How do I change my car loan to another bank?
I want to change my car loan to another bank because of poor customer service with my current bank. How do I do it?
Sorry to hear about the poor customer service! But before you decide to change your car loan to another bank, also known as refinancing the car, you need to decide if it’s really the right move for you financially.
You should avoid refinancing if:
- You already have a low interest rate
- You only have a year or so left on the loan
If neither of these applies to you, refinancing might be the best move. Refinancing requires the same process as getting an initial car loan. The only difference is that you need to present information on your current car loan, including the remaining balance, current interest rate, and how long is left on the loan.
After you have this information, shop around as much to find the best refinancing rate possible. Once you’ve found the ideal interest rate and lender, schedule a meeting. In most cases, you’ll need:
- Proof of income
- Proof of residency
- Driver’s license and vehicle information
- All information about your current car loan
If you want to save some extra cash while refinancing, you may also want to look at your current car insurance policy. Use the Jerry app to compare quotes and find the best car insurance rate for your vehicle. The average Jerry user saves $879 a year on car insurance!
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