Best Car Loan Refinancing Companies
If you want to save money on your monthly car payments, refinancing might be the right choice for you. Our research team vetted 20 auto refinance lenders rated by more than 2,178 borrowers. Read our guide to choose the best car loan refinancing company for you by comparing credit score requirements, refinancing rates and lending platforms.
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| Online auto refinancing broker offering rate and price comparison services. Additional options include vehicle service contracts and guaranteed asset protection. Customers save $134 monthly on average. No fees for service. | ![]() | Get Started | |||
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| Auto loan refinancing company. Connects customers with direct lenders. Personal representatives guide customers through the process. No hard credit pull until you apply with a lender. Works with a variety of credit scores. | ![]() | Get Started | |||
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Caribou
Partner Disclosures**APR is the Annual Percentage Rate. Your actual APR may be different. Your APR is based on multiple factors including your credit profile and the loan to value of the vehicle. APR ranges from 2.32% to 36.00% and is determined at the time of application. Lowest APR is based on loan amount of $45,000 and is available to borrowers with excellent credit and only in certain states. Advertised rates and fees are valid as of 8/5/2022 and are subject to change without notice. Lowest rate of 2.32% APR only available with a 36-month repayment term. Insurance savings will not result from lower APR. | Pre-qualify for loan offers without impacting your credit score. Helps you check your rate without a Social Security number. Takes care of paying off old loans and retitling vehicles. | ![]() | Get Started | ||
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| Partners with banks and credit unions to provide car refinance options. Works with low credit scores and a variety of vehicle types. Approval can take less than a week. Advertises an average savings of $145 a month. | ![]() | Get Started Call Center Open (844) 203-5338 | |||
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| Helps people find refinancing loans and lease buyouts. Lets you add a vehicle warranty or gap insurance. Simple online application with no fees. Immediate loan decisions. Loan offers valid for 30 days. APRs as low as 4.99%. | ![]() | Get a Quote Call Center Open (866) 563-8595 | |||
Online refinancing platform for car, truck, SUV and specialty vehicle loans. Compares rates from 150+ lenders. Average savings of $83 per month. Rates start at 2.43%. Fees may be required, depending on the lender. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Online broker for auto refinancing. All types of credit accepted. Customers save on average $95 per month. Requires only soft credit pull for pre-qualification. Terms from 24 to 84 months, with rates as low as 1.99%. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Online marketplace for secured and unsecured loans. Free to compare rates and quotes from lenders for mortgages, car loans, personal loans and more. Minimum credit score requirements vary. Available nationwide. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
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LightStream
Partner DisclosuresYour loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 8.99% APR with a term of 5 years would result in 60 monthly payments of $207.54. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank. | Loan amounts from $5,000 to $100,000. Offers a 0.5% APR discount for using automatic payments. Rate Beat program for competitor offers. Minimum credit score varies. No fees or prepayment penalties. | ![]() | Get Started | ||
Online platform offering auto loan refinancing. Available in 46 states. Loan amounts start at $9,000. No application, origination or prepayment fees. Check your rate in minutes with no effect on your credit score. | ![]() | Chat with a ConsumerAffairs decision guide Live agent |
Our top picks for car refinancing companies
We chose the car refinancing companies below by comparing loan amounts, credit score requirements and overall loan experience. To be included, companies had to offer the services outlined and provide transparent information about their refinancing online or through customer service representatives. All information is accurate as of publishing.
- Maximum loan amount: $43,000
- Minimum credit score: 560
- Loan term lengths: Varies by lender
- Specializes in bad credit lending
Why we like Auto Credit Express’s auto refinancing: Auto Credit Express specializes in working with borrowers with poor credit histories, and its refinancing program is worth considering for those who’ve recently improved their credit score.
- Minimum credit score: 660
- Loan term lengths: 24 to 84 months
Partner Disclosures
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 8.99% APR with a term of 5 years would result in 60 monthly payments of $207.54. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
- No age or mileage restrictions
Why we like LightStream’s car refinancing: LightStream’s lending service is known for being simple and efficient, and its auto refinancing program takes the same approach. You can apply for refinancing on its website by completing a few simple steps. With a minimum credit score requirement of 660, LightStream is a solid option for borrowers with prime credit ratings.
- Maximum loan amount: $100,000
- Loan term lengths: 12 to 84 months
- No application fees
Why we like Auto Approve’s auto refinancing: Auto Approve works with banks and credit unions across the nation. It assigns its customers loan consultants to help determine which refinancing companies are right for them based on their qualifications and requirements.
