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Credit mix: A diverse mix of credit accounts, such as auto loans, mortgages, and credit cards, show banks that you can manage various types of debt. While this is another small factor that goes ...
When you refinance a car loan, the bank will run a hard credit inquiry. This action will reduce your credit score by a few points, but that's not the only factor in play here.
Fed rate cuts could make auto loans a better deal. If your current auto loan is high-interest, see if you can save money by refinancing your car.
The American Credit Union Mortgage Association (ACUMA) is a U.S. trade organization for credit unions that are involved in the origination and securitization of real estate loans.
Pros of refinancing your car The benefits of refinancing your current auto loan center around saving money. You may also be able to refinance for more than you owe if you need cash.
Legally, an indirect “loan” is not technically a loan; when a car buyer obtains financing facilitated by a dealership, the buyer and dealer sign a Retail Installment Sales Contract rather than a loan agreement. The dealer then typically sells or assigns that contract to a bank, credit union, or other financial institution.
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