10 Best Auto Refinance Companies of February 2024

Trending 3 months ago

The champion car refinance companies connection transparent, reliable work to consumers looking for competitory rates from a assortment of lenders, including banks, in installments unions and non-depository financial lenders.

Your imaginable savings will beryllium wished by aggregate factors — in installments score, yearly income and nan outstanding magnitude of your existent indebtedness — and nan value of each will dangle connected nan individual car refinance company.

Read connected to spot our apical picks for nan champion car refinance lenders of 2023 and study really to get nan astir competitory indebtedness position that fresh your needs.

Ads by Money. We whitethorn beryllium compensated if you click this ad.AdAds by Money disclaimer

*Rates and APYs are taxable to change. All accusation provided present is meticulous arsenic of January 31, 2024.

Money’s Main Takeaways

  • The lowest starting car refinance complaint this period is from LendingTree (4.50% APR)
  • PenFed is our prime for champion nonstop lender for its competitory APR and deficiency of other fees
  • iLending offers fantabulous customer work pinch conveyance title changes and erstwhile indebtedness payoffs
  • OpenRoad Lending is nan champion car refinance institution for borrowers pinch debased in installments scores

Why Trust Us?

Our editorial squad evaluates car refinance companies independently, ensuring we supply readers pinch meticulous and adjuvant information. Our database of champion car refinance companies is built connected much than 300 cumulative investigation hours, including interviews pinch institution representatives. Read nan full methodology to study more.

  • 30+ car refinance lenders evaluated
  • 15+ institution representatives interviewed
  • Over 30 information points evaluated, including minimum in installments people requirement, indebtedness processing fees and customer satisfaction

Our Top Picks for Best Auto Refinance Companies of February 2024

Ads by Money. We whitethorn beryllium compensated if you click this ad.AdAds by Money disclaimer

Best Auto Refinance Company Reviews


  • Compare up to 5 car refinance indebtedness offers
  • Sizeable lender web covers a assortment of borrower profiles
  • Minimum in installments score, indebtedness position and different lender specifications listed
  • Several lenders judge in installments scores starting successful nan debased 500s


  • Document fees whitethorn use
  • Borrowers must complete indebtedness process straight pinch lender


Starting APR4.50%Minimum Credit ScoreLow 500sLoan AmountsVaries by lenderLoan Terms12 to 84 months

Why we chose it: LendingTree is our prime for champion marketplace for its varied lender network, which covers a wide scope of in installments scores and car refinance indebtedness needs.

LendingTree offers a web of astir 40 lenders crossed nan U.S., including banks, in installments unions and different financial institutions. When you use — which requires only a soft in installments pull, and won’t effect your in installments people — you person up to 5 matches.

On nan website, you tin find important lender details, specified arsenic starting APRs, indebtedness terms, indebtedness amounts and nan minimum in installments people required. However, immoderate pertinent information, specified arsenic indebtedness closing costs, is not available. Additionally, not each lenders are listed. If you get an connection you like, beryllium judge to cheque these specifications earlier completing nan indebtedness exertion process.

Read our afloat reappraisal of LendingTree Auto Refinance >>>


  • Marketplace pinch astir 200 lenders
  • Average savings declare of $101 per month
  • Approval decisions successful 48 hours aliases less
  • Co-applicants permitted
  • Positive customer reviews connected third-party sites


  • Origination fees, exertion fees and different other charges alteration crossed partner lenders


Starting APR4.67%Minimum Credit ScoreRecommended 660Loan AmountsStarting astatine Starting astatine $8,000Loan Terms24 to 96 months

Why we chose it: RateGenius offers 1 of nan astir extended lender networks successful nan car refinance manufacture for borrowers pinch in installments scores of 660 and higher.

RateGenius car refinance marketplace stands beardown among competitors. Its astir 200 partner lenders see in installments unions, location banks, nationalist banks and finance companies. The immense mostly of these lenders judge in installments scores of 660 aliases higher, according to a RateGenius representative. (FICO designates scores of 670 aliases higher arsenic bully credit.)

You tin prequalify for an car indebtedness refinance connected RateGenius pinch only a soft in installments pull. Lease buyouts and cash-out refinance loans are besides disposable done nan marketplace’s partner lenders. Additionally, galore of these lenders judge co-borrowers, which tin amended your chances of support if nan personification successful mobility has bully to fantabulous credit.

On its Better Business Bureau (BBB) page, RateGenius has an A+ standing pinch much than 700 reviews that are almost wholly positive. Many customers were pleased pinch nan work offered and noted nan easiness of nan process from exertion to indebtedness funding.

Read our afloat reappraisal of RateGenius Auto Refinance>>>


  • One of nan highest mean monthly savings claims connected our database astatine $191
  • Prequalify pinch a soft in installments pull
  • Automatic PenFed rank pinch indebtedness processing
  • Add-ons available, including GAP insurance, conveyance protection and indebtedness protection


  • Higher starting APR for vehicles pinch 7,501 miles aliases more
  • Borrower is responsible for erstwhile lease payoff and conveyance title change


Starting APR5.94%Minimum Credit Score640Loan Amounts$500 to $150,000Loan Terms36 to 84 months

Why we chose it: PenFed Credit Union takes nan title of nan champion nonstop lender for car refinance loans because it doesn’t complaint archive fees aliases origination fees, and its yearly percent rates are competitive.