How does refinancing a car work?
If you’re dealing with high interest rates on your car loan, refinancing could help you reduce your rates and potentially save on monthly car payments. While refinancing isn’t the right choice for everyone, it can be a good move if you fit one of the following categories:
- Your credit score has gone up. If your credit score was less than ideal when you applied for a car loan, you might be dealing with high interest rates. Once you’ve put in the work to raise your credit score by making on-time payments on your current loan, refinancing could give you a shot at a car loan with a better interest rate.
- Your current interest rate is higher than it should be. Maybe you had to purchase a car when interest rates weren’t at their lowest. If you’ve been monitoring interest rates and they’re lower than your current rate, it might be the right time to refinance your car loan.
- Interest rates on car loans have dropped. With the ongoing economic effects of the COVID-19 pandemic, car lenders are offering lower interest rates and other deals to incentivize car owners to refinance their existing loans. If you’ve maintained financial stability throughout the coronavirus pandemic, take time to compare rates to see if it’s worth refinancing right now.
- You’re struggling to make your monthly car payments. While refinancing your car loan is a great way to get a lower interest rate, it can also be a way to extend your loan term and lower your monthly payments. If your monthly payments have become too much of a burden, look into extending your loan term by refinancing.
What are the requirements for refinancing a car?
Each auto loan refinance company has different eligibility requirements, but the two most common criteria are:
- A solid credit history
- An existing car loan
Some refinancing companies have higher credit score requirements than others but may be able to refinance your car loan at a lower interest rate as a result. If you have excellent credit, make sure you take full advantage of it by comparing the refinancing rates of multiple lenders and negotiating with your lender of choice.
Another requirement to watch out for when picking an auto refinance lender is the minimum amount you owe — some refinancing companies require that you owe a certain amount of money on your current loan in order to be eligible for refinancing. This amount might be anywhere from $5,000 to $10,000, depending on the lender you choose.
Can I refinance my car with bad credit?
Refinancing your car with bad credit is possible, but it might not be the right choice for you. If your goal for refinancing is to get a car loan with a lower interest rate, you’ll have access to better rates by improving your credit score first. If your goal for refinancing is to extend your loan term and possibly lower your monthly payments, you could refinance by working with a lender that specializes in bad credit car loans.
Auto refinance rates
While auto loan rates change regularly, you can check your rates by applying online or through a local car refinancing company. If you’re interested in refinancing your car online, some auto refinancing companies have rate calculators on their websites that let you see the rates available to you if you enter some basic personal information like:
- Your location
- Your current loan balance
- Your current monthly car payment
- Your current interest rate
- Your desired refinance amount
- Your desired loan term
- Your desired interest rate
When you receive an auto refinancing quote, check to see how long the company locks in the interest rate. Some auto refinancing companies lock in rates for just 30 days, while others may lock rates for up to 60 days.
Car refinancing FAQ
Can I refinance my car with the same lender?
Yes, depending on the lender you’re working with, you might be able to refinance your car loan through the same company. Visit your current lender’s website or speak with a representative to see if refinancing is available. If your current lender doesn’t offer refinancing services, compare the companies on this guide to see if any of them are right for you.
How soon can you refinance a car?
You can refinance your car as soon as one month after purchase, depending on the requirements of your lender and refinancer. Before you pursue refinancing, make sure you’ve taken the necessary steps to get a lower interest rate, including making on-time car payments and maintaining a solid credit score.
Does refinancing your car hurt your credit?
Yes, but not much. Applying for refinancing requires the same hard credit check as your initial car loan, but the effect on your credit is short-lived. Refinancing can also lower the overall age of your debts.
Is refinancing your car worth it?
You might consider refinancing your car for any number of reasons, but it might not always be worth it. In general, though, refinancing your car is worth it if you have a solid credit history and interest rates are low.
Does it cost money to refinance a car?
Yes, you may have to spend some money to refinance your car. Lenders charge fees for certain refinancing services, which may include one or all of the following:
- Title transfer fees
- Lender fees
- Late fees
If you’re working with an auto loan or refinancing company, the Truth in Lending Act established by the Consumer Financial Protection Bureau requires that your lender gives you a disclosure statement of any APRs or interest rates you have to pay — but make sure you also ask a company representative about any fees.
Should I refinance my car?
You should consider refinancing your car if it’s worth more than you owe, the interest rate is too high, you’ve improved your credit score or if you want a longer loan term.
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Author reviews of car refinancing companies

