I have 2 car loans in my name.the first with an apr of 6.25% , the other at 5.75%.the first one is 18 months old on a 72 month loan (foolish I know).the second is. A year old on a 60 month loan.my credit union is offering 1.98% for refi. and I do qualify.just worried about how it will affect my score (782 Myfico equifax).im closing on a home mid may and I dont want to lose a prefered rate on my home.also, do the age of installment accounts factor into your score? Thanx for your time
You already have installment accounts factored into your FICO so adding another will not help your mix. In fact a refi would drop your scores most likely, especially if you are closing on a home in May. I'd wait for the close then apply for a refi.