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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?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can definitely
refinance your car loan
through a different lender. In fact, 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 if you want to do a cash-out refinance in order to borrow money on the equity in your vehicle, the refinancing might be worth the effort.
Since you 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.
During your refinancing, you may also want to sneak a glance at your car insurance policy. You can find a better rate by shopping around with
Jerry
. Sign-up only takes 45 seconds, and you’ll be able to compare dozens of competitive quotes and make an easy in-app switch. View full answer
- Gregory R.
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