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New Member
Posts: 2
Registered: ‎08-22-2011
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Refinancing at same time as new loan?

I am looking into taking out a small auto loan of only $5000 or $6000 after down payment.  I also would like to refinance my current auto loan that has an interest rate of 8.99.  My dti was high at the time that I applied for that loan but I have since paid off credit cards and  now have a 680 fico.  What is the best way to do this?  Should I apply for the new loan or the refi first?  Also if I do them both through the credit union that holds my current auto loan do you think they could do one pull and approve me for both at the same time?  I am trying to do this with the least negative affect to my score.  Thanks!

Valued Contributor
Posts: 1,298
Registered: ‎02-12-2014
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Re: Refinancing at same time as new loan?

With a lot of lenders, multiple applications on the same day are only 1 INQ. It depends though, some lenders aren't. In your case, I'd guess yes, it's the same.


What sort of FICO score do you have?


And how much is left on the loan you want to refi? In general, I'd finish the entire purchase trasnaction before refi (because purchase is assumed to be of higher importance). Obviously with your local CU, you can do both same day.

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