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Best Auto Loan Refinance Companies June 2023

An auto loan refinance is a process in which you take out a new loan to pay off an existing auto loan. Refinancing can help if you wish to better your loan terms, shorten your loan term, get a lower interest rate and lower your monthly payments on your car financing.

location NY, Brooklyn privacyWe value privacy
Easy Application
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Key Facts

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


pros iconReputable range of lenders

pros iconAccess to competitive rates

pros iconAccess to great refinancing options

pros iconAcceptable minimum requirements


cons iconNot suitable for financing a new car purchase

cons iconOrigination fee often charged

  • $7.5K-$150K Loan Amount
  • 640 Min Credit
  • 2-15% APR Fixed
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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 iconCharges no fees

pros iconOnly works with reputable lenders

pros iconAvailable in all 50 states

pros iconOffers very competitive APRs


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
  • 5-14% APR Fixed
Editor's Choice
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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 iconLow APR starting at 2.32%

pros iconMinimum income criteria of $24,000

pros iconAdd-on services to preserve vehicle value


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.

  • $5K-$150K Loan Amount
  • 650 Min Credit
  • 4-28% 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 iconMany refinancing options are available for different vehicles, including older ones

pros iconBBB A+ Rating

pros iconStrong consumer education material


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
  • 540 Min Credit
  • 3-22% 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 iconApplication is easy and simple

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

pros iconOlder vehicles are considered


cons iconMay charge origination fee up to $395

cons iconThe minimum loan amount is could be lower

  • $8K Min Loan Amount
  • 510 Min Credit
  • 3-15% 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 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 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.

  • $2.5K-$100K Loan Amount
  • 560 Min Credit
  • 2% Min APR Fixed
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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 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 iconLack of full online application

cons iconVehicles older than 10 years not eligible

cons icon$395 origination fee

  • $10.3K-$100K Loan Amount
  • 500 Min Credit
  • 5-22% APR Fixed

How does a car loan refinance work?

Refinancing an auto loan means taking out a new loan to repay your old loan or loans. If you qualify for a loan with better terms and requirements, you could save valuable cash each month.

Alternatively, you may wish to take out a refinance car loan for the same amount but for a shorter period of time, meaning you could get out of debt earlier and save on interest payments. Many car refinance companies offer refinance loans, so it is worth considering if you could profit from refinancing your auto loan.

Why should I consider auto loan refinancing?

There are several reasons that you should consider auto loan refinancing. Even so, you don’t need to meet all of these reasons to apply – you can still take advantage of the benefits that refinancing your car loans can bring, no matter your circumstances.

Better interest rates

If your credit profile has improved (or interest rates generally have improved), you can refinance your loan to take advantage of better interest rates. These superior interest rates mean you may be able to commit to a lower monthly repayment. Therefore, if you are eligible for a lower interest rate on your auto loan than you are currently paying, it can be an instant money saver.

However, ensure that any new refinance car loan that you enter into doesn’t have any hidden fees or costs. Otherwise, you will not be performing a like-for-like comparison and may not save money in the long run.

Lower monthly payments

If you are in a position where you have less disposable income than desired, you could refinance your auto loan to extend the term of the loan. Extending the duration of the loan when you refinance would lower your monthly payments, freeing up more cash for you each month to spend on what you need. Bear in mind that increasing the term of the loan may lead to you paying more interest in the long run.

Fixed payments

Entering into a fixed payment loan gives you the certainty of how much money you will need to spend each month. While a variable rate loan can lead to nasty surprises in the case of interest rate rises, a fixed loan gives you peace of mind knowing how much cash you will have to spend each month. We recommend considering a fixed rate if you are looking for an auto loan refinance.

How to calculate the best interest rates for your auto loan refinancing

The easiest way to calculate the best interest rates for your auto loan refinancing is by using the refinance loan calculator on this page. This calculator generates your monthly payments instantly, giving you an immediate idea of how much cash you could save each month by refinancing your car loan. You can also adjust the loan terms to see what effect paying over different periods will have on your monthly payments.

What are the advantages of auto loan refinancing?

While there are specific circumstances that may prevent you from refinancing your auto loan, it can come with tons of advantages for many, including:

  • You can pay off your car loan more quickly. If you have had a change in circumstances and you have more disposable income available, you can take advantage of vehicle refinance and pay your car loan off sooner. Doing so reduces the amount of interest payable over the life of the loan and gives you extra peace of mind by getting you out of debt sooner.
  • You can get a better interest rate. If you took out a car loan when your credit profile was poor, and you have been on time with your monthly payments since then, your credit profile will likely have improved. An improved credit profile could result in a better interest rate being available to you, which means you can save money each month as your repayments will be lower.
  • You can access the equity held in your car. Some auto refinance financial companies give the option to take out a cash loan based on the value of equity held in your vehicle. However, it’s vital to note that cash-out refinancing often comes with less than favorable terms. As such, we wouldn’t recommend this if you have other options available to access cash quickly.


Ultimately, if you have a car loan and your circumstances have changed since taking out the loan, we recommend looking into the benefit of refinancing your auto loan. You can use auto loan refinancing in various ways, and it can be suitable for you if your financial position has either improved or worsened.

While refinancing may not always be beneficial, it is worth considering in many situations. For example, a refinance auto loan may not be the best option if you are near the end of your original loan or you need other types of credit in the short term. Outside of these circumstances, auto loan refinancing could leave you in a better position, so take a look today and see what refinancing could do for you.