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Some loan rates too good to refinance

Dear Terry,
I have a five-year loan for my 2006 Acura at 5.4 percent. My monthly payment is $620 a month.

I have 36 months left and am considering refinancing my car to lower the monthly payments to pay for some unexpected life events.

Is this a wise time in the market to do this or will it hurt me in the long run? Will refinancing hurt my credit score?
— Brandy

Dear Brandy,
You can always refinance and it shouldn’t hurt your credit score. But I doubt you can do better than a 5.4 percent loan in today’s market.


Here are this week’s reader questions:
• Discounts lure shoppers back to pickups
• Why does lender write-off boost my tax?
• Can I get a car title back in my name?
• Will a refinance hurt my credit score?

If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car — sign up for Bankrate’s new weekend Car & Money newsletter.

This entry was posted on Wednesday, April 16th, 2008 at 4:04 am and is filed under Auto. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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