{"id":270,"date":"2026-05-14T09:36:17","date_gmt":"2026-05-14T09:36:17","guid":{"rendered":"https:\/\/www.way.com\/auto-refinance\/guide\/?p=270"},"modified":"2026-05-15T05:24:47","modified_gmt":"2026-05-15T05:24:47","slug":"does-refinancing-car-hurt-your-credit","status":"publish","type":"post","link":"https:\/\/www.way.com\/auto-refinance\/guide\/does-refinancing-car-hurt-your-credit\/","title":{"rendered":"Does refinancing your car hurt your credit?"},"content":{"rendered":"<p style=\"text-align: center;\"><em>The freedom you enjoy from driving your own vehicle is hard to beat, as long as you can afford it! Auto refinancing is a logical solution that can help you save on loan payments. Does refinancing your car hurt your credit, and is it truly worth it?\u00a0<\/em><\/p>\r\nOwning a car has become an absolute necessity for most Americans. Unfortunately, auto loans have become exceedingly expensive, which is where auto refinancing comes in.\r\n\r\nHowever, we understand the stress you feel when applying for refinancing. We&#8217;re 100% sure that the question &#8220;Does it hurt my credit to refinance my car?&#8221; will be running through your mind, especially if you&#8217;ve carefully built up your credit score over the years!\r\n\r\nThe short answer is yes, your credit score may drop a few points when applying for auto refinance, temporarily. Here\u2019s a rundown of everything you need to know.\r\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/does-refinancing-car-hurt-your-credit\/#How_does_refinancing_your_car_affect_your_credit_score\" >How does refinancing your car affect your credit score?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/does-refinancing-car-hurt-your-credit\/#What_credit_score_do_you_need_to_refinance_a_car\" >What credit score do you need to refinance a car?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/does-refinancing-car-hurt-your-credit\/#How_long_will_your_credit_score_be_affected_by_refinancing\" >How long will your credit score be affected by refinancing?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/does-refinancing-car-hurt-your-credit\/#How_much_will_my_score_go_down_if_I_refinance_my_car\" >How much will my score go down if I refinance my car?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/does-refinancing-car-hurt-your-credit\/#How_to_reduce_the_credit_score_impact_before_and_after_refinancing\" >How to reduce the credit score impact before and after refinancing<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"How_does_refinancing_your_car_affect_your_credit_score\"><\/span>How does refinancing your car affect your credit score?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<div>When you apply for new credit and a hard inquiry is made on your credit report, this credit scoring model may lower your score by a few points. A new account also decreases the average age of your credit accounts, affecting your overall FICO score. Let\u2019s take a closer look at what happens to your credit when you refinance a car loan:<\/div>\r\n<h3>Hard inquiries are generated<\/h3>\r\n<div>Firstly, there are hard inquiries. Every time you apply for a loan, a hard inquiry is made on your credit, which could cause your credit score to drop a little. Hard inquiries stay on your credit report for up to two years, but they only affect your score for up to a year. Since refinancing a car loan means applying for a new loan, it could hurt your credit score for a short time.<\/div>\r\n<h3>Decreases your account\u2019s average age<\/h3>\r\n<div>Secondly, refinancing lowers the average age of your accounts, which could cause your credit score to go down. However, account age only makes up 15% of your credit score, which is good news. Your score should go up quickly if you take care of your new auto loan and other debts.<\/div>\r\n<h3>The newer the loan, the bigger the effect<\/h3>\r\n<div>Thirdly, if your refinance loan is reported as a \u201cnew\u201d loan, it will have a bigger effect on your credit score. The refinance will not only result in a credit inquiry, but it will also give your profile a new \u201copen date.\u201d<\/div>\r\n<div>When a new open date shows up, it tells the credit agencies that you have taken on a new debt obligation, which increases your overall debt load.<\/div>\r\n<h2><span class=\"ez-toc-section\" id=\"What_credit_score_do_you_need_to_refinance_a_car\"><\/span>What credit score do you need to refinance a car?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<div>Most lenders prefer a credit score of at least 600 to approve the auto refinance. If your credit score is above 750, which is also called the \u201csuper-prime credit tier,\u201d a temporary hit to your credit score won\u2019t hurt you very much. Lenders see you as a borrower with less risk, so they give you the best rates.<\/div>\r\n<h2><span class=\"ez-toc-section\" id=\"How_long_will_your_credit_score_be_affected_by_refinancing\"><\/span>How long will your credit score be affected by refinancing?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<div>The effect of refinancing on your credit score is short-term. Once you apply, your score may drop, but it should recover within a year.