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?

Answer
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.
Eric Schad
Answered on Nov 17, 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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