I went through a dearlership to purchase a new vehicle a year ago. They go thru a certain bank to finace the loan. What I would like to do is take the auto loan from bank "A" and transfer the auto loan to my own personal bank "B" where I bank at. Can I do that without any problems?
I still have like 2 1 years to go on the loan yet to pay it off.
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{ 6 comments… read them below or add one }
Sure — if your personal bank is willing. Talk to them and see; they may — or may not — offer you a better deal than you have now. On my last car purchase, the dealer found a lender that offered a considerably better deal than my bank.
Yes. of course you can. It is like re-issuing the loan, you will have to undergo the same process as if you were purchasing it for the first time, as far as qualifying for the loan…..but my suggestion stay with whomever gives you the better rate.
You can. Call bank "A" to get the payoff on your loan, go to bank "B" to apply for a new loan in this amount. You may find you already have a better interest rate from bank "A". Bank "B", if they approve you, may want to stretch your payments out further and decrease your monthly payment, because that earns them more interest, but it is not a good idea because your car will depreciate faster than the loan is paid down.
You can, but beware., The bank you are transferring your loan to might not give you the new car rate.It may cost you a lot more money .
I would leave it be because if you refi the car, you’re starting all over and you would be paying more interest. If you have a simple interest loan, you pay more on the first half than you do on the 2nd half on the loan. That’s how banks make their money. That also goes for a mortgage, on the first half on life of the mortgage, you pay about 70%. There is also no grace period on a mortgage as most consumer think they have. If your payment is due on the 1st and it is paid on the 10th, you are charged 10 days of interest. It’s called per-diem.If you have any doubts, just call your mortgage co and ask.
No, you can’t "transfer" it. You would have to refinance it with a new loan.