<\/div>\r\n<h2><span class=\"ez-toc-section\" id=\"How_much_will_my_score_go_down_if_I_refinance_my_car\"><\/span>How much will my score go down if I refinance my car?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<div>Hard credit checks from refinancing your car stay on your report for two years, but credit scoring models usually focus on inquiries made in the last year. Typically, credit checks affect your score by no more than 5 points. A short credit history or few accounts may magnify the impact.<\/div>\r\n<h2><span class=\"ez-toc-section\" id=\"How_to_reduce_the_credit_score_impact_before_and_after_refinancing\"><\/span>How to reduce the credit score impact before and after refinancing<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<div>So, it does hurt your credit to refinance your car. The hard credit inquiry can stay on your report for at least 2 years. Here are some ways to reduce the impact of refinancing on your credit score:<\/div>\r\n<div><\/div>\r\n<div>\r\n<table border=\"1\" data-coda-grid-id=\"grid-zFtC9lqVU_\" data-coda-display-column-id=\"c-NzBuas9nA8\" data-coda-view-config-inheritsdefaultformat=\"false\" data-coda-view-config-tablesearch=\"&quot;AlwaysShow&quot;\" data-coda-grid-configuration-set=\"SimpleTable\">\r\n<tbody>\r\n<tr>\r\n<td>\r\n<div>What you can do<\/div><\/td>\r\n<td>\r\n<div>How it helps<\/div><\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Shop around for deals<\/td>\r\n<td>Compare various deals to find the best rates. It will also help you check if you prequalify.<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Consider rate shopping<\/td>\r\n<td>Apply for loans within 2 weeks to group multiple inquiries into one, minimizing the credit impact.<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Make payments on time.<\/td>\r\n<td>Timely payments will help maintain or improve your credit score, even after refinancing.<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Avoid opening additional credit accounts.<\/td>\r\n<td>After refinancing, your credit age decreases. Avoid opening new accounts, as it could further lower your credit score.<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<h3>Bottom line<\/h3>\r\n<div>Does refinancing your car hurt your credit? Yes, but only temporarily. If you stay consistent with the payments and watch your other debts, your credit score will recover.<\/div>\r\n<div>Review the pros and cons as well as consider whether refinancing your car fits your financial status before making a decision.<\/div>\r\n<h3>Frequently asked questions<\/h3>\r\n<div><strong>How much will my credit score drop if I refinance my car?<\/strong><\/div>\r\n<div>According to FICO, your credit score can drop by a maximum of five points when you apply for refinancing. The drop will be less with a good credit score. But the credit drop is temporary.<\/div>\r\n<div><\/div>\r\n<div><strong>Does refinancing a car affect your credit score?<\/strong><\/div>\r\n<div>Refinancing a car loan requires a hard credit pull. So, it will certainly reduce your credit score by five to ten points.<\/div>\r\n<div><\/div>\r\n<div><strong>How long should I wait to refinance my car?<\/strong><\/div>\r\n<div>There is no minimum time limit that needs to lapse before you decide to refinance. However, it is good to wait at least six months before refinancing the loan.<\/div>\r\n<div><\/div>\r\n<div><strong>Is it wise to refinance your car?<\/strong><\/div>\r\n<div>Legally, there is no limit to the number of times you can refinance your car. However, every time you apply for refinancing, you have to meet the lender\u2019s eligibility criteria, and multiple refinancings can result in financial rejections. Therefore, we would advise you not to refinance your car more than two times.<\/div>\r\n<div><\/div>\r\n<div><strong>Would it benefit me to refinance my car?<\/strong><\/div>\r\n<div>If the interest rate you can get on a new loan is much lower than the rate on your old loan, it may be a good time to refinance your car loan. If it stays the same or goes up, you probably shouldn\u2019t refinance.<\/div>\r\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>The freedom you enjoy from driving your own vehicle is hard to beat, as long as you can afford it! Auto refinancing is a logical solution that can help you save on loan payments. Does refinancing your car hurt your credit, and is it truly worth it?\u00a0 Owning a car has become an absolute necessity&hellip; <a class=\"more-link\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/does-refinancing-car-hurt-your-credit\/\">Continue reading <span class=\"screen-reader-text\">Does refinancing your car hurt your credit?<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":["post-270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auto-refinance","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Does refinancing your car hurt your credit?<\/title>\n<meta name=\"description\" content=\"Refinancing is a good idea when it comes to owning a car. 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