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Can I change my car loan to another bank?
I’m not pleased with my current interest rate. I want to change my lender and get a better rate to save money. Is changing my car loan to another bank even an option?
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Changing your
car loan
to another bank is not only an option, but it could be a great way to save money on the overall costs of your loan.To change your loan to another bank, you’ll need to refinance the car loan. Here are some tips to help you navigate the refinance process like a pro:
- Shop around and compare offers from at least three lenders: To ensure you get the best deal on your new loan, check out local and national banks,credit unions, and online lenders.
- Be mindful of potential charges and processing fees for refinancing a loan: Do the math to ensure fees don’t negate the purpose of refinancing (i.e., saving money on the loan).
- LetJerrydo the shopping for you: To make sure you get a comparison of the best available offers, with the lowest possible costs, let Jerry do the shopping for you. On average, car owners pay $85 less every month by refinancing.
Once you have decided on a new lender, you will need to provide the following when applying to refinance:
- Your loan balance and payoff amount (you can ask your existing lender for this)
- Information on your vehicle, including make, model, year, VIN, mileage, andproof of insurance
- Proof of employment and income
- Credit report
- Proof of residency—like a utility bill that shows your address
MORE: How long does a car refinance take?
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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