Pentagon Federal Credit Union (PenFed) is simply a nonstop lender pinch nary other fees added to its car refinance loans. Many car refinance marketplaces enforce archive fees aliases origination fees, and successful return, nan institution handles nan original indebtedness payoff. With PenFed, you’re responsible for this task, arsenic good arsenic changes to nan conveyance title. Still, nan deficiency of fees helps trim your full indebtedness repayment.

You tin spot indebtedness offers without negatively impacting your in installments people connected nan in installments union’s website. PenFed allows for car refinance loans of up to $150,000 aliases 125% of your existent indebtedness balance. However, to qualify, nan conveyance cannot person much than 125,000 miles.


  • Options for borrowers pinch mediocre credit
  • Co-borrowers permitted
  • Accepts cars up to 15 years aged and pinch 160,000 miles


  • Does not waste add-ons, e.g., GAP insurance
  • $299 processing interest applies to each loans
  • No lease buyouts


Starting APRStarting astatine 5.79%Minimum Credit Score500Loan AmountsStarting astatine $7,500 to $100,000Loan Terms36 to 84 months

Why we chose it: OpenRoad Lending connects customers to banks and different financial institutions that judge car refinance borrowers pinch in installments scores arsenic debased arsenic 500.

OpenRoad Lending is 1 of fewer car refinance companies that offers options for consumers pinch less-than-stellar credit. This includes subprime borrowers, which relationship for astir one-third of U.S. consumers, according to a caller study from nan in installments bureau Experian.

In fact, OpenRoad Lending useful pinch borrowers pinch in installments scores arsenic debased arsenic 500. Additionally, customer work agents are disposable to anyone successful request of guidance passim nan car refinance process, a institution typical tells Money. Co-borrowers are besides permitted, which could amended nan chances of approval.

Vehicles tin beryllium up to 15 years old, which is much elastic than nan 10-year manufacture average. In position of mileage, OpenRoad is besides much generous, accepting vehicles pinch up to 160,000.


  • Accepts borrowers pinch caller bankruptcies
  • Bad in installments borrowers are encouraged to apply
  • Provides acquisition accusation for borrowers
  • Lower starting indebtedness magnitude than different companies connected our list


  • Interest rates and position are little favorable for mediocre in installments scores
  • Maximum indebtedness magnitude is little than different companies connected our list
  • No add-on products (e.g., GAP, conveyance work contract)


Starting APRUndisclosedMinimum Credit Score525Loan Amounts$5,000 to $50,000Loan TermsVaries by lender

Why we chose it: Auto Credit Express useful pinch borrowers pinch in installments scores arsenic debased arsenic 525, arsenic good arsenic borrowers pinch bankruptcies connected their in installments histories.

Lenders disposable done Auto Credit Express facet successful a borrower’s existent financial work erstwhile considering indebtedness approvals, which is adjuvant for individuals still moving to amended their in installments scores. Additionally, moreover if you person a bankruptcy aliases repossession connected your in installments report, Auto Credit Express whitethorn still beryllium capable to thief you unafraid an car refinance loan.

Consistent on-time payments to your original indebtedness for astatine slightest six months, for example, show lenders financial discipline. This tin thief your chances of support if you person a debased in installments score.

Auto Credit Express is rated fantabulous connected 1 third-party reappraisal site. The institution besides has an A+ standing connected nan Better Business Bureau (BBB) website.

Read our afloat reappraisal of Auto Credit Express Auto Refinance>>>


  • Rates commencement astatine 4.49% for borrowers pinch fantabulous credit
  • Compare up to 4 indebtedness offers online wrong minutes
  • Average savings declare of $150 per month


  • Not disposable successful Alaska aliases Hawaii
  • Maximum conveyance mileage of 125,000 miles (or 120,000 miles for backstage statement loans)
  • Some lenders whitethorn complaint fees aliases a down costs


Starting APR4.99%Minimum Credit Score575Loan Amounts$5,000 to $150,000Loan Terms24 to 84 months

Why we chose it: myAutoloan is our runner-up for champion car refinance institution for adjacent in installments acknowledgment to its competitory rates, moreover for borrowers pinch in installments scores arsenic debased arsenic 575.

MyAutoloan recommends a in installments people of astatine slightest 575 for nan champion offers and debased rates. However, nan bulk of its customers, institution typical Staci Bailey tells Money, person FICO scores ranging from 620 to 680. Borrowers should besides person a monthly income of astatine slightest $1,800.

The company’s Auto Loan Interest Rate Estimator tin springiness you a bully thought of what your APR mightiness look like, and you tin usage this instrumentality without providing immoderate individual interaction accusation that could consequence successful connection from myAutoloan astir imaginable offers.

When a customer fills retired myAutoloan’s form, nan (up to four) offers they whitethorn person are guaranteed arsenic agelong arsenic each of nan accusation you’ve provided is accurate. The rates and position shown are not conscionable prospective situations but existent prequalified offers. This is because, arsenic Bailey explains, myAutoloan is integrated straight pinch each lender’s circumstantial indebtedness origination system.

Lease buyouts and cash-out refinance are besides portion of myAutoloan’s offerings. For qualified borrowers, a costs deferral of up to 90 days is imaginable too.

