credit score — refinancing car
My husband and I are both retired. My husband’s credit scores are 780, 775 and 797. Mine are 801, 816 and 798. We purchase a used car a few years back and didnt think to shop around for rates and ended up with a 10.4%. We’ve worked really hard over the last few years to get our credit scores up to where they are. Our question is if we shop around for a lower percentage rate on this car loan, will it damage our credit scores? We are hoping to purchase a new car, as a second car, in a month or so.
Terry Says
No, that won’t hurt your score. And while you’re at it, why don’t you ask if the same lender will refinance your current car. It’s insane to be paying that high a rate. If you can’t refinance, try trading in this car that is costing you so much. Even if you are “upside down” owing more than the car is worth, the dealer will make it part of this new purchase. You’ve lived with only one car for a while, so you can get along for another 6 months with one car — at a new LOW RATE.
And if you’re in Chicago, when you walk into the dealer tell them that Terry Savage of the Chicago Tribune is going to do a story about you and your car purchase — so before you sign any deal, call me right from the dealership and let me talk to their finance guy. You can probably reach me most of the day at 312-266-1717. I don’t want you to get ripped off again!!
