In the short term, your credit report will show a new inquiry and a new account, and the old account being paid off. This might cause a small temporary dip in your personal credit score. But long term, if refinancing makes your debt easier to manage, it should improve your credit because you’ll have a better payment track record (missing payments hurts credit far more than having a new account). In terms of getting other financing: having a refinanced loan is usually seen as positive, because it often means your financial position is improved. However, you are still carrying debt – just structured differently. If you plan to seek a new loan for another purpose, lenders will look at your overall debt load. If refinancing significantly lowered that load or freed up cash flow, it could actually make it easier to get new financing (since your debt service ratios improve). So, refinancing shouldn’t hinder you from borrowing in the future; if anything, it can help, provided it strengthens your financial profile.