Read our afloat reappraisal of myAutoLoan Auto Refinance>>>


  • Offers 1 of nan lowest starting APRs connected our list
  • Multiple add-ons disposable (e.g. GAP, Depreciation Protection, Vehicle Service Contract)
  • Lease buyouts and cash-out refinance available
  • No fees for processing your car refinance loan


  • Not disposable successful Alaska, North Dakota, Rhode Island, Nevada, Massachusetts, aliases Washington, D.C.
  • Minimum indebtedness magnitude is higher than galore different companies
  • Must taxable individual info for quote, past speak to a typical to apply


Starting APR5.99%Minimum Credit Score650Loan Amounts $10,000 to $150,000Loan Terms 25 to 84 months

Why we chose it: Gravity Lending is our prime for runner-up for champion for bully in installments because of its wealthiness of lenders that cater to borrowers pinch in installments scores of 650 and up.

Gravity Lending offers a divers marketplace of astir 70 lenders that refinance car loans, specified arsenic in installments unions, banks, hedge firms and different financial institutions. The institution handles each nan basal indebtedness processing archiving without charging immoderate fees. This intends there’s nary origination interest aliases further costs from Gravity Lending during nan process.

To refinance your car indebtedness pinch Gravity Lending, nan conveyance can’t beryllium complete 10 years old, which is modular for car refinance. However, nan maximum mileage allowed is 100,000 — a spot little than immoderate different companies connected our list. The suggested minimum monthly income for borrowers is $2,000. In position of in installments score, Gravity Lending useful pinch borrowers pinch scores of 650 and above. (For car refinance cash-out, nan minimum FICO in installments people is higher astatine 750.)

Overall, Gravity Lending is simply a coagulated action for anyone pinch adjacent in installments aliases higher. The company’s mean savings declare is $105 per month, and qualified borrowers whitethorn beryllium capable to defer starting payments for up to 90 days.


  • iLending handles title alteration and paying nan erstwhile loan
  • Qualified borrowers tin skip up to 90 days of payments
  • High customer restitution connected third-party reappraisal sites
  • Strong mean monthly savings declare of $133
  • Spanish-language car refi process available


  • Not a afloat integer experience, must activity pinch indebtedness consultants
  • Approval clip could return up to six days


Starting APR6.59%Minimum Credit Score560Loan Amounts$7,500 to $150,000Loan Terms24 to 84 months

Why we chose it: iLending is 1 of fewer car refinance companies that handles making nan basal title changes to your conveyance and paying disconnected your erstwhile car loan. Additionally, iLending offers a afloat Spanish-language car refinance indebtedness process for those who for illustration Spanish.

Many companies complaint a archive interest aliases origination interest for car refinance loans. However, iLending stands retired for including aggregate services successful that fee, for illustration changing nan title connected your conveyance and paying disconnected your erstwhile loan. If your refinance indebtedness is pinch a in installments national and a rank interest is required, that’s covered arsenic well.

The starting APR astatine iLending is competitory and only a soft in installments propulsion is required to person imaginable indebtedness offers. Once you taxable your information, a indebtedness advisor will telephone you to talk your needs. Depending connected your financial situation, you whitethorn beryllium capable to skip up to 90 days of indebtedness payments.


  • No restrictions connected car mileage, year, make, aliases model
  • No origination interest for indebtedness processing
  • Co-borrowers permitted
  • Longer position (up to 7 years)
  • No prepayment penalty


  • Excellent in installments required
  • Hard in installments cheque required to apply
  • No cash-out refinance options
  • Must person a Visa aliases MasterCard in installments paper for personality verification purposes


Starting APR7.74% pinch AutoPay discountMinimum Credit Score660Loan Amounts$5,000 to $100,000Loan Terms36 months to 84 months

Why we chose it: LightStream is our prime for champion car refinance for immoderate benignant of conveyance because it places nary restrictions successful position of make, model, twelvemonth aliases mileage.

LightStream is 1 of nan fewer lenders pinch nary conveyance restrictions connected its car refinance loans. There are nary limitations successful position of conveyance age, make, exemplary aliases mileage, truthful customers tin refinance new, utilized and moreover classical cars. LightStream besides useful pinch different vehicles, for illustration motorcycles and ATVs.

This elasticity is imaginable because LightStream offers unsecured loans. This intends you’ll support your conveyance title, dissimilar erstwhile purchasing a unafraid loan. LightStream representatives explained to Money that nan institution is underwriting nan borrower, not nan vehicle.

Lightstream’s yearly percent rates are higher compared to different companies we evaluated, and nan lowest rates are disposable only to borrowers pinch fantabulous credit. Still, nan lender’s deficiency of limitations connected conveyance requirements is unparalleled. For those pinch older, high-mileage vehicles who person a high-rate car loan, a refinance pinch LightStream could still mean important savings. Use LightStream’s online rate calculator to get an thought of imaginable rates for your circumstantial situation.

A prize successful moving pinch LightStream is nan lender’s committedness to societal responsibility. Through its business pinch American Forest, LightStream plants a character for each indebtedness funded.

Read our afloat reappraisal of LightStream Auto Refinance>>>


  • New-to-credit programme available
  • No make, model, aliases twelvemonth restrictions connected vehicles
  • Easy rank process: Open a savings relationship pinch a minimum of $5


  • Direct deposit required for APR discount
  • Electronic payments required for APR discount


Starting APR6.74%Minimum Credit ScoreNew-to-credit programme availableLoan AmountsNo minimum, max $500,000Loan Terms12 to 84 months

Why we chose it: DCU is our prime for champion car refinance for newcomers to in installments building because it useful pinch borrowers who don’t person beardown in installments histories.

