Which bank is best for refinancing car?
Consequently, refinancing a car loan — which involves applying for a new loan — could temporarily ding your credit score. It lowers your accounts' average age: Refinancing also lowers your average age of accounts, leading to a possible decrease in your credit score.
Does refinancing a car hurt your credit?
Interest rates If the interest rate you qualify for today is significantly lower than your current loan rate, it may be a good time to refinance a car. If it's the same or higher, it's probably not the right time to refinance.
Is it ever a good idea to refinance your car?
What are today's auto refinance rates? For today, December 20, 2022, the current average auto refinance rate for people with Excellent credit is 3.09% for a 36-month loan, 3.24% for a 48-month loan, 3.27% for a 60-month loan, and 3.62% for a 72-month loan.