BEST OF

Top Auto Loan Refinancing Lenders

What is auto loan refinancing, and where is the best place to apply?

By Shannon Bradley 

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When you refinance a car loan, you replace your current auto loan with one that lowers your interest rate, reduces your monthly payment or cuts the total amount you pay for a car — or possibly all three.

Whether you qualify to refinance your car and at what interest rate depends on many factors, such as your credit history and credit scores. It also depends on where you apply to refinance, because auto refinance requirements vary by lender.

NerdWallet's auto loan refinancing calculator can help you compare lender offers and determine the best place to refinance your car loan.

Want to refinance your auto loan? See if you pre-qualify.

Just answer a few questions to get personalized results from our lending partners.

Check Rates

on NerdWallet

Top Auto Loan Refinancing Lenders

RefiJet
Learn more

on RefiJet's website

RefiJet - Refinance loan

RefiJet

Est. APR

3.39-22.00%

Loan amount

$5,000-$100,000

Min. credit score

550
Learn more

on RefiJet's website


Min. credit score

550

Key facts

Best for applicants wanting a loan representative’s help with the refinancing process from beginning to end.

Pros

  • Offers pre-qualification with a soft credit check.

  • Some network lenders offer rate discount with automatic payment.

  • Available in all states.

  • Customer service available on Saturday.

  • Provides Spanish version of website.

Cons

  • Charges an origination fee of up to $395.

  • 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%.

Read Full Review
RateGenius
Learn more

on RateGenius' website

RateGenius - Refinance loan

RateGenius

Est. APR

1.75-21.00%

Loan amount

$12,000-$100,000

Min. credit score

500
Learn more

on RateGenius' website


Min. credit score

500

Key facts

Best for applicants looking for auto loan refinancing tools, an easy-to-use online application and multiple refinancing offers. Bad- or fair-credit borrowers may qualify.

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%.

Read Full Review
LendingClub
Learn more

on LendingClub's website

LendingClub - Refinance loan

LendingClub

Est. APR

3.99-24.99%

Loan amount

$4,000-$55,000

Min. credit score

660
Learn more

on LendingClub's website


Min. credit score

660

Key facts

Best for applicants wanting to see auto loan refinancing offers without affecting their credit score. Bad- or fair-credit borrowers may qualify.

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%.

Read Full Review
Consumers Credit Union
Learn more

on Consumers Credit Union's website

Consumers Credit Union - Refinance loan

Consumers Credit Union

Est. APR

3.49-21.24%

Loan amount

$7,500-$500,000

Min. credit score

620
Learn more

on Consumers Credit Union's website


Min. credit score

620

Key facts

Best for refinance applicants who want flexible loan terms and like the services offered by a credit union.

Pros

  • No vehicle restrictions.

  • Offers rate discount with automatic payment.

  • 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%.

Read Full Review
Upstart
Learn more

on Upstart's website

Upstart - Refinance loan

Upstart

Est. APR

6.19-29.99%

Loan amount

$5,000-$60,000

Min. credit score

510
Learn more

on Upstart's website


Min. credit score

510

Key facts

Best for applicants who would benefit from a more holistic view of their creditworthiness, including criteria like highest level of education and occupation.

Pros

  • Offers pre-qualification with a soft credit check.

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

  • Does not charge an origination fee.

  • Bases loan approval on a wider range of criteria.

  • Fully online application.

  • Customer service available on Saturdays

  • Provides Spanish version of website.

Cons

  • Not available in all states.

  • No co-borrowers or co-signers allowed.

  • No APR rate discount with automatic payment.

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%.

Read Full Review
Caribou
Learn more

on Caribou's website

Caribou - Refinance loan

Caribou

Est. APR

2.32-10.00%

Loan amount

$10,000-$60,000

Min. credit score

620
Learn more

on Caribou's website


Min. credit score

620

Key facts

Best for applicants who want to see pre-qualified auto loan refinancing offers as well as car insurance quotes.

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

  • Charges an origination/processing fee of $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%.

Read Full Review
Ally
Learn more

on Ally's website

Ally - Refinance loan

Ally

Est. APR

7.29-22.24%

Loan amount

$5,000-$99,999

Min. credit score

520
Learn more

on Ally's website


Min. credit score

520

Key facts

Best for refinance applicants with fair or good credit who want to quickly compare offers.

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.

  • Borrowers can choose loan payment due date.

Cons

  • 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%.

Read Full Review
LightStream
Learn more

on LightStream's website

LightStream - Refinance loan

LightStream

Est. APR

6.99-14.74%

Loan amount

$5,000-$100,000

Min. credit score

660
Learn more

on LightStream's website


Min. credit score

660

Key facts

Best for refinance applicants with good credit looking for a no-hassle loan from a well-known bank.

Pros

  • Available in all states.

  • Customer service available on Saturday.

  • No origination fee.

  • Fully online application available.

  • Co-borrowers or co-signers allowed.

  • No vehicle restrictions.

  • No down payment requirements.

Cons

  • Doesn’t offer pre-qualification with a soft credit check.

  • Doesn’t provide a Spanish version of website.

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.