myAutoloan is an online auto refinancing company that lets you apply online and get a loan decision in just a few minutes.
- Online quoting tool: myAutoloan has an online interest rate chart, a payment calculator and an interest rate estimator.
- Marketplace service: myAutoloan is a marketplace lending service. It pairs you with lenders based on your qualifications and lending criteria.
- Prequalification process: myAutoloan has an online prequalification process. You can visit its website to apply and find out if you qualify to work with one of its lending partners. It’s important to note that because myAutoloan is a lending marketplace, it can’t guarantee every company on its site will accept your qualifications.

RateGenius is a vehicle refinancing service that partners with lenders to provide competitive rates on refinancing loans. Its services are available online and over the phone.

Tresl is an auto refinancing marketplace that works with a network of lenders to match you with a refinancing program that fits your needs and eligibility.

AutoPay offers refinancing services and financing for new vehicle purchases. Visit its website to calculate your potential savings through refinancing.

Ally Clearlane is a direct auto refinancing lender. As part of the Ally Bank family, Ally Clearlane lets you refinance with a large bank.
- Online quoting tool: Ally Clearlane doesn’t have an online quoting tool. You’ll have to fill out its prequalification form to see what car loan rates are available to you.
- Direct lender: Ally Clearlane is a direct lender. You’ll work with Ally Clearlane to find and choose a refinancing program that fits your needs based on available interest rates and loan terms.
- Prequalification process: You can prequalify and see potential rates by visiting Ally Clearlane’s website.

Consumers Credit Union offers auto refinancing services to credit union members. You work with a loan representative to find a refinancing program that works for you.
- Online quoting tool: Consumers Credit Union doesn’t have an online quoting tool, but it does have estimated car rates posted on its website.
- Direct lender: Consumer Credit Union is a direct lending service. It offers refinancing loans, new car financing and other loans, as well as banking services.
- Prequalification process: Consumers Credit Union doesn’t have a prequalification process. You have to fill out the loan application on its website to see what rates are available to you.

