Can you transfer your car loan to another credit union?

I just saw that a local credit union is offering a special car loan interest rate of 1.9% for refinancing. My current credit union car loan’s interest rate is at 3.9%. Can I transfer this loan from one credit union to the other?

Answer
Yes! You can definitely transfer your car loan to a different lender. However, this wouldn’t be called a transfer, but rather, a refinancing.
Since you’ve already found a better interest rate, the hard part of shopping around is already complete!
To refinance the car, you will undergo the same process you used the first time you got the loan. You’ll need to provide documentation to the lender, including:
  • All of your current loan information, including the balance, monthly payment, interest rate, and amount of time left on the loan
  • Driver’s license number
  • Proof of insurance
  • Pay stubs or other proof of income
  • Vehicle identification number (VIN)
Since you’re refinancing to save money, you may also want to take a gander at your car insurance policy. You’ll still need full coverage while you have your car loan, but shopping around with an app like Jerry can certainly save you some cash. Sign up in minutes to compare quotes from over 50 insurance companies.
Eric Schad
Answered on Nov 17, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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