Transfer An Auto Loan in 5 Easy Steps

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, - May 25, 2016

Occasionally after purchasing a vehicle, the need arises to refinance or transfer an auto loan to another financing source. Some of the reasons for transferring a loan could be interest rate, term of loan or the payment amount.

When seeking out options to transfer an auto loan, here are 5 steps to make the process easier.

1. Determine the Value of the Automobile

Most financing companies or institutions use a loan value, but you should also know the trade-in and retail values as well. You can obtain these values in several ways, including checking with the auto dealership where you purchased the vehicle. Compare auto pricing information by researching online with companies such as Kelley Blue Book, Edmunds or the NADA.

2. Locate the Title for the Auto

Determine where the title is, whether the dealer or the finance company has it.

3. Seek Financing

Check with your bank, credit union and other financial institutions and determine the best interest rate and terms.

4. Complete the Loan Application to Transfer the Loan

Most loan companies will have you complete an application and will approve or reject your loan based on that information, as well as any previous loan activity you may have had with them.

5. Complete the Required Paperwork

Sign the loan documents for the lender and don't forget to contact your insurance company to change the loss payee if needed.

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