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After having a Secured Card with my local bank for a few months they have said they now would like to help me refinance my vehicle at half the current interest rate of my current lender. I clearly want to make this move as I am certain it will help me reduce payment and cut time of the back end of the loan. Can anyone on this forum tell me if this will be good for my credit score or will it impact me for a month or two? I currently have a Secured Personal Card and Business Secured Card with this bank in which i never keep a balance for longer than 7 days.
Pros or Cons? Any input would be greatly appreciated!
You didn't give us any numbers to work with like what your old loan is at and what new loan will look like.
Current Interest Rate of 15.95% with a payment of 539.00 per month for 72 months
New Loan Interest Rate of 8.74% with a payment of 487.00 per month for 60 months.
@JmmyBrdn wrote:After having a Secured Card with my local bank for a few months they have said they now would like to help me refinance my vehicle at half the current interest rate of my current lender. I clearly want to make this move as I am certain it will help me reduce payment and cut time of the back end of the loan. Can anyone on this forum tell me if this will be good for my credit score or will it impact me for a month or two? I currently have a Secured Personal Card and Business Secured Card with this bank in which i never keep a balance for longer than 7 days.
Pros or Cons? Any input would be greatly appreciated!
The only negative effect I can see would be if they require a HP for your credit, which is a low price to pay for a much lower interest rate.
The HP would only be a factor for a year and then it will lessen, and it will disappear after two years.
Getting HPs is a necessary part of building or rebuilding credit.
Other than that, you would just be saving money.
hth
@JmmyBrdn wrote:
Yes Wells Fargo came back at 8.74 % and saved me several months on the back end of the loan. He said I should try again in 6 more months to refinance.
I don't like wellsfargo dealer services.... My score was 699 and the best they could do was a 7%. Can't wait to refinance with DCU!!!