Refinancing | Online Loans

Posts Tagged ‘refinancing’

Q&A: What short term effect would the refinancing of a defaulted student loan have on my credit rating?

Best answer from question by mrman617:

Answer by Jimmy John
It depends. Your score may go down for a few months, because you’ll have a new loan on the report and passed due debts will still show up on your report. After a few months, it’s going improve.

Or it can go up, depending other factors.

Will refinancing my auto loan to a lower monthly payment and less interest paid out, hurt my credit score?

Best answer from question by BleadGreen:

Answer by Rush is a band
The lower rate and the lower monthly payments won’t hurt your score. What might cost you a few points initially is the application for the new loan as seeking new credit always lowers your score. The fact that you would then re-pay the old loan and then not seek new credit for a while should bring it back up.

Good luck!

Q&A: Are any banks doing auto refinancing right now?

Best answer from question by ChyTay:

Answer by Jim L
My idea is not to refinance your car. Why would you want to be upside down by $ 5,000? One accident and you would be in the hole $ 5,000 plus not have a car.