15 Top Lenders to Refinance a Car Loan

Key facts

Pros

• Offers pre-qualification with a soft credit check.

• Some network lenders offer rate discounts with automatic payment.

• Customer service available on Saturday.

• Provides Spanish version of website.

Cons

• Charges an origination fee of $395.

• Not available in a few states.

• Fully online application not available for applicants who prefer it.

Qualifications

• Minimum annual gross income: No minimum.

• Maximum debt-to-income ratio: 70%.

• No open or discharged bankruptcies in last 12 months.

• Maximum mileage: 150,000.

• Maximum loan to value ratio: 160%.

Key facts

Pros

• Applicants can pre-qualify with a soft credit check.

• Application process 100% online including document upload.

• Social Security number not required to pre-qualify.

• Charges no origination fee.

• Borrowers can choose loan payment due date.

Cons

• Not available in all states.

• Has some vehicle restrictions.

• Maximum refinance amount lower than other lenders.

Qualifications

• Minimum annual gross income: None.

• Maximum debt-to-income ratio: 80%.

• Bankruptcy restrictions: Bankruptcy must be more than 12 months ago.

• Maximum mileage: 120,000.

• Maximum loan to value ratio: 165%.

Key facts

Pros

• Offers pre-qualification with a soft credit check.

• Provides average daily rates by credit score on website.

• Customer service available on Saturday.

• Some network lenders offer rate discount with automatic payment.

Cons

• May charge an origination fee up to $395.

• Minimum loan amount is higher than other lenders.

Qualifications

• Minimum annual gross income: $24,000.

• Maximum debt-to-income ratio: 65%.

• No open bankruptcies. Most lenders will review dismissed or discharged bankruptcies.

• Maximum mileage: 100,000.

• Maximum loan to value ratio: 150%.

Key facts

Pros

• Applicants can pre-qualify with a soft credit check.

• Application process 100% online including document upload.

• Social Security number not required to see pre-qualified offers.

• Customer service available on Saturday.

• Borrowers can choose loan payment due date.

Cons

• Loan funding takes two days or more, longer than other lenders.

• No rate discount offered.

• 24-month loan term not offered.

• Has vehicle restrictions.

Qualifications

• Minimum annual gross income: $24,000.

• Maximum debt-to-income ratio: Did not disclose.

• Bankruptcy restrictions: None.

• Maximum mileage: 121,001 miles.

• Maximum loan to value ratio: 160%.

Key facts

Pros

• Applicants can prequalify with a soft credit check.

• Application process 100% online including document upload.

• Minimum loan amount is lower than other lenders.

Cons

• Borrower unable to choose loan payment date in most cases.

• Some partner lenders charge application fee.

• 24-month loan term not offered.

Qualifications

• Minimum annual gross income: $18,000.

• Maximum debt-to-income ratio: 55%.

• No open bankruptcies.

• Maximum mileage: 150,000.

• Maximum loan to value ratio: 150%.

Key facts

Pros

• Offers pre-qualification with a soft credit check.

• Works with a network of lenders to find the best offer.

• Bases loan approval on a wider range of criteria.

• Customer service available seven days a week.

• Provides Spanish version of website.

Cons

• Not available in all states.

• Maximum loan amount is lower than other lenders.

Qualifications

• Minimum annual gross income: $12,000.

• Maximum debt-to-income ratio: Did not disclose.

• No bankruptcy-related restrictions.

• Maximum mileage: 140,000.

• Maximum loan to value ratio: 185%.

Key facts

Pros

• No vehicle restrictions.

• Takes applications online, by phone, in branches.

• Offers rate discount with automatic payment.

• Credit union obtains loan payoff amount from previous lender.

• Sends payoff directly to the previous lender.

• Allows co-signers.

Cons

• Credit union membership required to get a loan.

Qualifications

• Minimum annual gross income: None.

• Maximum debt-to-income ratio: Did not disclose.

• Bankruptcy restrictions: No open bankruptcies.

• Maximum mileage: None.

• Maximum loan to value ratio: 125%.

Key facts

Pros

• Offers pre-qualification with a soft credit check.

• Some network lenders offer rate discount with automatic payment.

• Borrower can choose loan payment date.

• Allows co-signers.

• Customer service available on Saturday.

Cons

• Loan approval takes 24-48 hours, longer than other lenders.

• Loan funding can take 1-2 weeks, longer than other lenders.

• May charge an origination fee. Amount not provided.

Qualifications

• Minimum annual gross income: Varies by lender.

