Want to buy new vehicle --- can I keep the same lender?

[antonbhc]

I am mulling over foregoing the SUV I currently have and going into a midsize car instead. Though I have only owned this car four months, it only makes sense for me to buy a car that uses less fuel and before the '09 year comes (big bucks off).

 

Currently I owe less than the trade-in value on my car. About $500 less. Doubling up payments helped.

 

My question is that would I be able to use the same finance company (Chase) who is lienholder of my current car for the loan or a new car? I want to do that rather than use another bank because of preference.

 

Is the process for loan approval the same as if I were a new customer or is there some leeway for an existing customer?

[MarvBear]

The process of approval would be the same as before.