Refinance Auto loan offer....BREMMEY or anyone

[mymy]

I was able to get a auto loan in 10/06 through  CAP1..18.5% interest......my scores were TU 544, Exp 535, EQ 535..  After  6 months my scores went up Exp 610 Eq 565 TU 574.  I recieved an offer for a refinance with HSBC.  My question is, should I stay another 6 mo or so with CAP1, and then refinance.  how would refinance reflect on my report and score afteronly 6 months....

thanks

[Tuscani]

More importantly, what is the rate you got from HSBC? It is lower right?

As long as the rate is lower, and you are saving money, you should definately do it! Saving money is more important than score fluctuations. The overall impact on your score after refinancing will be minimal. Your score will probably go down in the short term as you are closing a current account and opening a new one. They will bounce back though.

[mymy]

The notice from HBC says the refinance will be at a lower rate by 5.43%.  However, I have not run the refinance yet..thanks 

[masdeocho]

Check the fine print on your CapOne loan to make sure there is no early repayment penalty ...

[Tuscani]

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mymy wrote:

The notice from HBC says the refinance will be at a lower rate by 5.43%.  However, I have not run the refinance yet..thanks 

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Assuming there is no prepayment penalty (and there usually is not on auto loans), you should jump all over the new rate and refi.. hurry... go..  now.. ! Did you refi yet?  

[mymy]

the offer expires in mid-May....I still have time, I kinda like the fact that my scores are rising and kinda want to keep it that way...Thanks