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Credit inquiries can either be in the form of hard inquiries or soft inquiries, and they can happen for a variety of reasons. ... Loan applications (including mortgages, car loans and personal ...
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.
Keep in mind: Soft inquiries are usually not indicative of a firm financial commitment, so they don’t affect your credit score. Hard inquiry vs. soft inquiry. The following chart illustrates ...
A hard inquiry happens when a creditor or lender takes a detailed look at your credit file to decide whether to offer you credit. Scenarios that could trigger a hard inquiry include:
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 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. Consider these when determining if ...
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