So I got a car recently, and the dealer and my parents agree that refinancing will be a good idea soon. How does it make sense for another creditor to buy your credit and give you a better rate? Why would the original creditor not just keep you on the hook for the worse rate?
In: Economics
The original lender gets the money lump sum. Though they don’t get a choice if the 2nd lender just lends you the money to pay off the original loan directly.
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