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New Member
Posts: 7
Registered: ‎03-13-2013

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.....

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012

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%
New Member
Posts: 7
Registered: ‎03-13-2013

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


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