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Company Loan Type APR Est. Pmt.

Refinance auto loan

Posted on: 31st Jan, 2012 02:05 am
i refinance my auto loan and got a better rate and saved 200 dollars per month. my biggest question is why would the lender pull my credit due to a refinance with another lender?
The lender with whom you're refinancing the auto loan has the rights to pull your credit report in order to check your credit situation. But the previous lender does not have any right to pull your credit report.
Posted on: 31st Jan, 2012 02:20 am
When you go to refinance even if it is with the same institution they will pull your credit. Your current lender will want to make sure you are still paying all your bills on time.Every time your credit is pulled it will knock down your score a few points not many.but your previous lender has no right.
Posted on: 31st Jan, 2012 06:26 am
Once you get a new loan, your credit report will show that your old loan has been paid off which will bring your score up more than the few points that you lost from your credit being pulled.
Posted on: 03rd Feb, 2012 12:56 am
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