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Can refinancing a car loan affect your credit score? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering financial calculators and interactive tools as well as publishing original and objective content, by enabling you to conduct your own research and compare information at no cost - so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that compensate us. This compensation could affect how and where products appear on this website, for example, for example, the order in which they may be listed within the categories of listing, except where prohibited by law for our loans, mortgages, and other home lending products. But this compensation does not influence the information we publish, or the reviews appear on this website. We do not cover the universe of companies or financial offers that may be accessible to you.



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5 minutes read. Published 12 January 2023
Written by Mia Taylor Written by Contributing Writer

Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com.







Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He is a fan of transparent reporting that allows readers to easily get deals and make best decisions for their financials. He specializes in small business and auto loans.









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Refinancing a car loan can help you get better loan terms and free money in your budget. But how will it affect your score on credit? It's likely that you'll notice a reduction in your credit score. Don't stay clear of the possibility of having a lower score. It could be a good choice that leads to cost savings or much-needed financial relief. Refinancing the car loan can affect credit refinancing the car loan could impact your credit score. This is due to your FICO credit score. It is provided by the Fair Isaac Corporation. FICO scores are determined by how the credit you have managed, such as your payment history, how much you owe in debt, the duration the history of your credit as well as any recent credit applications such as applications to refinance your car loan. The credit scoring model could reduce your score by a couple of points when you make a new application for credit and an inquiry is placed to your credit record. In addition, a new account on your credit profile decreases the average age of your credit cards, which can affect your FICO score overall. Here is a deeper look at how refinancing a car loan impacts your credit: It generates hard inquiries: Every time you apply for an loan there is an inquiry on your credit report is produced, which may result in an occasional decrease in your credit score. Hard inquiries stay on your credit report for up to two years, but will only affect your score for a period of 12 months. Therefore, the process -- which is the process of applying for a new loan can temporarily impact the score of your credit. The loan will lower your account's average age. Refinancing also reduces the average age of your accounts, resulting in a possible reduction in your credit score. The good news is the age of your account is only 15% on your score. Your score should improve quickly if you manage your finances properly your new auto loan and other accounts with debt. The impact is greater if it's you report it as a brand new loan When a loan refinance is considered an "new" loan, it will more significantly impact your credit score. The refinance will not only trigger a credit inquiry, but will also have the effect of creating an additional "open date" on your credit report. When a new open date appears, it informs the credit agencies that you have accepted a new loan obligation, thereby increasing the total amount of debt. How long will your credit score suffer through refinancing? Even though refinancing a car loan can affect your credit score, these effects are temporary. After a couple of months of uninterrupted payments your credit score should get back to where it was before the refinancing. In some instances, it may even increase slightly. If you're facing any difficult inquiries related to your refinancing plan, the impact on your credit score is likely to diminish entirely within a year. How to limit harm on your credit rating Even though your credit score may decrease when refinancing but there are ways to : Get prequalified. Find the best rate on refinancing. When you've got a list of preferred lenders, get to look at financing options without affecting your credit score. You must apply within a specific timeframe. If you make loan applications within a 14-day timeframe, most credit scoring models combine the applications into one inquiry. This is referred to as rate shopping. It can also reduce the effect of your score. You must make timely auto loan payment. The most important aspect of your credit score is your payment history. It's responsible for about 35 percent, so paying your loan punctually each month will aid in bouncing your credit score back. Be patient when opening new credit accounts. The age of your credit will decrease after refinancing. Refraining from creating new credit cards in the wake of refinancing can help increase this number and may increase your credit score in the future. Refinancing a car loan works When you are looking to refinance your car loan Follow these instructions to ensure that the procedure is smooth: Check your credit report. Review your credit score to be sure it's free of errors, and file disputes to address any issues you discover. Taking this step can help . A better score -- 670 or higher increases your chances of getting the next loan with attractive conditions. Find the most attractive loan deals. There is plenty of them , so you need to shop around for the best deal. Review lender reviews and get prequalified to view loan deals you might be eligible for. Complete an official application. The majority of banks, credit unions and online lenders offer easy online applications. You can also go to an office or phone to submit an application. You could receive a loan decision right away, however, the lender may take some time to complete all the paperwork for closing. Seal the deal. Check your loan documents and discuss any concerns or questions with the lender. When you've signed the loan documents, you will be able to sign the loan with your current lender will send you a a check to pay off your current loan or handle the transaction on its own. Refinancing your car loan There are a variety of reasons that refinancing your automobile loan might be a good idea. But, it is important to take the next step . Refinancing is worth considering if you find that your auto loan rates have dropped since you obtained your auto loan or your credit score has improved, and you're now eligible for a better rate. A refinancing option is also an option if you're going through difficult financial times and require lower monthly vehicle payments to save cash. Even if you receive the same interest rate, you may be able to extend the loan period, which reduces your monthly payments. It's possible to consider a better option than refinancing, which entails adjusting the monthly payment amount, due date or interest rate on your existing loan. Refinancing is also an option when you have to add or modify the loan. Is it a good idea to refinance an auto loan? There are some scenarios in which refinancing isn't a good decision. Old vehicle or high mileage If you're driving an older vehicle or one that has high mileage, it could be wise not to refinance. It's not worth paying the costs associated with refinancing if you'll need to replace your vehicle soon. Refinancing costs are more expensive than the benefits If you've paid off most of the initial loan value, costs associated with refinancing may exceed the benefits. Applying for more credit soon: If you are applying for more credit or loans within the next few months, you may want to reconsider refinancing. Refinancing your vehicle loan could trigger a hard credit inquiry and lower the average age of your accounts which can temporarily affect your credit score. If you aren't able to get a great rate: If the rates you're being offered aren't competitive with the rate you currently pay it's not a good idea to refinance. The bottom line There are your car loan. It can temporarily hurt you credit scores. But the financial benefits may significantly outweigh a drop in credit score. There are other ways to minimize the negative impact to your credit rating and assist it rebound when you apply for refinancing. Before deciding if refinancing makes sense, be aware of the process so that you don't face any unpleasant surprises. Consider contacting the lenders, apply for prequalification and run the numbers to make an informed decision.


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Written by Contributing Writer

Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com.



Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He is a fan of transparent reporting that allows readers to confidently get deals and make best choices for their finances. He specializes in auto and small business loans.











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