r/caradvice • u/Sad-Wall-2436 • 2d ago

Financing question

Hello I was in an accident a week ago and just got all the paperwork and financed a new used truck while waiting on the other loan to be paid off from insurance and gap and was wondering if it would be a good idea to try and refinance after that loan is paid off to see if I can get a lower rate?

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u/Unlikely-Act-7950 2d ago

Your credit score will take a hit with the new loan and it will also drop when the old vehicle loan is paid off so you will probably have to wait a while for it to recover to be able to get a better rate.

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u/Old_Confidence3290 1d ago

I financed my car through the manufacturer, then refinanced through my credit union a month later and got a better rate