If you’re looking to transfer your car loan, you’ve come to the right place. This definitive guide will walk you through the entire process step-by-step. We’ll provide information on what to do before transferring your car loan, how to go about moving it, and what to do after the transfer is complete. So, whether you’re just starting your search or are ready to begin the process now, keep reading for everything you need to know!
How to Transfer Your Car Loan
If you’re looking to move your car loan to a new vehicle or even to a new lender, there are a few things you need to know. Transferring your car loan is not as difficult as it may seem, but there are some essential steps to follow to make the process go smoothly. Here’s our definitive guide on how to transfer your car loan:
First, contact your current lender and tell them that you want to transfer your car loan. Then, they will likely ask for some information about the new vehicle and the lender making the transfer.
Once you’ve found the vehicle of your choice, you’ll need to get pre-approved for a loan with the new lender. It is a critical step because it will help speed up the process once you’ve reached an agreement with your current lender. Also, this will help prevent any delays that may arise from receiving financing at another financial institution instead of through them directly.
It would be best if you did a few things to transfer your car loan successfully. You’ll need the following information:
-The name of the new lender
-The account number of the new lender
-The amount of the loan being transferred
-The interest rate on the loan
-Your contact information
Once you have this information, follow these steps:
Step One: Gather Your Documents
You’ll need to provide copies of your driver’s license, vehicle registration, proof of insurance, and title. If you’re refinancing, you’ll also need copies of your most recent pay stubs and bank statements.
Step Two: Transfer the Car Title
The new lender will then contact your old lender and provide them with all necessary documents. Once they’ve been received, you’re sent a check for the remaining balances on your car loan transferred to another institution.
Step Three: Transfer Funds
The new lender will need to wire the money for the car loan into your old lender’s account. This step usually takes about two days to complete.
Step Four: Close the Account
After the money has been transferred, your old lender will close your account and send you a final statement.
Step Five: Sign Your Documents
Suppose everything looks good at this point. Then, sign and date it in the presence of a notary public again so that it’s official! You’re now ready to transfer your car loan!
According to Lantern by SoFi, “Our partner works with a network of auto refi lenders to bring a selection of refi offers with great rates.” They make car refinancing loans easier than ever.