Refinancing a Car Loan

[CATCHMEIFYOUCAN]

Well, I bought a car in June 2006 just before I filed Bk in July 2006. After my Bk was discharged and closed, I traded in that car and upgraded to a newer model in Sept 2007. When I traded in the car I got financed through HSBC at 15%. Captial One has just taken over the loan at 12%. Someone mentioned at my job its not good to keep refinancing a loan - it hurts your credit??? Does anyone know if this is true? I saved myself about $5000 if I pay this loan off at the end of the 72 month loan? (Of course I'm going to try and pay it off sooner!)

Thanks, Catchmeifyoucan

[poorme]

Let's see...you're building 'history' and showing on-time payments, and paid accounts - you're paying less and less interest, and saving total dollar outlay. Seems to me this is exactly the kind of strategy the big-money people follow. You can deal with the extra hits on you credit rpts as long as you're not banging it with too many other inquiries. Seems like a plus to me.

[CindyLou]

The only downside would be that the more aged acct is closed and a new one is opened. But in your case the advantages outweight the disadvantages and I would be calling Chrisitan Community after another 6 months and get that 6.75!