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Can you refinance a car loan with the same lender?

I recently got promoted at work and I want to refinance my car loan to pay it off sooner. The only problem is I’m not sure who to refinance with. Can you refinance your car loan with the same lender?

avatar
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the promotion! Refinancing your car loan to pay it off sooner is a great idea! The good news is that you can almost always refinance a car loan with the same lender, provided they don’t have a prepayment penalty.
Refinancing your car loan through the same lender makes the process easier, and a quick phone call should be able to answer any questions you may have. However, shopping around and comparing offers from a few different lenders to ensure you get the best rate is also beneficial.
Refinancing your loan through a different lender is essentially the same process you went through when getting approved for the initial loan, and the new lender will take over the debt. You may want to consider looking into refinance options through:
  • National and local banks
  • Credit unions
  • Online lenders
If you want to save even more money, search and compare quotes using the
Jerry
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Jerry
 helps you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!
MORE: Does refinancing a car hurt your credit score?
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