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Lv 4
? asked in Business & FinanceCredit · 6 years ago

Should I apply for a new credit card before or after an auto refinance?

Details:

2011 Hyundai Sonata GLS

APR 14.21%

Mileage 42000

Amount owed 10555 as of this months most recent payment

Monthly payment 330 usually

Remaining term 45 months ( under 4 years remaining)

Wanting to refinance for lower APR as well as lower monthly payments hopefully in the high 100's or low 200's.

Currently have one credit card that's paid off. Wanting to expand my revolving lines by adding on a new credit card. Should I apply for a new card before or after an auto refinance?

2 Answers

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  • n2mama
    Lv 7
    6 years ago

    To actually answer your question, you should apply for the new credit card after doing the refinancing of your auto loan. Applying before refinancing could have a negative impact on both your credit score and your loan approval.

  • Biff
    Lv 7
    6 years ago

    your rate is not going to decrease much if anything and the monthly payment would be lucky to decrease by $30 a month, no freaking way it's decreasing by 150-200+ a month

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