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Best Auto Refinancing Loans February 2024

If you want to refinance your auto loan, you’re in the right place. Whether you want to save money on your monthly payments, reduce your interest rate payable, or alter the loan terms, our guide will give you the lowdown on what to do, whether you are refinancing your first auto loan or if you are a seasoned pro.

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Key Facts

  • No origination or prepayment fees
  • Very reputable in the market
  • Focuses on proving low-interest loans
  • Max Loan Amount: $100K

Pros

pros iconCharges no fees

pros iconOnly works with reputable lenders

pros iconAvailable in all 50 states

pros iconOffers very competitive APRs

Cons

cons iconDoes not accept applicants with poor credit

cons iconNot a direct lender

You agree that You will use Gravity Lending Credit Monitoring Services only for your own behalf. You will be responsible for all use of your membership number and must notify Gravity Lending immediately of any unauthorized use of your membership number, or the theft or misplacement of your membership number.

You understand that by enrolling in the Gravity Lending Credit Monitoring Services service, You are providing “written instructions” in accordance with the federal Fair Credit Reporting Act, as amended (“FCRA”), for Gravity Lending and its service providers, which may include CSIdentity Corporation (“CSID”), to obtain information from your personal credit profile from Experian, Equifax, and Transunion, the three major credit reporting agencies. You authorize Gravity Lending and its service providers to use your Social Security number to access your personal credit profile, verify your identity, and to provide credit monitoring, reporting and scoring products.

  • $10K-$200K Loan Amount
  • 580 Min Credit
  • 5.99-14.99% APR Fixed
Editor's Choice
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Key Facts

  • Get pre-qualified with a soft credit check
  • Offers loans for a low minimum credit score
  • Quick approval in under 24 hours
  • Max Loan Amount: $100K

Pros

pros iconPrequalification with soft credit check available

pros iconLow minimum credit score

pros iconCan buy out your lease

pros iconSome lenders offer automatic payment discounts

pros iconCash-out refinances available

Cons

cons iconLack of full online application

cons iconVehicles older than 10 years not eligible

cons icon$395 origination fee

  • $5K-$100K Loan Amount
  • 580 Min Credit
  • 5.29-22.00% APR Fixed
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Key Facts

  • A+ rating on BBB
  • Easy online application process
  • Competitive interest rates & flexible repayment terms
  • Max Loan Amount: $150K

Pros

pros iconMany refinancing options are available for different vehicles, including older ones

pros iconBBB A+ Rating

pros iconStrong consumer education material

Cons

cons iconRefinancing only

cons iconOrigination fees apply

APR (Annual Percentage Rate) is accurate as of the publication date and subject to change. Actual APR is subject to credit approval and selected term duration. APR advertised is based on several variables, such as your credit score, your vehicle being refinanced, your home address, and length of payment terms. The actual payment amount is based on APR and term duration and is subject to lender approval and credit terms.

  • $5K-$200K Loan Amount
  • 560 Min Credit
  • 5.49-22.00% APR Fixed
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Key Facts

  • Reputable range of lenders
  • Access to competitive rates
  • Access to great refinancing options
  • Max Loan Amount: $150K

Pros

pros iconReputable range of lenders

pros iconAccess to competitive rates

pros iconAccess to great refinancing options

pros iconAcceptable minimum requirements

Cons

cons iconNot suitable for financing a new car purchase

cons iconOrigination fee often charged

  • $10K-$150K Loan Amount
  • 640 Min Credit
  • 5.24-24.99% APR Fixed
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Key Facts

  • Fully digital experience with human support
  • Specialized platform just for auto refinance
  • Add-on products to lower APR
  • A+ rating on Better Business Bureau and a 4.5 Score on Trustpilot
  • Personalized after-sales services
  • Max Loan Amount: $150K

