Should I refinance if I have a credit score of 650 and a current auto loan rate of 7.29% over 60 months?

"I currently have a credit score of 650 and a 7.29% interest rate on a 60-month loan that I've already paid for a year. Should I refinance?"

“Although your credit score is a bit on the low side, it doesn’t hurt to consider your options. In the current landscape, 7.29% might be a bit high. And since you’re going to refinance to 48 months, you might find that you can lower your rate.
While you can ask your current lender about a refinance, don’t hesitate to shop around, much like you would with car insurance. The more research you do, the better your odds are of getting a great rate.”
Eric Schad
Answered on Jul 23, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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