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Find the Best Car Loan Refinancing Companies

by Emma Simon ConsumerAffairs Research Team

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.

Compare Top Car Loan Refinancing Companies

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    AUTHORIZED PARTNER
    Available in 20149
    Auto Credit Express
    Read 13 Reviews

    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.

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      AUTHORIZED PARTNER
      Available in 20149
      LendingTree
      Read 1,539 Reviews

      Compares rates and quotes from multiple lenders for a variety of loan types. Free services. Use of the site doesn’t affect credit score. Provides a list of loan options tailored to the user’s situation.

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        AUTHORIZED PARTNER
        Available in 20149
        Auto Approve
        Read 118 Reviews

        Refinancing loans from $7,500 to $150,000. Simple online application with no application fees. See if you qualify for a lower interest rate with no prepayment penalty. Immediate loan decisions. Loan offers valid for 30 days.

        Get a Quote Call Now Toll Free (866) 563-8595
        OneMain Financial
        Read 3,107 Reviews

        Offers auto loans and personal loans for debt consolidation and home improvements. Loan amounts range from $1,500 to $20,000. Loan terms range from two to five years. Services offered in 1,500 locations.

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        LendingClub
        Read 285 Reviews

        Peer-to-peer lending company that offers personal loans, auto refinancing and small business loans. Compare multiple offers. Personal loans up to $50,000. Small business loans up to $500,000. Auto refinancing up to $55,000.

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        Pentagon Federal Credit Union
        Read 176 Reviews

        Pentagon Federal Credit Union offers membership to military personnel, members of certain organizations, government employees and more. They offer numerous benefits to members, including insurance policies and real estate rewards.

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        Capital One Auto Financing
        Read 295 Reviews

        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.

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        Chase Auto
        Read 566 Reviews

        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.

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        State Farm Bank
        Read 126 Reviews

        State Farm Bank is a financial and insurance services company founded in 1922, and the company does not have its own branch locations. Customers can only bank with State Farm over the Internet or through the telephone.

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        PNC Auto Loans
        Read 31 Reviews

        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.

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        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.

        Our pick for bad credit
        Auto Credit Express

        Company nameContact
        Auto Credit Express logo
        LogoSummary
        • Maximum loan amount: $43,000
        • Minimum credit score: 560
        • Loan term lengths: Varies by lender
        • Specializes in bad credit lending

        Read reviews

        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.

        Our pick for excellent credit
        LightStream

        Company nameContact
        LightStream logo
        LogoSummary
        • Minimum credit score: 660
        • Loan term lengths: 24 to 84 months
        • No age or mileage restrictions

        Read reviews

        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.

        Our pick for comparing rates between lenders
        Auto Approve

        Company nameContact
        Auto Approve logo
        Authorized Partner
        LogoSummary
        • Maximum loan amount: $100,000
        • Loan term lengths: 12 to 84 months
        • No application fees

        Read reviews

        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.

        Our pick for alternative lending options
        LendingClub

        Company nameContact
        LendingClub logo
        LogoSummary
        • Maximum loan amount: $55,000
        • Peer-to-peer lending platform

        Read reviews

        Why we like LendingClub’s car refinancing: LendingClub is a peer-to-peer lending service, which sets it apart from other refinancing options. While LendingClub has limited availability and strict age and mileage requirements for auto loan refinancing, it’s worth checking out if you don’t want to work with a traditional lending service.

        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.

        Not sure how to choose?

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          Author reviews of car refinancing companies

          myAutoloan

          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.
          RefiJet

          RefiJet is a car refinancing platform that matches customers with lenders that fit their needs and loan criteria. It offers a variety of services in addition to refinancing, like extended service contracts and GAP protection.

          • Online quoting tool: RefiJet doesn’t offer online car refinancing quotes. If you’re interested in getting a quote for its services, you’ll need to call a representative.
          • Marketplace service: RefiJet is an online refinancing marketplace and not a direct lender. It works with car refinancing lenders across the nation to provide access to competitive loan rates and terms.
          • Prequalification process: You can prequalify for a loan with one of RefiJet’s partners by visiting its website and filling out the interest form. Prequalification won’t affect your credit score.
          RateGenius

          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.

          • Online quoting tool: RateGenius has an online rate tool that lets you see refinancing rates. It also has a car refinancing calculator to help you calculate payments.
          • Marketplace service: RateGenius is an online refinancing marketplace rather than a direct lender. It works with over 150 vehicle refinancing companies.
          • Prequalification process: You can prequalify for a car refinancing loan with one of RateGenius’s partners by visiting its website and answering a few questions.
          Tresl

          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.

          • Online quoting tool: Tresl doesn’t have an online quoting tool. You’ll have to fill out its prequalification form to find out what rates you might be eligible for.
          • Marketplace service: Tresl is a refinancing marketplace, not a direct lender. It works with a network of refinancing companies.
          • Prequalification process: Tresl has an online prequalification process. You can check your potential car loan rates on its website in just a few minutes without affecting your credit score.
          AutoPay

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

          • Online quoting tool: AutoPay has an online quoting tool that lets you see how much you could save through refinancing. You’ll need basic information on your current loan, like the payoff amount, remaining term and APR, in order to get an approximate look at your estimated savings amount.
          • Marketplace service: AutoPay is a refinancing marketplace. It works to find you competitive rates and loan terms by comparing deals from multiple refinancing lenders.
          • Prequalification process: You can prequalify for a loan with one of AutoPay’s partners by filling out the application on its website.
          Ally Clearlane

          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

          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

          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

          RoadLoans.com
          Read 180 Reviews

          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. Offers financing for loans from $5,000 to $75,000.

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          LightStream Read Reviews

          Offers loans for various types of life experiences, including home improvement, auto purchases, auto refinancing and medical expenses. Loan amounts range from $5,000 to $100,000. Fixed interest rates starting as low as 2.49%.

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          Ally Clearlane 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.

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          AutoPay Read Author Review

          Refinancing marketplace that prioritizes efficiency through its streamlined process. Works with a wide range of credit scores. Prequalify on its website without affecting your credit score. New car lending services available.

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          Consumers Credit Union 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.

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          myAutoloan 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.

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          OpenRoad Lending 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.

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          RateGenius Read Author Review

          Refinancing marketplace that partners with over 150 lenders nationwide. Offers loan programs on its website. Prequalify for loans by filling out the interest form online. Services also available over the phone.

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          RefiJet Read Author Review

          Refinancing platform that offers services via telephone. Works with a network of lenders to provide several options. Prequalify online. Offers additional services like extended service contracts and GAP protection.

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          Tresl Read Author Review

          Auto refinancing marketplace. Not a direct lender. Works with a large network of loan companies. Prequalify for car refinancing on any device without SSN or credit impact. Remote assistance available via phone, text and email.

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          by Emma Simon ConsumerAffairs Research Team

          As a member of the ConsumerAffairs research team, Emma Simon is dedicated to creating accurate and valuable content that helps consumers make difficult decisions.

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