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?

Answer
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 will need to collect the necessary documents and then get in touch with 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.
On average, car owners pay $85 less every month by refinancing their auto loan. If you have to shop with different vendors, Jerry can help you. Jerry compares offers from multiple lenders to make sure you never overpay for your loan. See if refinancing will save you money with the Jerry app.
Phoebe Mah
Answered on Nov 23, 2021
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