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Refinancing auto loan with same lender?

Nicholas Hinrichsen - Published: September 15, 2023

Is refinancing an auto loan with the same lender possible?
A lot of people wonder whether refinancing an auto loan with the same lender is possible. The short answer is it depends.

Many of the subprime lenders such as Credit Acceptance, American Credit Acceptance, and others will not allow lenders to refinance their existing loan. On the other hand - more mainstream and prime lenders (Capital One, Bank of America, Ally Financial) normally do allow refinancing.

There still are some exceptions of course, so please ensure:

  • That you're current loan balance is lower than the value of the car
  • That your credit has not gotten worse since you originally received the loan
  • That your vehicle is newer than 2010 and less than 120,000 miles typically

Haven't explored refinancing yet? Take a look at our exhaustive article about all the auto refinance companies and you will realize, is the only fully digital platform that lets car owners like you do so from the comfort of their own home. No need to set a foot in a bank or credit union. You can lower your rate or get cash in as little as 20 seconds.

Follow three simple steps to refinance your auto loan, get approved in seconds and save thousands in minutes.
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