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How do I refinance my car loan with the same bank?
My girlfriend and I cosigned a loan. We want to refinance our loan for our Lexus LX. Is it possible to refinance my car loan with the same lender?
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Typically, refinancing is changing the loan term and rates of an existing loan to a new one. The process is also usually done with a new lender. However, since you wish to refinance your car loan with the same bank, you must collect the necessary documents and then contact your bank.
Most lenders don’t want to lose your loan because they make money off of it, which means that your current bank will try and work with you during the refinancing process.
Even though your bank might have some of your information, let’s make it easy for them. Start by collecting the following documents:
- Proof of income (use your tax return or pay stubs)
- Address
- Information on your vehicle
- Information about your current loan
Once you have these materials, your bank will verify your information, including your credit score. This can knock off a few points from your credit score. You can have multiple credit checks within 14 days and they will all count as one hard inquiry.
If your bank can offer a better deal to you, then you can sign the new loan documents. If they cannot, you may have to shop with different lenders to find better deals.
MORE: What is APR and how is it calculated?
View full answer
- Gregory R.
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