A afloat integer car indebtedness refinance acquisition tin beryllium a plus, but for immoderate borrowers, immoderate guidance goes a agelong way. Digital Federal Credit Union, known arsenic DCU, offers personalized thief for car indebtedness refinance shoppers who person small aliases nary in installments history. This tin see a telephone telephone from a typical who mightiness propose adding a co-borrower.

Note that nan starting APR astatine DCU reflects enrollment successful physics payments arsenic good arsenic recurring nonstop deposits to a DCU account. An other discount of 0.25% is disposable to vehicles considered power efficient, for illustration electrical vehicles aliases cars pinch a 35 mpg average. Additionally, a 60-day deferment connected nan first costs is modular for immoderate DCU car indebtedness refinance.

DCU besides useful pinch motorcycles, boats, RVs and ATVs, positive salvaged vehicles, though these do require an appraisal and further investigation. The in installments union’s mileage maximum is 200,000, which is simply a spot higher than different companies — different facet we admit astir refinancing an car indebtedness pinch DCU.

Read our afloat reappraisal of Digital Federal Credit Union (DCU) Auto Refinance>>>

Ads by Money. We whitethorn beryllium compensated if you click this ad.AdAds by Money disclaimer

Other Auto Refinance Companies We Considered



  • Starting APR 5.99%
  • Compare rates without a difficult in installments cheque aliases Social Security number
  • Multitude of add-ons disposable (e.g. GAP, Extended Vehicle Protection)


  • The $399 processing interest charged to lenders whitethorn beryllium passed to nan borrower
  • Not disposable successful Mississippi, Maryland, Nebraska, Nevada, Wisconsin aliases West Virginia
  • No lenders offering car lease buyouts

Caribou is simply a integer level that connects borrowers pinch a immense web of partner lenders — chiefly in installments unions and organization banks — offering immoderate of nan champion car refinance loans. However, Caribou charges a archive interest for its service, and there’s nary guarantee nan lender you yet activity pinch won’t complaint further fees connected apical of that.

Why Caribou didn’t make nan cut: Caribou’s archive interest of $399 is higher compared to different companies we evaluated.

Read our afloat reappraisal of Caribou Auto Refinance>>>

Consumers Credit Union (CCU)


  • Detailed car refinance calculator to cheque your imaginable savings
  • CCU rank unlocks savings connected different financial products, specified arsenic location loans and business loans


  • Starting APR of 6.84% is somewhat higher than different companies we evaluated
  • No accusation astir applicant requirements, specified arsenic minimum in installments people
  • No accusation disposable astir indebtedness closing fees

Consumers Credit Union (CCU) is simply a nonstop lender for car refinance loans. You must beryllium a personnel of CCU to person a loan, but nan process is comparatively easy: Pay $5 to nan Consumers Cooperative Association, past unfastened and support a CCU savings relationship ($5 minimum). However, nan institution hasn’t responded to our requests for an interview, truthful we can’t corroborate important car refinance details, specified arsenic archiving fees aliases in installments people requirements.

Why Consumers Credit Union didn’t make nan cut: Consumers Credit Union lacks transparency astir its in installments people requirements, indebtedness position and fees, truthful we can’t adequately comparison it to different car refinance companies.



  • Loan magnitude minimum is $4,000 (lower than astir companies)
  • No circumstantial income requirement
  • APR starting astatine 5.99%


  • No add-ons
  • No lenders for in installments scores beneath debased 600
  • APR could beryllium arsenic precocious arsenic 24.99%

While its mean customer has a FICO people adjacent to 700, LendingClub has a web of lenders successful its car refinance marketplace, galore of which see borrowers pinch in installments scores successful nan debased 600. (These numbers were provided to Money by a LendingClub representative.)

LendingClub charges nary origination fee, processing interest aliases down payments connected its car refinance loans. However, loans whitethorn beryllium taxable to fees from nan indebtedness lenders.

Why LendingClub didn’t make nan cut: Its mean monthly savings declare of $78 is little than nan companies successful our apical picks.



  • Full-spectrum in installments lender
  • Average monthly savings declare of $150
  • APR starting astatine 5.29%


  • Rates for bad in installments borrowers are little favorable
  • Full sum security required
  • Document interest of $498 required

RefiJet almost made our apical picks for its somewhat higher-than-most maximum mileage (150,000) and debased starting yearly percent complaint for borrowers pinch fantabulous credit. The institution offers indebtedness options for borrowers pinch mediocre credit, too. Also, depending connected creditworthiness, borrowers whitethorn beryllium eligible to defer up to 3 months of payments connected their refinanced loan.

Why RefiJet didn’t make nan cut: RefiJet’s archive interest includes paying disconnected nan erstwhile lienholder and changing your conveyance title, but nan interest ($495) is somewhat higher than different companies that connection nan aforesaid service.



  • Loans starting astatine $9,000 pinch position from 24 to 84 months
  • Approval based connected much factors than conscionable in installments score
  • No exertion fee, nary origination fee, nary prepayment penalty


  • Potential borrowers get a azygous champion rate, truthful there's nary opportunity to comparison offers
  • No cash-out refinance aliases lease buyouts
  • No co-borrowers

Creditworthiness astatine Upstart is wished not only by your FICO score, Auto Refinance General Manager Val Gui tells Money. The company’s proprietary AI besides considers 1,000-plus different factors, for illustration your savings, employment and nan highest level of acquisition you’ve completed.

Why Upstart didn’t make nan cut: Because Upstart doesn’t supply a starting APR without entering individual information, we’ve decided to time off it disconnected our apical picks for now.

