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Will you get another hard inquiry on your credit if you refinance a month after buying a new car?
"I just bought a car, but my interest rate is sky-high. I have good credit and income and I want to refinance.
My only concern is the effect that refinancing might have on my credit. Will the refinancing lender pull my credit again?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Anytime that you apply for a car loan or an auto refinance, you will get a hard inquiry on your credit. It’s unavoidable, but it shouldn’t drop your score by more than 10 to 15 points, at most.
But if you have a terrible interest rate and can get a far better one, the momentary reduction in your credit score will be well worth it. Not only can you save thousands, but you can also recover quickly from the hit to your credit score.
Even a month into your car loan, you should definitely go for the refinancing.”
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- Gregory R.
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