Pros

pros iconLow APR starting at 5.99%

pros iconMinimum income criteria of $24,000

pros iconAdd-on services to preserve vehicle value

Cons

cons iconCustomer support can be slow during peak hours

cons iconNo new car loans or motorcycle refinance

cons iconFlat $399 fee for all Refi loans

* This information is estimated based on consumers who were approved for an auto refinance loan through Caribou on or after 1/1/2022, had an existing auto loan on their credit report, and accepted their final terms. As of 9/27/2022, borrowers who refinance save an average of $111.16 per month. Refinance savings may result from a lower interest rate, longer term, or both. There is no guarantee of savings. Your actual savings, if any, may vary based on interest rates, the repayment term, the amount financed, and other factors.
+ To check the refinance rates and terms you qualify for, we conduct a soft credit pull that will not affect your credit score. However, if you choose a loan product and continue your application, we or one of our lending partners will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
++ Social security number is required should you choose to move forward in the loan application process.
** 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 2.83% to 36.00% and is determined at the time of application. Lowest APR is based on loan amount of $45,000, 36 month term, and is available to borrowers with excellent credit and only in certain states. Conditions apply. Advertised rates and fees are valid as of 11/1/2022 and are subject to change without notice. Insurance savings will not result from lower APR.
Terms and Conditions apply. Caribou reserves the right to modify or discontinue products and benefits at any time without notice. Participating lenders, rates and terms are also subject to change at any time without notice. The information you provide to us is an inquiry to determine whether our lenders can make you a loan offer. If any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. We do not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Offers not available in MA, MD, MS, NE, NV, WI, WV.
Insurance products offered through Bindable and Caribou Insurance Services, LLC. Caribou is working with Bindable who owns MyLifeProtected and MassDrive Insurance Group, LLC, the licensed agent for all products.

  • $10K-$125K Loan Amount
  • 620 Min Credit
  • 5.99-28.55% APR Fixed
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Key Facts

  • A wide range of offers for average and good credit
  • Offers great loan assistance at no extra costs
  • Access to over 150 lenders
  • Max Loan Amount: $100K

Pros

pros iconApplication is easy and simple

pros iconMost rates are at the lowest they've ever been

pros iconOlder vehicles are considered

Cons

cons iconMay charge origination fee up to $395

cons iconThe minimum loan amount is could be lower

  • Min $8K Loan Amount
  • 550 Min Credit
  • 4.67-23.80% APR Fixed
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Key Facts

  • A reliable car loan marketplace
  • Lease buyout loans
  • A wide range of offers for average and good credit
  • Max Loan Amount: $100K

Pros

pros iconMany lenders and options are available

pros iconA wide range of loan amounts

pros iconLow initial interest rate

pros iconOffers pre-qualification with a soft credit check

Cons

cons iconAn initial deposit may be required

cons iconIt takes 24-48 hours for a loan to be approved, which is longer than other lenders

cons iconIt may take 1-2 weeks for a loan to be funded, which is longer than other lenders

AUTOPAY offers this loan application and services subject to the following terms and conditions (“Agreement”). Please read this Agreement carefully before using this website or submitting a loan application. By using this website, you accept the terms and conditions outlined in this Agreement. If you do not agree to the terms and conditions outlined in this Agreement, you must not use this website or submit a loan application.

As used in this Agreement, the terms “we” and “us” mean The Savings Group, Inc. and the companies in which The Savings Group, Inc. directly or indirectly owns a majority interest, commonly called “subsidiaries”. These include but are not limited to, AUTOPAY Direct, Inc. d/b/a AUTOPAY and RateGenius Loan Services, Inc. d/b/a RateGenius.

We operate a technology-driven loan and product matching system whereby consumers can apply to finance or refinance their vehicles and be considered by multiple lenders who may offer credit and options for ancillary products related to the loan or vehicle.  We also provide origination fulfillment services for approved loan offers, including, but not limited to, communication of the offer, documentation collection and preparation, and lien perfection.

In most cases, we are not the lender or affiliated with the lender. However, we may offer loans in certain states through a licensed subsidiary. We also provide claims administrations for specific loan products on a limited scale.

