Overhaulin'

How can I refinance my car loan if the bank that holds it is nowhere near me?

I want to refinance my car that only has about $6,500 left to pay on it but the bank that holds my car loan is nowhere near me is there any way to refinance it through someone else?

Public Comments

1. call the bank??
2. who ever you get the new loan with will call the other bank and get a payoff number. they will handle everything for you
3. The new lender will handle it for you. Car dealers do this every day by mail. Its common for banks & dealers to pay off someones car and then get the title (with proper affidavit from the owner) The current lien holder has no incentive to hold a title after the loan has been paid off. They send it to either the owner or the dealer or bank that paid it off. The new and old finance sources should be able to handle this with no problem assuming you can get refinanced. Thats a much bigger issue.
4. If you want to refinance, take your payment book to the bank or credit union of your choice, tell them you want to borrow enough money to pay off your car...if you are approved, they can write you a check to send to the other bank, or ( more likely ) wire transfer money to the other bank, and secure the title....
5. Since your car is worth more than $6500 (it needs to or you have a down payment to cover the negative equity to match), you call the lender listed on that paperwork you signed at the beginning of the loan term. Yeah, that paperwork.