Can I refinance my car loan with another bank?

I want to make some changes to my car loan, like removing my nana as a cosigner and seeing if I can get a better interest rate. The customer service at the bank I originally got my loan with has been pretty bad. The staff has been rude to me and my nana. I want to take my business elsewhere. Is it possible to refinance my car loan with a different bank?

Answer
I’m sorry to hear that your current bank’s customer service has been bad. But don’t worry, you can refinance your car loan elsewhere.
To refinance your car loan with another bank, start by shopping around other national and local banks, credit unions, and online lenders to find the best rates. You’ll likely need to provide:
  • Your credit score
  • Your income
  • The amount you owe on the loan
  • How much you can afford to pay monthly
You’ll also want to let prospective lenders know about your intention to remove your cosigner, as this may impact the interest rates and terms of the loans you qualify for.
Alternatively, you can compare quotes quickly and easily with the Jerry app. With our refinancing calculator, you can avoid the hassle of searching for lenders on your own and start saving on your car loan ASAP.
On average, car owners who refinance save $85 a month on their loans. Plus, Jerry earned a 4.6/5 rating on the App Store and is the top insurance app in the country.
Lauren Smith
Answered on Nov 18, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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