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How do I transfer a car loan from one bank to another?
I think I can get a better interest rate with a different bank. How do I transfer my car loan?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“What you can do here is refinance your car loan, which involves taking on a new loan to pay off the balance of your current loan.
Once you have gathered your original loan agreement and all of your car’s information (purchase price, VIN, mileage, etc.), you can start shopping around for a new, more favorable loan with a different bank. Apply for the loans that make the most sense for your financial situation, with the best interest rates and terms, and submit any required forms or information to prospective lenders. You can apply online or in person.
From there, there is not much else you have to do. “
View full answer
- Gregory R.
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