With unfavorable credit I received an auto loan at a very high interest rate. I have made made payments on time for the last ten months, and have had some improvement with my credit score. I’ve been approved to refinance my auto loan 4% lower than my original note. How would this transaction impact my credit? Is it better to let the account age?
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No. It’s the same account essentially. Refinance at a lower rate. It’s to your advantage.
If you’re going to ref for the same # of years, wouldn’t it be better to keep the current loan and reduce the months by pay extra each month?
You should definitely go ahead and refinance. A 4% reduction in your APR will literally save you thousands of dollars over the life of your loan. You’ll get the same benefit of staying current with your new loan so it’s best to go ahead and refinance as soon as possible.
Go ahead and refinance, as long as you also keep current with your new loan you shall be fine. Your credit has gone up as a result of your ten good payments, the igher your Fico score the more you will be able to save, go to this website http://www.eaglecreditrestoration.com and click on Ultra Score, then Auto loan, you will be surprised what you find there. With great credit you will even save on not only credit cards, home mortgage, auto loans, but also auto insurance.