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Can I transfer my car loan to a different lender?
I've had some issues with my bank as far as keeping my account secure. I only have a savings account and a loan with them, and the savings account is easy to close. But can I transfer my car loan elsewhere?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Transferring your car loan to another lender is commonly referred to as
refinancing
. Essentially, you get a new loan to pay off your old car loan at a better interest rate. Luckily for you, the refinancing process can be quick and painless!To refinance, shop around for car loan rates and check your credit score to make sure you have a decent history. Once you’ve done that, start applying for refinancing. Apply with all your potential lenders within 14 days so that you’ll only have one hard inquiry documented on your credit report.
As far as actually closing, the process is the same as a traditional loan. The only extra things you need are information about your old car loan, including the balance, interest rate, and remaining length.
When you get your new loan, make sure to re-check your car insurance policy and shop around for new quotes. Use the
Jerry
app to compare rates from over 50 top insurers and switch to a lower rate so you have more cash to pay off your loan easily. View full answer
- Gregory R.
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