Services
PriceProtect™
DriveShield™
GarageGuard™
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Home Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Recent Studies
Comprehensive Data Reports
Reviews
About
FAQ
MenuIcon
BACK

Is it possible to refinance my car through a different lender?

I have a car loan from a local bank, but I saw that a credit union in my city has great refinancing rates. Can I switch my loan to the credit union? Or do you have to refinance through the same lender?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can refinance your car loan through a different lender. That’s what most people do to get better interest rates.
However, you have to make sure the switch is worth it. If you have only a year on your loan left, for insurance, refinancing probably won’t make that much of a difference and may not be worth the hassle.
On the other hand, if you have multiple years left or want to do a cash-out refinance to borrow money on the equity in your vehicle, the refinancing might be worth the effort.
Since you have already shopped around for a new car loan rate, you’re in good shape. Refinancing entails the same process as getting your original car loan, except you’ll also need to provide:
  • The current balance on your car loan
  • How long is left on the loan
  • The interest rate on your car loan
If you have these documents handy, you should be able to refinance quickly.
MORE:
11 car insurance hacks to save you money
Auto RefinanceCredit ScoreCar LoanCar Buying
View full answer 
Jerry user testimonial avatar
rating primary
“My experience with Jerry has been absolutely incredible. It took my car insurance from about $400/month to about $80. The entire experience is seamless.” - Gregory R.
Lower my car insurance too
WHY YOU CAN TRUST JERRY
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.

Join 4M+ members in lowering their car insurance

Find insurance savings

You Might Also Be Interested

card cover

Can You Refinance a Car with the Same Bank?

You can often refinance a car with the same bank, but shopping around ensures you’re getting the right loan for you and your vehicle.
avatar
Max Werner
card cover

How to Reduce Car Payments Without Refinancing Your Car Loan

If you don't have good enough credit to refinance a car loan, auto loan modification is a good option. Contact your lender for options on lowering payments and interest.
avatar
Rochelle Miller-Hernandez
card cover

Can You Have Two Car Loans at the Same Time?

Can you have two car loans at the same time? Although your interest rates may be quite high, it is possible to get approved for more than one car loan.
avatar
Georgina Grant

Read Advice From Car Experts At Jerry

card cover

All About Toyota Prius ECO Mode

ECO mode can ensure your Toyota Prius lasts longer and gets the 55 mpg fuel economy that you were promised—learn about it here!
avatar
Drew Waterstreet
card cover

How to Remove Paint from Tile

You can remove paint from tile with a little elbow grease. the right tools, and the right cleaning products. Read this guide on removing paint from tile to learn how.
avatar
Elaine Sulpy
card cover

Private Party Vehicle Use Tax: What Is Tax Form RUT-50 in Illinois?

If you buy a car from a private seller in Illinois, you’ll need to pay private party vehicle use tax on the purchase price and file an RUT-50 form.
avatar
Brady Klopfer

What Others Are Asking

What SUV compares to Lexus RX 350?
I really liked my old Lexus RX 350, but I’m thinking of branching out to a new brand for my next luxury vehicle. The only problem is that I’m not sure where to start. Can you suggest some SUVs that compare to the Lexus RX 350?
avatar
Brittni Brinn
What’s the Mercedes-Benz CLA 250’s top speed?
I just got a new job and it pays enough that I can finally afford the luxury car I’ve always wanted. I was thinking about a Mercedes-Benz CLA class—but before I bite the bullet, I want to make sure I’m getting good performance. What’s the top speed?
avatar
Sarah Gray
Can I cancel my car insurance if my vehicle is getting scrapped in the next month?
My car is totaled and I'm planning on scrapping it. It's going to be another four to five months before I get a new car. I'd like to save money before then and want to know if I can cancel my policy.
avatar
Emily Maracle
Browse All Questions

Browse More Content

Car Repair Resources

Insurance for Your Car

Insurance in Your State

    Insurance In Your City

    Easiest way to compare and buy car insurance

    √
    No long forms
    √
    No spam or unwanted phone calls
    √
    Quotes from top insurance companies
    Find insurance savings
    Car Insurance by Make
    Audi
    BMW
    Dodge
    Ford
    GMC
    Honda
    Hyundai
    Jeep
    Kia
    Lexus
    Mercedes-Benz
    Mitsubishi
    Subaru
    Tesla
    Toyota
    View all
    Car Insurance by Model
    Chevrolet Silverado
    Chevrolet Malibu
    Ford Escape
    GMC Sierra
    Honda Accord
    Honda Civic
    Hyundai Tucson
    Jeep Cherokee
    Jeep Wrangler
    Kia Forte
    Mazda 3
    Nissan Altima
    Subaru Outback
    Subaru Crosstrek
    Toyota Camry
    Toyota Corolla
    Toyota Tacoma
    Toyota Highlander
    Toyota Rav4
    Volkswagen Jetta
    View all
    Car Insurance by State
    AL
    AZ
    AR
    CA
    CO
    CT
    DE
    FL
    GA
    ID
    IL
    IN
    IA
    KS
    KY
    LA
    ME
    MD
    MA
    MI
    MN
    MS
    MO
    MT
    NE
    NV
    NH
    NJ
    NM
    NY
    NC
    ND
    OH
    OK
    OR
    PA
    RI
    SC
    SD
    TN
    TX
    UT
    VT
    VA
    WA
    WV
    WI
    WY
    Car Insurance by City
    Austin, TX
    Boston, MA
    Charlotte, NC
    Chicago, IL
    Columbus, OH
    Dallas, TX
    Denver, CO
    Houston, TX
    Indianapolis, IN
    Jacksonville, FL
    Las Vegas, NV
    Los Angeles, CA
    Nashville, TN
    New York, NY
    Philadelphia, PA
    Phoenix, AZ
    Portland, OR
    San Antonio, TX
    San Francisco, CA
    Seattle, WA
    View all
    Car Loan by Make
    Audi
    BMW
    Chevrolet
    Ford
    GMC
    Honda
    Hyundai
    Kia
    Lexus
    Nissan
    Mercedes-Benz
    Subaru
    Tesla
    Toyota
    View all
    Car Insurance by Company
    AAA
    Allstate
    Aspire Advantage
    Assurance America
    Bristol West
    Commonwealth
    Dairyland
    Encompass
    Infinity
    Kemper
    Mapfre
    Mercury
    National General
    Nationwide
    Plymouth Rock
    Progressive
    Safeco
    State Auto
    Travelers
    Car Loan by State
    AL
    AZ
    AR
    CA
    CO
    CT
    DE
    FL
    GA
    ID
    IL
    IN
    IA
    KS
    KY
    LA
    ME
    MD
    MA
    MI
    MN
    MS
    MO
    MT
    NE
    NV
    NH
    NJ
    NM
    NY
    NC
    ND
    OH
    OK
    OR
    PA
    RI
    SC
    SD
    TN
    TX
    UT
    VT
    VA
    WA
    WV
    WI
    WY
    Car Repair by Service
    AC Compressor Replacement Cost
    Battery Replacement Cost
    Fuel Injector Replacement Cost
    Fuel Pump Replacement Cost
    Ignition Coil Replacement Cost
    Oil Change Cost
    Oil Pan Replacement Cost
    Power Steering Fluid Service Cost
    Rotate Tires Cost
    Spark Plugs Replacement Cost
    Timing Belt Replacement Cost
    Valve Cover Gasket Replacement Cost
    Water Pump Replacement Cost
    Wheel Bearings Replacement Cost
    View all