Loan Refinancing - Good idea if I just purchased my car last month?

If your timeline for buying a house is 4-5 years, then you don't have much to worry about for this.

 

Your score will only be effected for a short time.

 

I would say go ahead and save the 1%.

 

Although, now you have a used car not a new car. US Bank may not approve at the rate you think.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
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New Member

Re: Auto Loan Refinancing - Good idea if I just purchased my car last month?

Thanks!

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