• Maximum debt-to-income ratio: 50%.

• Bankruptcy restrictions: Varies by lender.

• Maximum mileage: 150,000.

• Maximum loan to value ratio: 160%.

Key facts

Pros

• Competitive rates compared to similar lenders.

• Offers rate discount with automatic payment.

• Has a loan experience satisfaction guarantee.

• No origination or late fees.

• Available in all 50 states.

• No vehicle restrictions.

Cons

• Hard credit inquiry required.

• High minimum credit score required.

Qualifications

• Minimum annual gross income: None.

• Maximum debt-to-income ratio: Did not disclose.

• Bankruptcy restrictions: Yes. Details not disclosed.

• Maximum mileage: None.

• Maximum loan to value ratio: None.

Key facts

Pros

• Applicants can receive up to four lender matches with a soft credit check.

• Most lenders can provide approval within 30 seconds of application submission.

• Provides lowest daily rates on site, including auto refinance loans.

• Funds to pay off previous lender usually available within 24 hours.

• Allows co-signers.

Cons

• May result in multiple contacts from different lenders.

• Social Security number required to submit initial application.

• myAutoloan.com offers limited customer service support.

• Not available in a few states.

Qualifications

• Minimum annual gross income: $21,600.

• Maximum debt-to-income ratio: Not provided.

• Bankruptcy-related restrictions: Bankruptcy must be discharged or dismissed.

• Maximum mileage: 125,000.

• Maximum loan to value ratio: Not provided.

Key facts

Pros

• Borrowers work with loan care agents who receive extensive training in auto refinancing.

• Applicants typically receive preapproved offer (or decline) in five minutes or less.

• Applicants have the option to apply by phone or online.

• Website provides accessibility tools.

Cons

• May charge an origination fee up to $199.

• Social Security number required to submit initial application.

• Not available in some states.

Qualifications

• Minimum monthly income: $1,500.

• Maximum vehicle age: 8 years.

• Maximum mileage: 140,000.

• Maximum loan to value ratio: Did not answer.

Key facts

Pros

• Minimum loan amount is lower than other lenders.

• Customer service available seven days a week.

• Provides up to six offers with various rates and terms using a soft credit check.

• Application process can be 100% online.

Cons

• Credit union membership required to get a loan.

• Social Security number required with initial application.

Qualifications

• Minimum annual gross income: None.

• Maximum debt-to-income ratio: Did not disclose.

• Bankruptcy restrictions: Did not disclose.

• Maximum mileage: 125,000.

• Maximum loan to value ratio: 125%.

Key facts

Pros

• Apply online, by phone or in a financial center.

• Offers rate discount for customers with qualifying account relationship.

• Usually provides loan decision within 60 seconds of application submission.

• Will refinance existing Bank of America auto loans.

• Provides Spanish version of website.

Cons

• Social Security number required to submit initial application.

• Rate discount available only with deposit balances of $20,000-plus.

• Minimum loan amount is higher than other lenders.

Qualifications

• Minimum annual gross income: Did not disclose.

• Maximum debt-to-income ratio: Did not disclose.

• Bankruptcy restrictions: Did not disclose.

• Maximum mileage: 125,000.

• Maximum loan to value ratio: Did not disclose.

Key facts

Pros

• Applicants can pre-qualify with a soft credit check.

• Application process 100% online including document upload.

• Social Security number not required to see pre-qualified offers.

• Works with a network of lenders to show multiple offers.

Cons

• Lenders may charge a processing fee up to $399.

• Not available in all states.

• Customer support not available on weekends.

Qualifications

• Minimum annual gross income: Has minimum. Amount not disclosed.

• Maximum debt-to-income ratio: 60%.

• Bankruptcy restrictions: Has restrictions. Details not disclosed.

• Maximum mileage: 125,000 miles gas/175,000 diesel.

• Maximum loan to value ratio: 145%.

Key facts

Pros

• Offers rate estimates through website using a soft credit check.

• Offers shorter term loans.

• Has a 24-hour access consumer loan call center.

• Application process can be 100% online.

• Offers two opportunities for discounts on already low rates.

• Will refinance existing DCU auto loans.

• Allows co-signers.

Cons

• Credit union membership required to get a loan.

• Social Security number required with initial application.

Qualifications

• Minimum annual gross income: None.

• Maximum debt-to-income ratio: 60%.

• Bankruptcy restrictions: No bankruptcies in the previous 12 months.

• Maximum mileage: 250,000.

• Maximum loan to value ratio: 135%.