How do I transfer my car loan to an online lender?

I have a car loan with my bank, but I found a much better rate (and bonus cash!) for switching to an online lender. How do I transfer the loan?

Answer
Transferring your car loan to another lender isn’t all that difficult. But in the industry, the term isn’t transfer—the process is called an auto refinance.
When you refinance a car, you get a new car loan to pay off your old one at a more favorable interest rate. Some people choose to refinance to get a cash-out loan to help pay down debt or extend the life of their loan loan (which lowers their monthly payments).
To switch to an online lender, you’ll simply need to fill out their online application and provide all required documentation, which may include:
  • Driver’s license and vehicle registration
  • Proof of insurance
  • Current loan information including the lender’s payoff letter
  • Proof of income (pay stub, bank statement, etc.)
  • Proof of residency (utility bill, etc.)
If you’re looking to help your budget by refinancing online, be sure to compare car insurance quotes online to save even more. Jerry can help you switch to a more affordable car insurance policy—without the long forms, unwanted phone calls, and spam.
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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