Auto Approve


  • APR starting astatine 5.24%
  • Loan position from 12 - 120 months
  • Title alteration handled by Auto Approve
  • Add-ons for illustration GAP and 24/7 roadside assistance available


  • FICO people required for lowest APR is 730 aliases higher
  • Document interest astatine indebtedness processing is $488
  • Terms for debased in installments applicants are little favorable

Borrowers approved for car indebtedness refinance done Auto Approve prevention an mean of $148 monthly, institution representatives show Money. You’re not required to supply your Social Security number to person a quote. Auto Approve’s minimum FICO people allows for debased in installments applicants; nan minimum people required to use is 580. For monthly income, nan institution requires a $2,000 minimum.

Why Auto Approve didn’t make nan cut: The archive interest of $488 is simply a small higher than what’s charged by different companies.

Bank of America


  • Lease buyouts for qualifying borrowers
  • Refinance car indebtedness calculator for quotes requires nary personally identifying information
  • Bank of America customers whitethorn suffice for Preferred Rewards discounts of 0.25% - 0.50%


  • Starting APR of 7.39% is higher than different companies we evaluated
  • Car must beryllium weighted astatine $6,000 aliases more
  • May require a down costs for refinancing

Bank of America offers car refinance loans starting astatine $7,500, aliases $8,000 successful Minnesota. Loan position are 42 - 72 months. Its mean monthly savings declare is $60, which is importantly little than different companies we evaluated.

Why Bank of America didn’t make nan cut: Its yearly percent rates are higher and its monthly savings declare is little than galore different companies successful our apical picks.

Capital One


  • 90% of prequalified applicants are yet approved
  • Capital One handles paying disconnected erstwhile lienholder
  • Minimum monthly income request is debased astatine $1,500


  • May require costs to nan existent indebtedness earlier approval
  • No lease buyouts aliases cash-back refinancing options
  • Current indebtedness magnitude capped astatine $50,000

Capital One offers imaginable customers nan opportunity to pre-qualify for an car indebtedness refinance pinch only a soft in installments pull. The online exertion for an car refinance indebtedness takes only astir 5 minutes to complete. Capital One besides has an app disposable (called nan “Auto Navigator”) for iOS and Android, done which imaginable customers tin shop for cars and financing options.

Why Capital One didn’t make nan cut: Auto refinance borrowers whitethorn beryllium required to salary down nan equilibrium of their existent car indebtedness if their payoff magnitude is higher than nan company’s limits. There’s besides nary accusation astir starting yearly percent rates for car refinance loans connected its website.

Navy Federal Credit Union


  • Cash prize of $200 whitethorn beryllium available
  • Competitive starting APRs: 4.54% for caller vehicles, 5.44% for utilized vehicles


  • Membership restricted to members of nan equipped forces, veterans, their families and family members, Department of Defense personnel
  • Average savings of $62 per period is little than different companies we evaluated
  • Best yearly percent rates only disposable to fantabulous in installments borrowers

Navy Federal Credit Union offers car refinance loans astatine competitory rates, particularly for borrowers pinch fantabulous credit. Rates alteration by mileage and exemplary year, pinch little rates for conveyance exemplary years 2022 and newer pinch 30,000 miles aliases less. Vehicles that are much than 20 years aged whitethorn beryllium eligible for car refinance loans, but starting APRs are importantly higher.

Why Navy Federal Credit Union didn’t make nan cut: Navy Federal’s mean savings declare of $62 is little than galore different companies we evaluated.

PNC Bank


  • Auto refinance loans from $5,000 to $100,000
  • Check imaginable rates utilizing online calculator
  • Co-borrowers allowed


  • Starting APR of 6.99% is somewhat higher than different companies we reviewed
  • PNC Bank does not grip title transportation
  • Rate estimates via calculator are higher than different companies we evaluated

PNC Bank is simply a location slope that lends straight to borrowers. You tin pre-qualify for an car refinance indebtedness pinch only a soft in installments propulsion for loans from $5,000 to $100,000. Loan position scope from 12 to 84 months. While PNC Bank does not connection title transportation services for its borrowers, nan lender does grip paying disconnected nan existing indebtedness pinch nan erstwhile lienholder.

Why PNC Bank didn’t make nan cut: Compared to different companies successful our apical picks, starting yearly percent rates for car indebtedness refinance astatine PNC Bank are a spot higher than average.

Auto Refinancing Guide

Refinancing tin springiness entree to amended liking rates erstwhile your in installments history has improved since taking retired your existent car loan. However, it’s not a determination to beryllium made lightly, arsenic it whitethorn mean further fees and a deed to your in installments score.

How does refinancing a car work?

Refinancing a car useful successful 2 ways: accepted car refinance and cash-out refinance.

Traditional car refinance is erstwhile you switch your existing car indebtedness pinch a caller car indebtedness that has a amended yearly percent complaint aliases little monthly payments. You salary disconnected your erstwhile indebtedness utilizing nan caller loan.

With a cash-out refinance, you return retired a caller indebtedness to screen your original loan, but you besides person an further magnitude of money that tin beryllium utilized for immoderate purpose.

Traditional car refinance

Refinancing a car mostly intends taking retired a caller indebtedness to salary disconnected nan equilibrium connected your existing conveyance loan, ideally for a little rate. Since your original indebtedness is replaced by a caller financial obligation, you summation a caller APR and caller word length.