  • $3K-$100K Loan Amount
  • 560 Min Credit
  • 4.67-23.80% APR Fixed

Top Car Loan Refinance Providers

580

Min Credit Score

5.99-14.99%

APR. Fixed Rate

$10K-$200K

Loan Amount

25-84 months

Repayment terms

Yes

Soft Credit Pull

Marketplace

Lender Type

Yes

Other Fees

None

Origination Fee

None

Prepayment Fee

7 days

Funding Time

Auto Loan Refinance

Min 5.99%

APR. Fixed Rate

$10K

Refinance Amount

Pros & Cons

drop-down-btn
  • con-icon Charges no fees
  • con-icon Only works with reputable lenders
  • con-icon Available in all 50 states
  • con-icon Offers very competitive APRs
  • con-icon Does not accept applicants with poor credit
  • con-icon Not a direct lender

Auto Loan Types

drop-down-btn
  • Lease Buyouts
  • Auto Refinance Loans
  • Cash-out Refinance Loans

Vehicle Types

drop-down-btn
  • Car
  • Car loans refinance
iLending car loans logo
iLending

Car Loan Refinancing Simple as A-B-C

560

Min Credit Score

5.49-22.00%

APR. Fixed Rate

$5K-$200K

Loan Amount

12-96 months

Repayment terms

Yes

Soft Credit Pull

Marketplace

Lender Type

Yes

Other Fees

449

Origination Fee

None

Prepayment Fee

1 days

Funding Time

10 Years

Max Vehicle Age

Auto Loan Refinance

Min 5.49%

APR. Fixed Rate

$150K

Refinance Amount

Pros & Cons

drop-down-btn
  • con-icon Many refinancing options are available for different vehicles, including older ones
  • con-icon BBB A+ Rating
  • con-icon Strong consumer education material
  • con-icon Refinancing only
  • con-icon Origination fees apply

Auto Loan Types

drop-down-btn
  • Auto Refinance Loans

Vehicle Types

drop-down-btn
  • Car
  • Car loans refinance
  • Motorcycle
  • Truck
  • EV
  • Watercraft

640

Min Credit Score

5.24-24.99%

APR. Fixed Rate

$10K-$150K

Loan Amount

12-84 months

Repayment terms

Yes

Soft Credit Pull

Marketplace

Lender Type

Yes

Other Fees

None

Origination Fee

None

Prepayment Fee

2 days

Funding Time

10 Years

Max Vehicle Age

Auto Loan Refinance

Min 5.24%

APR. Fixed Rate

$150K

Refinance Amount

Pros & Cons

drop-down-btn
  • con-icon Reputable range of lenders
  • con-icon Access to competitive rates
  • con-icon Access to great refinancing options
  • con-icon Acceptable minimum requirements
  • con-icon Not suitable for financing a new car purchase
  • con-icon Origination fee often charged

Auto Loan Types

drop-down-btn
  • Lease Buyouts
  • Auto Refinance Loans

Vehicle Types

drop-down-btn
  • Car
  • Motorcycle
  • Truck
  • Watercraft

What is an Auto Refinancing Loan?

Auto loan refinancing requires getting a new auto loan to settle an existing loan. There are several circumstances where a new auto refinancing loan can financially benefit you, which could result in you getting out of debt earlier. The key reasons to obtain an auto refinancing loan are to obtain a better interest rate, reduce your monthly repayments, or alter the original auto loan’s length. With the pressure caused by today’s economic environment, refinancing your existing loan can be a highly efficient strategy to save money. 

Auto Refinancing: Key Terms You Need to Know

If you are refinancing a car loan, then make sure that you are aware of the following terms:

  • Refinancing: Taking out a new loan to replace an existing loan. This can be a good idea if your circumstances allow you to get improved loan terms. 
  • Interest rate:  The amount of money your loan provider charges for borrowing money. Refinancing your auto loan could lead to a reduced interest rate, saving you money.
  • Credit score: Your credit score is used as a factor to determine what your interest rate will be. The higher your credit score, the better the interest rate that you can obtain.
  • Loan term: The period over which you are borrowing funds. An auto refinancing loan can be used to reduce or extend your existing loan period, depending on your circumstances. 

