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Does refinancing a car hurt your credit score?
I want to refinance my car loan, but I’m also considering taking out a loan for a boat in the near future, and I want to make sure my credit is good enough to handle it. Does refinancing hurt your credit score?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A car and a boat? That’s some exciting news—you’ll be able to traverse any obstacle in your path! To answer your question, refinancing your
car loan
, will cause a slight drop to your credit score, usually in the range of about five to 10 points. This is due to the hard inquiry on your credit that the lender pulls to assess your creditworthiness. However, this is only temporary and shouldn’t affect your credit for any longer than six to 24 months.
If you want to put more cash in your pocket for a down payment on a boat, shop for new car insurance while you refinance. To do this easily, check out the
Jerry
app—we’ll get you customized quotes from top-of-the-line providers, so that all you need to do is pick the plan that works best for you!Happy shopping!
View full answer
- Gregory R.
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