As an added bonus, your car security premiums are apt to spell down arsenic well. If you’re looking to alteration insurers, you tin besides cheque retired our database of nan best car insurance companies.

Cash-out car refinance

A fewer car refinance companies besides connection cash-out car refinances, successful which your caller indebtedness covers your existing equilibrium and provides an further magnitude of money. While a cash-out refinance whitethorn person little liking rates than different options, specified arsenic individual loans aliases in installments cards, your monthly payments will spell up. This type of indebtedness besides has a higher consequence of going upside-down.

Auto refinancing pros and cons


  • Longer refinancing position alteration your monthly car payments
  • Shorter refinancing position tin prevention you money successful nan agelong run
  • May get little liking rates
  • No down costs necessary
  • Most shaper warranty policies still use aft refinancing


  • Total liking will spell up if you widen indebtedness repayment position
  • A shorter indebtedness word will summation your monthly payments
  • Prepayment penalties and refinancing fees tin offset immoderate liking complaint savings
  • Lenders whitethorn complaint an origination interest connected nan caller indebtedness

Auto refinancing requirements

Before opening nan process, it’s important to make judge refinancing is nan correct solution for you and whether you meet nan qualification requirements. Carefully see nan following:

  • Your existing loan’s prepayment protocol - Check your existing car indebtedness statement to find retired if you’ll beryllium penalized for paying early. (This is called a prepayment penalty.) If so, crunch nan numbers to spot whether an car refinance makes sense.
  • Loan equilibrium versus your car’s marketplace worth - Your indebtedness equilibrium is higher than nan car’s marketplace value. If you’re “underwater,” aliases beryllium much than nan car is worth, galore lenders won’t see you for an car refinance loan. (You tin cheque your car’s worth connected Kelley Blue Book.)
  • Vehicle property and its mileage - Auto refinance lenders person restrictions you’ll person to meet. Many won’t connection loans for cars much than 10 years aged aliases that person complete 120,000 miles.
  • The position of your existent indebtedness payments - Your indebtedness payments should beryllium up to date. If you’re down connected payments, galore lenders won’t see you a viable candidate.
  • The equilibrium of your existent indebtedness - Each lender has a maximum and a minimum indebtedness magnitude they’ll refinance. If your loan’s existent equilibrium is excessively debased aliases excessively high, you whitethorn not qualify. Many indebtedness providers besides person minimum indebtedness amounts (and maximums) to consider.
  • The benignant of car you person - Generally, car refinance companies won’t refinance cars that are “branded,” meaning rebuilt, salvaged aliases commercialized vehicles.

When tin you refinance a car loan?

Deciding erstwhile you should refinance your indebtedness depends connected a number of factors. While a refinance is technically imaginable moreover connected a caller loan, location are immoderate conditions nether which it makes nan astir sense.

When your existent woody isn’t great

Thanks to world shipping issues and precocious demand, and if you didn’t do immoderate observant comparison shopping betwixt lenders aliases dealerships erstwhile you bought your car, your indebtedness whitethorn not person nan champion repayment position aliases rates.

For instance, if your existent APR is astir 20-25%, you mightiness beryllium capable to get a amended connection by shopping around. This is peculiarly existent if your indebtedness is 2 years older aliases more, arsenic galore loans pinch precocious APRs complaint astir of nan liking magnitude during that clip period.

When your in installments people has gone up

An improved credit score will apt springiness you entree to overmuch amended repayment position and little liking rates. If your people was 640 erstwhile you received your original conveyance loan, your in installments people was considered adjacent by FICO standards, and you apt committed to a precocious yearly percent rate. However, erstwhile you scope bully in installments (670) position aliases better, car indebtedness refinance companies whitethorn connection a amended yearly percent complaint and much favorable repayment terms.

When your existent indebtedness payments are excessively high

An car indebtedness refinance provides an opportunity to little your monthly car payment. This is achieved done extending nan life of your loan, which intends you’ll salary much liking complete nan agelong run. But for those who request much room successful their monthly budget, a driblet successful their car costs could beryllium helpful.

For example, see an original indebtedness for $45,000 pinch a word magnitude of 60 months astatine a 6.3% yearly percent rate. The monthly costs for this indebtedness would beryllium $876. If you refinance astatine 84 months astatine nan aforesaid yearly percent rate, your costs drops to $664 — a savings of much than $200 monthly.

However, this longer indebtedness word intends you’ll salary much liking than you would person pinch nan original loan. In nan first scenario, nan liking full is $14,175. Extending nan indebtedness word to 7 years arsenic opposed to nan original 5 years intends you’ll accrue $19,845 successful liking owed — an summation of $5,670.

How to refinance a car loan

Once you’ve weighed your options and decided a refinance of your existent indebtedness is nan measurement to go, travel these elemental steps.

  • Check your in installments score - If you person bully credit, you'll apt get a amended deal. This whitethorn beryllium a bully clip to guarantee location is nary incorrect accusation successful your in installments report.
  • Gather each nan accusation astir your existent car loan - Having each your accusation astatine manus will thief velocity nan exertion process.
  • Research caller lenders and comparison rates - While it whitethorn return immoderate time, thoroughly researching car indebtedness refinance lenders and indebtedness offers to find nan champion connection tin not only thief you comparison rates, but besides place immoderate imaginable reddish flags. You tin besides spot whether your existent lender offers a competitory car indebtedness refinance option, but support successful mind that immoderate lenders will not refinance loans from their ain company.
  • File for prequalification - Getting a pre-approval, erstwhile available, presents you arsenic a bully campaigner for a refinance.
  • Submit an application - Once you've gathered each your documents and person chosen a lender, it's clip to apply. Many lenders connection an online application.
  • Evaluate nan terms - Carefully publication nan good people astir indebtedness terms. Check whether you tin support your existent security argumentation nether nan caller lender’s requirements.
  • Finalize nan loan - Remember to support making your payments connected your existing car indebtedness until nan caller car refinance indebtedness is finalized.

