Hi all,
Before working on my credit score rebuilding, I went and apply for a car loan (need an SUV for my wife ASAP). They got me a loan at 12%APR with GMFINANCIAL. As of today, I'm paying $517/month.
I have CreditSesame and one of the recommendation is to get a lower APR for my car loan. Suggested "Open Road Lending" at 4.99% with the same terms (48 months togo @ $492/month).
Here are my questions:
1. I know it's not a guarantee that I'm going to get a lower rate but if I refinance, will this lower my credit score or raise my score?
2. Would refinancing the Auto Loan for a better rate better for rebuilding credit or don't do it?
3. My plan is to get a business loan in the future with my wife. My score is in the 61* and my wife doesn't have any credits. Any suggestions of whether or not refinancing for the car is a good way or a bad way to go.
Thanks all in advance.