Read Full Review
MyAutoloan
Learn more

on MyAutoloan's website

MyAutoloan - Refinance loan

MyAutoloan

Est. APR

1.99-21.00%

Loan amount

$5,000-$100,000

Min. credit score

575
Learn more

on MyAutoloan's website


Min. credit score

575

Key facts

Best for fair-credit refinance applicants and getting quotes from multiple lenders.

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.

Read Full Review
Tresl
Learn more

on Tresl's website

Tresl - Refinance loan

Tresl

Est. APR

1.49-17.99%

Loan amount

$5,000-$100,000

Min. credit score

580
Learn more

on Tresl's website


Min. credit score

580

Key facts

Best for bad- or fair-credit refinance applicants looking for hands-on help with vehicle transfer paperwork.

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%.

Read Full Review
Autopay
Learn more

on Autopay's website

Autopay - Refinance loan

Autopay

Est. APR

1.99-17.99%

Loan amount

$2,500-$100,000

Min. credit score

560
Learn more

on Autopay's website


Min. credit score

560

Key facts

Best for refinance applicants with fair credit who want to quickly compare offers.

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%.

Read Full Review
OpenRoad
Learn more

on OpenRoad's website

OpenRoad - Refinance loan

OpenRoad

Est. APR

2.49-28.00%

Loan amount

$10,000-$75,000

Min. credit score

500
Learn more

on OpenRoad's website


Min. credit score

500

Key facts

Best for applicants of all credit types looking to refinance their current auto loan with the assistance of auto refinancing experts. Bad- and fair-credit borrowers may qualify.

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.

Read Full Review
iLending
Learn more

on iLending's website

iLending - Refinance loan

iLending

Est. APR

3.74-22.00%

Loan amount

$5,000-$150,000

Min. credit score

510
Learn more

on iLending's website


Min. credit score

510

Key facts

Best for applicants who want pre-qualified auto refinance loan offers and assistance with choosing the best one.

Pros

  • Offers pre-qualification with a soft credit check.

  • Application process is 100% online, including document upload.

  • Customer service is available on Saturday and Sunday.

  • Some of the network's lenders offer a rate discount with automatic payment.

Cons

  • Charges an origination/application fee of $449.

  • Borrowers aren’t able to choose the loan payment due date.

Qualifications

  • Minimum annual gross income: All network lenders have a minimum. The lowest is $21,600.

  • Maximum debt-to-income ratio: 50%.

  • Bankruptcy restrictions: Nearly all of iLending's partners have bankruptcy-related restrictions. The bankruptcy must have been discharged. Any waiting period after a bankruptcy varies by lender, from zero to 24 months.

  • Maximum loan-to-value ratio: 160%.

Read Full Review
Gravity Lending – Refinance loan
Learn more

on Gravity Lending's website

Gravity Lending – Refinance loan

Gravity Lending – Refinance loan

Est. APR

5.04-14.99%

Loan amount

$10,000-$200,000

Min. credit score

580
Learn more

on Gravity Lending's website


Min. credit score

580

Key facts

Best for applicants who want assistance in the loan application process without paying extra origination fees.

Pros

  • Majority of lending partners offer rate discount with automatic payment.

  • Social Security number not required to pre-qualify.

  • No origination or application fees.

  • Applicants can delay payment for up to 90 days after approval.

Cons

  • Applicant does not see pre-qualified rates. If applicant is matched to a lender, application is automatically sent to partner for approval via a hard credit check.

  • No special programs or flexible requirements for first-time car buyers.

Qualifications

  • Minimum annual gross income: $24,000.

  • Maximum debt-to-income ratio: 60%.

  • Bankruptcy restrictions: Minimum 2-year discharge.

  • Maximum loan-to-value ratio: 150%.

Read Full Review

Lending Arts - Refinance loan

LendingArts

Est. APR

5.44-21.00%

Loan amount

$5,000-$150,000

Min. credit score

550

Min. credit score

550

Key facts

Best for applicants who want to see the best, pre-qualified auto loan refinancing offer from a network of lenders.

Pros

  • Application process is 100% online, including document upload.

  • Pre-qualification with a soft credit check is available with most network lenders.

  • Borrowers are able to choose the loan payment due date.

  • Allows co-signers and co-borrowers.

  • Customer service available on Saturday.

  • Limits borrower contact from network lenders.

Cons

  • Charges an origination fee of $499.

  • A few network lenders may use a hard credit inquiry for pre-qualification.

  • Provides only one pre-qualified offer.

Qualifications

  • Minimum annual gross income: There is no minimum income requirement.

  • Maximum debt-to-income ratio: 50% for most lending partners, but one will go to 90% for borrowers with good credit.

  • Bankruptcy restrictions: Nearly all of Lending Arts’ partners have bankruptcy-related restrictions. Most have a waiting period of 12 months after bankruptcy. One lender only requires the bankruptcy to be discharged.

  • Maximum loan-to-value ratio: 155%.

Read Full Review

Want to compare more options? Here are our other top picks:

Should you refinance your car loan?

Borrowers refinance auto loans for different reasons, and you most likely have a specific goal in mind. You may want to refinance to a lower interest rate to save money or shorten your loan term to pay it off sooner.

