I’ll be aplying for a home loan soon and I’m refinancing my car loan tomorrow, should I don’t refinance. Would it affect my credit score?
Should I refinance my car loan if I’m getting a home loan?
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fukinluckyfuker
July 21, 2010 at 9:36 pm
It should have very little impact.
I hope you are doing this to get a lower rate or payment?
Tracylyn S
July 21, 2010 at 9:56 pm
I would not re-fi your car loan until after you get the house done, It will look like your financially struggling to the new lender. Also, if that is the case and you are only re-financing your house you already have, I would roll your car payment into your house loan, that way the interest you are paying to the car is now tax deductible. Good question
Hope you get your loans with a great interest.
Stay away from Amortized loan and get you a strait fixed rate. It is your safest bet.
Tracylyn S
4-real
July 21, 2010 at 10:44 pm
Talk to your loan officer! A new car loan will effect your credit rating. It is likely that a new car loan will nix any chance for a home loan.
l8ntpianist
July 21, 2010 at 11:40 pm
usually no. if your balance is small on the car, then still no. look, if you refinance both, you are consolodating?this means your principle will be eaten away much slower on the home side. so if you add $3000 to that balance, youll pay more.
now if your car fees are high, and you do the math and the cost per month increase is nice, then by all means.just beware, you can turn a mole hill into a mountain.
bright side, got along time to climb it.
shendley04
July 22, 2010 at 12:01 am
When you get your home loan, borrow enough money to pay your car loan. This way, all your interest in tax deductible. (interest on car loans are not tax deductible)
JESS
July 22, 2010 at 12:58 am
I live in the city of Norwalk California, close to Riverside, Los Angeles and Orange County any questions regarding loans just let me know It would be a pleasure to help you with any