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

I currently have an auto loan with Bank of America. I am paying 9.7% APR. I'm considering refinancing just to get my interest rate lower.





In fall 05, I started it w/ a loan balance of ~$27K. In 1.5yrs, I've paid down the loan to a little under $15K. Currently the car has a trade-in value of ~$19,500 and a retail resale value of ~$23K(I looked this up on Kelly Blue Book's website). So I know that I'm not upside-down on my loan.





Do I have a good chance of refinancing? My credit is solid, but the only thing that I'm afraid might hinder me is the credit card balances that I currently have(although I've been paying them on time).





More importantly--Is there a chance Bank of America might be able to refinance my car loan for a lower rate? If they do this, is it possible for the loan acct.# to stay the same?(since it's within the same bank) Do banks sometimes refinance car loans that they already manage? And if I tried to refi with Bank of America, would it create a hard inquiry?

Is it possible to refinance a car loan with one's current auto loan bank or institution?
Yes it is possible. Since you have paid the loan down so much your loan to value has changed greatly. This is one of the main things that lenders base rate on.





You should have no problem refinancing with your own bank, if you do? Try a credit union, they will always beat a bank on rate anyway.





And yes it will be a hard inquire.
Reply:You really should have no problem refinancing as long as you do not owe more than the vehicle is worth and you have ok credit.