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Will refinancing my auto loan affect my FICO and/or credit score?


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Expert Michael Lim's Answer:

The answer is, "maybe."  Refinancing your auto loan will inevitably require a credit inquiry - excessive credit inquiries will reduce your credit score.

 

However, the act of refinancing the auto loan itself does not affect your credit score.

Michael Lim, CPA

California

16 yrs experience

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