PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Should I refinance my car loan if I'm worried about it affecting my credit score?
"I want to refinance my car loan, but I'm worried that the hard inquiry or the loan itself will negatively affect my credit in the short term.
I'm also thinking of refinancing my student loans in a few months, and I'm worried about what the auto refinance might do to my credit. Should I refinance my car loan?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“When you refinance your vehicle, you’ll definitely have a hard inquiry on your credit report. However, this might lower your score by 10 points at most, provided that you don’t get your credit pulled numerous times.
As for the impact refinancing might have on your student loans, you shouldn’t worry about it. A small drop shouldn’t affect your ability to refinance those as well.
That said, you might want to hold off on refinancing your student loans anyway. The current administration keeps pausing loans due to COVID-19, and there’s a growing sentiment that they may cancel all or part of your loans.
If you can afford your payments on your student loans currently, you should refinance your car and hold off on refinancing your student loans.”
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance for Your Car
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
