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How do I transfer my car loan from one bank to another?
I have a car loan with my local bank, but I found much better rates at a national bank. How do I transfer my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The refinancing process entails getting a new car loan to pay off your old loan. This may enable you to pay a lower monthly rate, take out cash, or extend your loan. If you want to refinance your vehicle, follow these steps:
- Shop around to find a better rate/new lender
- Give the new lender all required information about you and your current loan
- Get approval from the lender
- Complete the refinancing process by paying off your new loan with your new lender
Since you’re going to have to show proof of insurance at your refinance closing, be sure you’re covered with the right car insurance policy. Use the
Jerry
app to compare rates from up to 50 top insurers and access the market’s best prices.View full answer
- Gregory R.
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