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Can I change my car loan to another bank?
How can I switch my car loan lender? I’m not pleased with my current interest rate. I want to change my lender and get a better rate to save money.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If your interest rate is high, it’s understandable why you would want to change lenders!
Step 1: Shop around and compare lenders. To ensure you get the best deal on your new loan, check out local and national banks, credit unions, and online lenders. Collect at least three quotes.
Step 2: Be mindful of potential charges. Some lenders will charge a processing fee for refinancing a loan. Do the math to ensure fees don’t negate the purpose of refinancing (i.e., saving money on the loan).
Step 3: Gather the necessary documents. Once you have decided on a new lender, you will need to provide the following when applying to refinance:
- Your loan balance and payoff amount (you can ask your existing lender for this)
- Information on your vehicle, including make, model, year, VIN, mileage, and [proof of insurance]
- Proof of employment and income
- Credit report
- Proof of residency (you can use a utility bill to verify your address)
For car owners looking to save money on their auto loan, the
Jerry
app is a must-have resource for refinancing and finding a loan that matches their profile. Don’t lose money with a bad interest rate. With jerry, you’ll have all of the resources needed to refinance your auto loan in one place and can compare top lenders in minutes. On average, car owners pay $85 less every month by refinancing.
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- Gregory R.
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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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