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?

Answer
You can’t transfer a car loan per se, but you can refinance the vehicle with the national bank.
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.
Eric Schad
Answered on Oct 26, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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