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How do you switch car loan providers?

I've been randomly looking at car loan rates online and I realized that I'm paying way too much. How do I change my lender?

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Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s a savvy move to compare
car loan
interest rates online. Now that you know how much you can save, switching to a different lender isn’t all that difficult.
However, it’s not really referred to as switching a car loan: it’s known as refinancing. To refinance your loan, follow these steps:
  • Get all of your documentation together, including proof of income, proof of insurance, and the information about your current car loan
  • Shop around for the best rate (although you’ve already done this, you may want to make a quick glance again)
  • Set up a meeting with your prospective lender
  • Finalize the refinancing process and double-check everything to make sure it goes smoothly
If you decide to refinance the loan, remember that you still need to maintain
full coverage car insurance
per the stipulations of your loan. With
Jerry
, you can compare quotes from over 50 to providers to find the best rate for your coverage level.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

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