Credit Repair and Refinancing Credit Repair and Refinancing

Managing an auto loan is a great way to repair and rebuild damaged credit, while meeting a need for reliable transportation. With timely repayment, your credit situation can improve enough so that refinancing is an option. Refinancing is when you apply for a new loan, typically with lower interest rates. The question isn't if you should refinance, but when.

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Can Refinancing Hurt Your Credit Score? Can Refinancing Hurt Your Credit Score?

If your credit score has improved, interest rates across the board have gone down, or you have simply realized that you didn't get a great deal on your auto loan, you may be thinking of refinancing. This basically means that you will be paying the current loan off with a new loan that comes with different terms. But you should know, while you are trying save money through refinancing, your credit rating may incur at least a little damage in the process.

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