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Credit Score Can Impact Interest Rate

If you applied for a car loan several years ago and have been making faithful payments but find yourself strapped for cash all of a sudden, you may be wondering if you should refinance or trade your car in for another vehicle.

Before you make a decision, you might want to revisit your credit score. If you had a lower score when you took out your car loan, you might have had to pay a higher interest rate. If you have since paid bills on time or borrowed and repaid money, your credit score may have improved significantly. If this…
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