Is it possible to refinance a car loan with one’s current auto loan bank or institution?

Issue by lightning_strikes: Is it feasible to refinance a automobile financial loan with one’s existing car loan lender or establishment?
I at present have an automobile bank loan with Financial institution of The us. I am paying out nine.seven% APR. I’m thinking about refinancing just to get my curiosity rate reduced.

In fall 05, I started out it w/ a financial loan equilibrium of ~$ 27K. In 1.5yrs, I’ve paid out down the loan to a tiny below $ 15K. Presently the vehicle has a trade-in price of ~$ 19,500 and a retail resale appeal of ~$ 23K(I looked this up on Kelly Blue Book’s site). So I know that I’m not upside-down on my mortgage.

Do I have a very good chance of refinancing? My credit rating is solid, but the only issue that I’m afraid might hinder me is the credit card balances that I currently have(even though I have been spending them on time).

Far more importantly–Is there a chance Financial institution of America may possibly be ready to refinance my automobile mortgage for a reduced charge? If they do this, is it possible for the loan acct.# to remain the very same?(because it can be inside the same financial institution) Do financial institutions often refinance automobile loans that they presently control? And if I attempted to refi with Bank of The united states, would it develop a hard inquiry?
I asked about it at my credit union and I’d say it’s a no-no. The credit union said they only determine int. premiums based on what tier my credit rating score falls in, so my good mortgage-to-appeal ratio, length of financial loan, etc will not aid me. They also explained that I would only qualify for a “utilised automobile” financial loan, and the premiums are larger for people. But I will undoubtedly attempt Lender of The united states…except I called 2X right now and received disconnected every time right after waiting a even though. >:( Everyone have any particular vehicle mortgage knowledge dealing with Financial institution of The usa?

Very best remedy:

Remedy by threeboysmamma
You genuinely need to have no issue refinancing as extended as you do not owe more than the vehicle is worth and you have okay credit history.

What do you assume? Remedy below!