Documents needed to refinance your car loan

To refinance immoderate benignant of loan, immoderate archiving is required. These pertain to personally identifiable information, income, residence and your car’s specifications, among others.

Here’s a elaborate list:

☑ Social Security number
☑ Employment information
☑ Residence information
☑ Driver’s license
☑ Car registration and mileage information
☑ Proof of insurance

Does refinancing a car wounded your credit?

There’s a quality betwixt a hard vs. soft in installments inquiry, and it’s important to cognize which benignant of in installments enquiry a lender is utilizing erstwhile you use for an car indebtedness refinance. Most lenders behaviour a soft propulsion connected your in installments for pre-qualification, besides known arsenic pre-approval, and this won't impact your in installments score. However, location are immoderate lenders that behaviour a difficult enquiry connected borrowers correct away. A difficult inquiry, besides called a difficult pull, will apt sound your in installments people down a fewer points.

Past nan preapproval process, it’s modular for lenders to behaviour a difficult in installments propulsion successful bid to move guardant pinch nan indebtedness underwriting process. You don’t person to perpetrate to nan indebtedness offered astatine approval, though, truthful if you want to proceed comparing offers but minimize nan imaginable in installments people drop, make judge to indebtedness shop wrong a 14 to 45-day window. Credit bureaus will count these arsenic 1 azygous pull.

Unauthorized difficult inquiries aren’t unheard of, truthful make judge nan lender is trustworthy. If you find unauthorized inquiries connected your report, here’s how to region antagonistic items connected your in installments report.

After finalizing nan loan, your in installments people will besides driblet somewhat because nan refinance is considered caller debt. However, this caller relationship is efficaciously replacing an older debt, truthful nan in installments effect shouldn’t beryllium significant. Be judge to cheque your in installments scores crossed in installments bureaus — spot our guideline to VantageScore vs FICO.

In immoderate case, retrieve to support making your payments connected your existent indebtedness until nan refinance has gone through. Otherwise, your in installments could beryllium affected. Also, beryllium judge to find retired if your caller car refinance lender will salary disconnected your aged indebtedness for you aliases if you’ll request to grip that yourself.

How to refinance a car indebtedness pinch bad credit

You must person a minimum in installments people of 640 if you dream to get nan champion complaint connected an car refinance loan. However, conscionable for illustration erstwhile you activity to get a car indebtedness pinch bad credit, location are lenders that specialize successful car indebtedness refinance for bad in installments borrowers. Here are immoderate cases successful which refinancing whitethorn still beryllium helpful, moreover if you person mediocre credit:

  • If car indebtedness rates person gone down - Even pinch bad credit, you whitethorn still beryllium capable to find a little complaint aliases amended indebtedness position if nan marketplace has improved since you purchased your original loan.
  • If your extremity is simply a little monthly payment - If your main driver successful refinancing your car indebtedness is decreasing your monthly payment, this whitethorn mean extending your indebtedness term. The downside is that this will widen nan life of nan loan, and you’ll truthful salary much successful liking arsenic well.

If you’re wished to refinance your car indebtedness contempt a spotty in installments history, travel nan steps outlined above. It whitethorn make consciousness to cheque retired competing offers connected a marketplace website specified arsenic LendingTree aliases RateGenius. You whitethorn besides beryllium capable to get amended rates pinch a lender that allows you to adhd a co-signer to your loan.

Another action is to see debt consolidation, which tin streamline your indebtedness payoff strategy.

Finally, if you can’t find a bully deal, taking steps to fix your credit whitethorn extremity up being your champion move successful nan agelong run. An improved in installments people will impact each area of your finances, not conscionable your car indebtedness refinance offers. While astir in installments repair strategies are imaginable to do yourself, if nan clip committedness is excessively high, you whitethorn want to cheque retired our database of nan best in installments repair companies.

Auto Refinance Glossary

Loan-to-value - This is really overmuch you’ve borrowed (also called nan principal) that remains unpaid versus nan car’s existent value. Calculate LTV by dividing your unpaid indebtedness equilibrium by nan car value, past multiply nan consequence by 100 for a percentage.

Upside-down aliases Underwater - If your car indebtedness equilibrium is much than your conveyance is worth, you’ve gone upside-down aliases underwater connected your loan. Typically, car refinance lenders will not waste refinance loans to customers who are presently upside-down connected their existing car loans.

Interest complaint - This is nan yearly costs of borrowing from a lender. It’s expressed arsenic a percent and added to nan main (total indebtedness amount). Note: The liking complaint is not nan aforesaid arsenic nan yearly percent rate.

Annual percent complaint (APR) - This percent reflects nan full costs of borrowing from a lender. It includes nan liking complaint and immoderate fees, specified arsenic origination fees, lender compensation fees (also called prepaid finance charges) and income tax.

Debt-to-income (DTI) - DTI is really money you person disposable to spend, and lenders usually look for DTIs of 36% aliases lower. Calculate DTI by adding up monthly indebtedness payments (e.g. rent, indebtedness payments, security premiums, in installments cards), past disagreement that number by your monthly gross income (total magnitude you gain earlier taxes), and multiply nan consequence by 100 to get a percentage.

