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Should I refinance if I have a credit score of 650 and a current auto loan rate of 7.29% over 60 months?
"I currently have a credit score of 650 and a 7.29% interest rate on a 60-month loan that I've already paid for a year. Should I refinance?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Although your credit score is a bit on the low side, it doesn’t hurt to consider your options. In the current landscape, 7.29% might be a bit high. And since you’re going to refinance to 48 months, you might find that you can lower your rate.
While you can ask your current lender about a refinance, don’t hesitate to shop around, much like you would with
car insurance
. The more research you do, the better your odds are of getting a great rate.”View full answer
- Gregory R.
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