Auto Refinancing Loans – How it Works

An auto refinancing loan works by simply taking out a new auto loan to replace the existing auto loan that you have. This may seem strange, but an auto refinancing loan can be an excellent way to save money. If the refinancing loan has better terms than your existing loan, you can save money on interest payments, leaving more money in your pocket every month. For example, if your credit score has significantly improved since taking out your initial auto loan, you may be eligible for a lower interest rate. An auto refinancing loan at a lower interest rate for the same loan term will leave you with more money in your pocket today for savings or for other expenses. Alternatively, you can get out of debt earlier by reducing the term of your loan. Several recommended companies offer auto refinancing loans, so look at what is available to you today.

Auto Refinancing Loans – Rates and Fees

Rates and fees for auto refinancing loans vary significantly based on multiple different factors. The rate offered to you depends on the following:

  • Your credit score : The higher your credit score, the lower the interest rate offered.
  • Loan term:  The shorter the loan term, the lower the interest rate offered
  • Debt-to-income ratio: The higher your debt-to-income ratio, the higher the interest rate available to you

Auto refinancing rates available today can vary from 3% to 20%+ based on your personal circumstances and credit profile. While these rates are a lot higher than in 2020-2021, there is still the opportunity for you to make savings. If you took out an auto loan when your credit profile was poor, but your profile has since moved to good or excellent, you may still be able to save money at today’s increased rates. 

Some companies that offer auto refinancing loans charge fees when you take out a loan. Search for refinancing loans that do not incur an initiation fee, as this can often lead to lower monthly savings on refinancing than initially anticipated.

Types of Auto Refinancing Loans

  • Traditional refinancing: Take out a new loan to repay your existing loan. You can benefit from traditional refinancing if your new refinancing loan’s terms are favorable. This can be due to lower interest rates or by reducing the term of your loan to get out of debt faster.
  • Cash-out auto refinancing: A cash-out auto refinancing loan allows you to convert your car’s equity into cash by borrowing a loan amount that includes your vehicle’s equity value. This can be an excellent way to access cash quickly, but note that this means you will likely pay more interest over the lifetime of your auto loan, so it is good to examine other alternatives.

Auto Refinancing Loans – Pros and Cons

Pros Cons
Refinancing can lead to lower interest rates, saving money every month Applying for an auto refinancing loan can negatively impact your credit score in the short term
Loan term can be reduced, saving on total interest payable Some auto refinancing loans may incur upfront costs such as application or origination fees
Terms for an auto refinancing loan can be tailored to your needs, and many lenders offer flexible terms on loan length and loan type Cash-out refinancing loans could result in negative equity risk

How to Apply

Applying for an auto refinancing loan is easy and can be done in a handful of steps. We’ve outlined the key actions that you need to take below to get the best auto refinancing loan available to you today.

  1. Review the auto refinancing loan options on this page and select the one most suited to your personal circumstances.
  2. Click on the link to the lender and select “Apply Now”.
  3. Go through the application process. You will need to enter personal details as well as details of your vehicle.
  4. Approve the lender running a credit check on you. Most lenders will run a soft credit check during the application process, meaning it won’t impact your credit score until you formally apply for the loan.
  5. Most good lenders will then indicate whether you are eligible for an auto refinancing loan and detail the loan terms.

Conclusion

Obtaining an auto refinancing loan can benefit you as, in some circumstances, you can save money through reduced interest rates due to changes in your credit profile or lower interest rates being available. You can also change the terms of your auto loan if you want to reduce your debt levels. An auto refinancing loan can be a flexible option tailored to your circumstances that could help improve your financial position today.