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Will my credit score drop if I refinance my car?
"Will refinancing my car hurt my credit? I financed my car 2 years ago with a fairly high interest rate car loan. My credit score has significantly increased and I think I would now qualify for a much better rate."
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“It is true that your credit will likely dip when you refinance a car.
However, these effects are temporary and mild. So you can expect a drop by a few points that will last for a few months, and then it’ll be right back where it was.
Your credit score dipping shouldn’t really weigh in on your decision to refinance all that much.
The benefit of possibly saving thousands of dollars should be more than enough of a reason to seriously consider refinancing.
Just be mindful that you:
- come preparedto the lender with necessary materials
View full answer
- Gregory R.
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