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How do I refinance a car loan with a different bank?
How do I refinance a car loan with a different bank? My current loan term isn’t very long, which means I am paying high-interest rates. I want to change the length of my loan so I can save money and I want to try getting a loan with a different bank.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Typically,
refinancing
involves working with a different lender, so refinancing with a new bank will be easy! You can refinance with a new bank the same way you would refinance with anyone else: you need to gather the necessary documents and submit an application.
Make sure you have the following documents prepared before you start applying:
- Recent statement from your current lender.
- Information on your vehicle. Provide the car’s vehicle insurance number (VIN), make, model, and year.
- Proof of income. You can verify you are employed by bringing recent pay stubs to show the new lender.
- Proof of identification.
Be sure to shop around with multiple lenders to find the best rate on your new loan. As you shop with lenders, communicate your interest in longer loan terms so they can approximate your new interest rate before you sign.
Shopping for low rates with multiple lenders takes time. If you want help, try using the
Jerry
app. Jerry compares offers from multiple lenders to make sure you never overpay for your loan. On average, car owners pay $85 less every month by refinancing their auto loan.Hopefully, your new loan will match your financial needs!
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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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