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How does refinancing a car loan affect your credit score?

I’ve been thinking about refinancing my car loan, but I’m worried about my credit score. I’ve worked really hard to get it as high as it is, so I don’t want to lose all that hard work. How will refinancing affect my credit score?

avatar
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Refinancing your car loan will cause a minor dip in your credit score for a few months. This is because lenders will look into your credit history, causing a hard inquiry to appear on your credit report, which always causes a dip.
Your credit score should return to normal after you’ve paid your first few bills on time and in full.
While you’re thinking about refinancing your loan, you might want to rethink your current car insurance coverage, as well. With the
Jerry
 app, you can compare competitive insurance quotes from over 50 top providers. Jerry can also sign you up for a new policy and even help you cancel your old one.
MORE: Does refinancing a car hurt your credit score?
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