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First Reliance Bank

Refinancing a Vehicle Loan

One of the most popular services offered by First Reliance Bank is the refinancing of auto and truck loans from other lenders. You may have considered this yourself, but wondered if it was worth the time and trouble, how much it costs, and what you have to do. When you hear the word “refinance,” what may come to mind is the process of refinancing a home mortgage. If you’ve done this, you know there are some costs involved and it does take a bit of time. Refinancing a vehicle loan with First Reliance Bank is much faster and simpler.

Here are a few things to know about refinancing a vehicle loan:

  • You don’t have to talk to your current lender to arrange the refinancing. First Reliance Bank will take care of everything needed to transfer your loan. Occasionally, a lender may require a call from you to verify that you want First Reliance Bank to pay off the existing loan. Your Personal Banker will advise you if this is needed.
  • You don’t need to have the details of your current loan available. First Reliance Bank can get all the needed information as part of the application process. The only exception to this is if you are refinancing a loan you took out very recently that is not yet appearing on your credit report. In that case, you should have the documents for your current loan handy.
  • It only takes a few minutes to apply, and you don’t have to visit a branch to apply. You can call and speak to a Personal Banker Monday through Friday. Your Personal Banker can answer any questions you may have and take your application in just a few minutes. Or you can stop by any of our branches and apply in person, just ask to speak to a Personal Banker.
  • We can usually close your loan the same day you apply.  Signing your loan documents typically takes about 10 minutes. You may choose a branch that’s convenient to you to sign your loan documents. If a branch visit is just not convenient, we can mail the loan documents to you (existing customers only, and a fee may apply for this service).
  • There is no application fee. If, for some reason, you decide not to refinance with First Reliance Bank, all it will have cost you is a few minutes on the phone.
  • You may or may not be asked to put money down. Occasionally, if you are significantly “upside down” in your current loan, or if we can give you a better rate by reducing your loan to value, you may be asked to put some cash towards the loan. Often times if your credit score is low, you may be asked to put money down to show good faith toward making your loan payments. First Reliance Bank typically lends on the lower of either the purchase price of the vehicle or the NADA clean retail price.

Why are we confident that we can give you a lower monthly payment than you’ve got with your current loan?

  • First, First Reliance Bank’s rates are always competitive.
  • Second, there’s a practice called “buy rates” that is widely practiced by other lenders for financing arranged at the vehicle dealership. This practice means that you may not have received the lowest rate possible for your loan. This practice allows a dealership to mark up the rate of interest that the lender is charging and pass that markup along to you. For example, let’s say a lender is charging 2.99% for a particular loan. The dealership can add a percentage or two and keep the difference. Another way to think of this is that the lender has a “wholesale” price, but the borrower pays the higher “retail” price. While this does not occur with every loan, isn’t it worth a short phone call to see if you can get the low “wholesale” rate you deserve?

Here’s what you should have handy when you call:

  • Your employment information
  • The mileage and the vehicle identification number (VIN), which can be found on your insurance card, your registration, or by looking through the front window of your vehicle on the driver’s side.

Spread the word!
If you have friends or family members who could benefit from a lower monthly payment for their vehicle loan, why not suggest that they call First Reliance Bank? Your family members and friends deserve to have a great auto loan too!


Call 888.543.5510 to Refinance Your Current Loan
Monday – Friday 8:00am – 6:00pm

Car Loans



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