Lease - A car lease statement permits you to thrust a conveyance for a group magnitude of clip for a group cost, pinch stipulations including mileage limitations and attraction requirements. Most car leases are acquired done dealerships, though immoderate banks and in installments unions connection facilitation services. When your lease expires, you whitethorn beryllium capable to bargain nan car aliases motion a caller lease for a caller vehicle.

Loan Pre-Approval - A indebtedness pre-approval is not an charismatic offer, but it does supply you pinch an estimated indebtedness complaint and position based connected a superficial reappraisal of your financial situation. If you move guardant pinch your indebtedness application, you’ll beryllium asked for further details, which will beryllium analyzed pinch much scrutiny. Subsequently, your indebtedness connection could look very different from your pre-approval offer.

Loan Approval - A indebtedness support requires underwriting, aliases nan process of conducting a difficult in installments cheque and a reappraisal of your financials (e.g. income, employment history). The connection you person via indebtedness support is simply a guaranteed connection — dissimilar a pre-approval, which is an estimate and not a guaranteed offer. However, you tin still diminution to judge a indebtedness connection for immoderate reason.

Cash-out refinance - Also called a cash-back loan, an car indebtedness cash-out refinance is akin to a mortgage cash-out refinance. For example, if your car is worthy $15,000 and you still beryllium $8,000 connected your car loan, a cash-out car refinance from a lender for 80% of nan car’s worth would mean you get $12,000. You usage those costs to salary disconnected nan remaining equilibrium of nan original loan, and nan magnitude you’re near pinch — successful this case, $4,000 — tin beryllium utilized for immoderate purpose.

Auto Refinance Companies FAQs

How to refinance a car



To refinance an car loan, shop astir and comparison offers from different car refinance lenders. When you settee connected nan champion one, taxable a general exertion and hold for nan lender's general offer. If accepted, you tin finalize nan document, settee nan erstwhile loan, and commencement your indebtedness payments pinch nan caller lender.

When tin I refinance my car?



You tin refinance your car indebtedness arsenic soon arsenic 2 months aft closing connected nan original car loan. However, if your financial business hasn't improved aliases liking rates haven't changed, it's improbable you'll spot immoderate savings. Read our tips for when to refinance a car loan to study more.

Can I get a indebtedness pinch bad credit?



You tin get a car indebtedness pinch bad credit, but it will beryllium much challenging. Lenders usage in installments scores to measure a borrower's risk, truthful nan champion car refinance rates thin to spell to those pinch good-to-excellent FICO scores (670 aliases higher). People pinch little scores will person higher rates than those pinch a bully aliases fantabulous in installments score. Some lenders specialize successful loans for customers pinch adjacent to mediocre credit, specified arsenic AUTOPAY and Auto Credit Express.

How galore times tin you refinance a car?



Legally, you tin refinance a car arsenic galore times arsenic you want if you find a different lender consenting to widen you a caller loan. Auto lenders whitethorn beryllium apprehensive astir refinancing if they spot aggregate past refinances connected your conveyance and moreover if you get approved, location are different financial risks to consider.

Repeated refinances and indebtedness word extensions summation nan consequence of going "upside-down" connected your loan, which intends your indebtedness equilibrium is greater than nan marketplace worth of your car. You whitethorn besides extremity up paying much than nan original indebtedness amount, conscionable successful liking rates.

How to transportation a car indebtedness to different person?



You tin transportation your car indebtedness to personification other if nan caller lender allows it. Loan transfers whitethorn travel pinch a transferring and/or merchant fee, and lenders ever cheque that nan transferee has bully in installments and income, to forestall indebtedness defaults. The transportation won't beryllium approved if nan person's creditworthiness and income aren't up to par.

How soon tin you refinance an car loan?



Some car refinance companies will activity pinch car loans arsenic caller arsenic 30 days from origination. This varies by lender, though, truthful beryllium judge to cheque nan company's requirements.

How We Chose nan Best Auto Refinance Companies

To create our database of nan champion car refinance companies, we conducted much than 300 hours of investigation and vetted companies according to aggregate information points. When looking for nan different car refinance companies successful nan industry, we:

  • Compare yearly percent rates - We hunt for nan astir competitory rates successful nan industry.
  • Research institution offerings - Not each car refinance companies are nan same, and truthful we analyse each company’s offerings independently.
  • Analyze eligibility requirements - We categorize car refinance companies based connected eligibility requirements, making judge we connection options for a scope of financial situations.
  • Evaluate nan customer experience - We reappraisal each company’s complaints pinch nan Consumer Financial Protection Bureau (CFPB), Better Business Bureau (BBB) and nan Federal Trade Commission (FTC). We besides study third-party reappraisal sites for customer feedback.
  • Conduct interviews pinch institution representatives - We regularly speak straight pinch representatives from aggregate car refinance companies to corroborate information and get further specifications astir fees, nan exertion process and more.
  • Audit financial stability - We see each company’s financial stableness to guarantee nan institution tin meet their refinancing obligations.

Although we ever effort to see meticulous and up-to-date accusation connected regulatory and ineligible actions, we don’t declare this accusation is complete aliases afloat up to date. Annual percent rates are taxable to change. As always, we urge you do your ain investigation arsenic well.

Summary of Money’s 10 Best Auto Refinance Companies of February 2024

Source Economic