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How do I refinance a car loan with a different bank?
My current car loan just isn’t working for me anymore. I’ve done a lot of work on my credit score in recent years and I think I could find better interest rates at a different bank. How do I refinance my car loan with a different lender?
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
To refinance your car loan with a different lender, you'll need to do the same thing you did to finance it in the first place: get pre-approved.
Visit the bank you want to be your new lender and bring:
- Your most recent car loan payment statement
- Your vehicle information, including make, model, year, and vehicle identification number (VIN)
- Proof of income, like pay stubs
- Proof of identification, such as your driver’s license and utility bills
The bank will evaluate your credit score and debt-to-income (DTI) ratio before deciding whether or not to approve your application. If you’re successful, you can use your new funds to pay off your old car loan and settle into your new payment schedule.
Before signing any paperwork, be sure to ask about your new interest rates, loan term, and payment schedule. We hope you’re much happier with your new bank!
View full answer
- Gregory R.
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