Overhaulin'

if I refinance my car loan, does is lower my credit score?

is it better to borrow from someone, pay off bank loan, and pay off the person monthly instead?

Public Comments

1. If you are borrowing money from an individual who will not be reporting to the credit bureau, it should have very little impact on your score. If you refinance thru another lender, it might lower your score at first, as the debt will be new and that works against you. But your score would rebound in a short period.
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