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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.
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