OpenRoad Lending is an auto loan refinancing company based in Texas. It offers a variety of auto-related services, including extended service contracts and GAP coverage, and it partners with Answer Financial to offer auto insurance.
- Online quoting tool: OpenRoad Lending doesn’t have an online quoting tool, but it does have an online application process. You can also see refinance savings examples on its website. Fill out its application form to see what interest rates and loan terms you might be eligible for.
- Marketplace service: OpenRoad Lending is a marketplace service that matches you with potential lenders by evaluating your qualifications and eligibility.
- Prequalification process: OpenRoad Lending doesn’t have a prequalification process. If you’re interested in its refinancing program, visit its website to start your application.
Compare Top Car Loan Refinancing Companies | ||||||
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| Loan amounts from $1,500 to $20,000. Select from 24-, 36-, 48- or 60-month terms. APR from 18% to 35.99%. Minimum credit score requirements vary. Origination fee up to 10%. No prepayment fee. | ![]() | ||||
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LendingClub
Partner DisclosuresBetween January 2023 and March 2023, Personal Loans issued by LendingClub Bank were funded within 44 hours after loan approval, on average. 31% of Personal Loans issued by LendingClub Bank during the same period were funded within 24 hours after loan approval. Loan approval, and the time it takes to issue a credit decision, are not guaranteed and individual results vary based on creditworthiness and other factors, including but not limited to investor demand. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $16,769 for a term of 36 months, with an interest rate of 12.74% and a 6.00% origination fee of $1,055, for an APR of 17.12%. In this example, the borrower will receive $15,763 and will make 36 monthly payments of $563. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states. For Personal Loans, APR ranges from 9.57% to 36.00% and origination fee ranges from 3.00% to 6.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of April 14, 2023 and are subject to change without notice. Unless otherwise specified, credit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Only deposit products are FDIC-insured. LendingClub Bank is not an affiliate of Consumer Affairs and is not responsible for the products and services provided by Consumer Affairs. Credit products are subject to credit approval and may be subject to sufficient investor commitment. If a credit union is selected to invest in the loan, credit union membership will be required. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that you request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures at https://www.lendingclub.com/. “LendingClub” and the “LC” symbol are trademarks of LendingClub Bank. 2023 LendingClub Bank. All rights reserved. | Loan amounts from $1,000 to $40,000. Select from three- or five-year terms. APRs from 9.57% to 36%. Minimum credit score varies. Origination fee up to 6%. No prepayment fee. | ![]() | Compare Offers on ConsumerAffairs | ||
Credit union offering checking and savings accounts, credit cards, loans and investment services. Anyone can join by opening a savings account. Low fees and competitive interest rates. Some minimums required to avoid fees. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers auto loans and auto loan refinancing. View cars at local dealerships, compare loan rates and manage your account on the website. Check your application status and get advice from Chase professionals. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Online financial institution. Offers checking and savings accounts, CDs and credit cards through U.S. Bank. Offers personal loans through LightStream and mortgages through Rocket Mortgage. Free and low-fee account options. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Partners with Chrysler Capital to offer car loans and auto refinancing loans. Options available for a wide range of credit scores. Get a loan decision in as little as one minute. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers full-service banking, including auto loans for new and used cars. Refinancing and lease buyouts available. Complete your application online. Use the PNC Total Auto tool to compare available vehicles in your area. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers online auto financing preapprovals through the Auto Navigator tool. Existing car owners can apply for refinancing loans. See dealership partners on the website. Check your loan status through your account. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
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| Auto financing comparison tool for borrowers with bad or no credit. Offers loans with $0 to $500 down. Accepts trade-ins. Network of over 1,000 dealers nationwide. Leasing and buying options. Online application. | ![]() | View Rates | |||
Auto loan refinancing company. Pre-qualification at no cost or credit impact. Works with low credit scores. Information on website is limited. Restrictions on vehicles eligible for refinancing. Accepts co-borrowers. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | ||||
Read Author Review | Direct auto refinancing lender. Simple three-step process. Find out if you prequalify on its website. Part of the Ally Bank family. Offers additional services like extended vehicle coverage, lease buyouts and GAP coverage. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | |||
Read Author Review | Credit union with auto refinancing loans. Apply for refinancing online. Work with a CCU rep to find financing options. No prequalification process or online quoting. Offers traditional banking services and other types of loans. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | |||
Read Author Review | Online refinancing company. Works with a network of lenders. Prequalify for a loan in as little as two minutes. View current interest rates and calculate your payments online. Match with lenders who meet your qualifications. | ![]() | Chat with a ConsumerAffairs decision guide Live agent | |||
Read Author Review | Online vehicle refinancing. Matches you with lenders that meet your criteria. No prequalification or online quotes. Offers GAP coverage and extended service protection. Provides car insurance through Answer Financial. | ![]() | Chat with a ConsumerAffairs decision guide Live agent |
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