If you're having trouble making your monthly car payment, you might want to extend the loan term to lower the payment. But be aware that this can result in paying more interest over the life of the loan.

An auto loan refinance calculator can help you try out different rate, term and payment scenarios.

» Try our auto loan refinance calculator

When does it make sense to refinance a car loan?

If your credit has improved. If you’ve made consistent, on-time payments for six to 12 months since getting your car loan, and the lender has been reporting these payments to the credit bureaus, you might now qualify for a lower interest rate.

If a car dealer marked up your interest rate. When you got your original loan, the car dealer might have charged you a higher interest rate than you could have qualified for elsewhere — or can still qualify for with refinancing.

If you can’t keep up with payments. Refinancing to extend the length of the loan can lower your car payments, but don’t take this step lightly. Extending the loan term means you will pay more interest and more in total over the life of the loan, but that’s still a better option than missing payments or facing repossession.

If interest rates drop. If auto loan rates in general fall lower than when you first got your car loan, refinancing could be an opportunity to take advantage of these lower rates.

Another reason for refinancing a car is to remove a co-borrower from an existing auto loan.

Want to refinance your auto loan? See if you pre-qualify.

Just answer a few questions to get personalized results from our lending partners.

Check Rates

on NerdWallet

What happens when you refinance a car loan?

The process to refinance an auto loan is simple. You apply for an auto refinance loan, or auto refi loan, just as you would any other type of auto loan. Typically, you will have to apply with a new lender, because few lenders will refinance their own loans.

You will be able to choose the term for the new loan. This can be the same as the number of months remaining on your current loan, or you can shorten or extend it. Terms available from auto refinancing lenders vary, but a range of 24 to 84 months is the most common.

Extending the length of your car loan when you refinance will lower your monthly payments, but you will pay more interest over the life of your loan. It can also put you at risk of owing more than your car is worth, which is called being upside-down on your auto loan.

When you’re approved for an auto refinance loan, it provides funds to pay off and replace your current vehicle loan. In most cases, your refinance lender will take care of paying off your current loan. You then start making monthly, and hopefully lower, payments on the new loan.

The final step when refinancing is having a new car title issued to replace the lienholder (lender that has your loan) with the new lender. Many lenders will handle the title transfer for you. In some states, you may also need to re-register the car.

Refinancing may lower your credit scores if the lender uses a hard credit inquiry, but the drop is temporary and won’t have a long-term effect on your credit.

When is the best time to refinance a car loan?

Some lenders will refinance an auto loan as soon as you can provide information about your existing loan and lender. If you settled for an extremely high auto loan rate to escape a dealership, and you have good credit (FICO score of 690 and up), then refinancing to a lower rate as soon as possible may be a good idea.

On the other hand, if your blemished credit history resulted in a high auto loan APR, you might wait six to 12 months and keep paying on your existing loan. You generally need a history of six to 12 months of on-time payments, with no new negative items on your credit report, to make auto refinancing worthwhile or even possible with some lenders.

Who are the best auto loan refinance lenders?

The best auto refinancing lender for you may be different than the “best” for someone else. The higher your credit scores and the stronger your credit history, the more lender choices you will have with lower rates.

Nearly all banks and credit unions, known as direct lenders, offer auto loan refinancing. Your current bank or credit union might be a good place to start — especially if they offer a rate reduction for automatic payments.

Online loan marketplaces that work with a network of refinancing lenders are another option, and some specialize in refinancing auto loans. They provide the convenience of applying to many lenders with one loan application, but this can also lead to receiving calls, texts and emails from multiple lenders.

Lenders have different limits for car mileage and age, as well as the minimum amount a person can borrow, so make sure your needs fit within a lender’s requirements before you apply.

Applying to several auto refinance lenders and comparing offers give you the best chance of finding the lowest-rate loan with the shortest term. Make sure all applications are within a two-week window, so any hard credit inquiries are counted as one and have less effect on your credit scores.

Can you refinance a car loan with bad credit?

Refinancing an auto loan when you have bad credit can be difficult, but it might still be possible. Some lenders have minimum credit score requirements as low as 500. NerdWallet’s reviews of auto loan refinancing lenders show the minimum credit score for most.

But if your bad credit hasn't improved since getting your original loan, you will most likely have trouble finding a lender willing to refinance to a lower rate.

If you’re having trouble making car payments, talk to your current lender right away (before missing any payments). Some lenders have options to assist you that don’t require refinancing.

Can you get money back when you refinance an auto loan?

If your car is worth substantially more than you owe on it, some lenders allow what is known as cash-out auto refinancing. You borrow more than you owe on your current loan, pay off that lender and take the remainder in cash.

Interest rates for cash-out refinancing may be lower than those on a credit card or personal loan because the loan is secured by your car. But overborrowing against your car comes with risks. If your car is totaled or you eventually want to sell it, you might not receive enough from insurance or the buyer to pay off your loan balance. You would then be responsible for paying the remainder of the loan.

Last updated on January 20, 2023

To recap our selections...

NerdWallet's Top Auto Loan Refinancing Lenders

Frequently asked questions