What is an Auto Refinance?

An auto refinance is the process of applying for a new auto loan to pay off your existing auto loan, hopefully with a better interest rate and better terms. If your credit score has improved or if interest rates have gone down since you first financed your car, refinancing your auto loan could lower your monthly payment and save you thousands of dollars over the life of your loan.

Ready to refinance your vehicle?

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Calculate Your Auto Refinance  

Glossary Terms

Auto Refinance
An auto refinance is the process of applying for a new auto loan to pay off your existing auto loan, hopefully with a better interest rate and better... <a href='/glossary/what-is-auto-refinance' title='See the full definition of Auto Refinance'>read more</a>
Cash Back Auto Refinance
Cash back auto refinances could give you cash when you refinance your loan, however, you'll want to make sure you are lowering your interest rate (and... <a href='/glossary/what-is-cash-back-auto-refinance' title='See the full definition of Cash Back Auto Refinance'>read more</a>
Upside Down Car Loan
An upside down car loan is a situation in which you owe more on your car than it's worth. <a href='/glossary/what-is-upside-down-car-loan' title='See the full definition of Upside Down Car Loan'>read more</a>
Vehicle Appraisal
A vehicle appraisal determines how much money your car is currently worth. <a href='/glossary/what-is-vehicle-appraisal' title='See the full definition of Vehicle Appraisal'>read more</a>

Save Money On Your Auto Loan

If you're struggling with your car payments or just hoping to save some money on your auto loan, now could be a great time to refinance your current auto loan.

By refinancing, you'll receive a new car loan with a lower interest rate and lower monthly payments. If you keep the term the same, you could save thousands over the life of the loan. You can also choose to extend your term to get your monthly payments even lower, but keep in mind this could cause you to pay more money in interest over the life of the loan. Estimate your auto refinance with our auto refinance calculator to see if you can save money by refinancing. Whatever you're looking for, let LendingTree help you find opportunities to save on your car loan.

Auto Refinance Calculator

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Loan comparison:

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Basic analysis result:

  • Refinancing your monthly payment

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Compare Auto Refinance Offers

Monthly payments are an estimate and are for informational purposes. They do not represent a finance offer. Other tax, license, title, or fees may apply. Disclosures

Steps to Refinance Your Auto Loan

Congratulations! You've decided to refinance your auto loan. Here are the steps you need to take to ensure the process will move as smoothly as possible

1stSTEP

Review your current auto loan

Write down your lender, your loan term, your interest rate and your monthly payment. When you start receiving auto refinancing quotes, you can easily compare them to your current auto loan to make sure you are getting the best deal possible.

2ndSTEP

Check your credit score

You can view your credit score for free on LendingTree. If your score doesn't look quite right, you'll want to take care of any discrepancies prior to refinancing. Your credit score will have a direct impact on your interest rate. The better your score, the more likely you are to get the best rate on your loan.

3rdSTEP

View today's auto loan rates

Take a look at current auto loan rates and use our auto refinance calculator to see exactly how much money you could save by refinancing your auto loan.

4thSTEP

Fill out a form and start comparing offers

When you find a lender that meets your needs and is able to offer a competitive rate, contact that lender and get the refinancing process started!

Pros and Cons of an Auto Refinance

It is important to understand the pros and cons of an auto refinance before starting the process. This will help you to better understand if auto refinancing is right for you!

Pros of an Auto Loan Refinance

  • Qualify for a better interest rate

  • Reduce your monthly car payments

  • Save money on the life of your loan

  • Secure more flexible loan terms or payment options

Cons of an Auto Loan Refinance

  • If you extend your term, you could pay more money in interest over the life of the loan

  • If you're upside down on your car loan, you might not qualify

  • If you refinance to a variable interest rate from a fixed interest rate, your rate could rise and your payments will increase

Auto rates now in Woodbridge, NJ [Change this]

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Loan Amount
The loan amount is the total amount that the borrower promises to pay back. This is the amount after the down payment has been paid.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

72 Month Auto Refinance Rates

APRs as low as
2.49%
Monthly Payment
$374/mo
Autopay
72 Month Loan Term
(52)
Loan Term
72 mos
APRs as low as
2.49%
Monthly Payment
$374/mo
Get Started
844-920-2800
AUTOPAY provides direct to consumer financing for individuals looking to refinance or finance a vehicle. We deliver our customers the lowest rates and best loan terms available. We maintain high customer service levels, and provide custom finance solutions

All offers from lender

Term APRs as low as Payment
72 Monthmos 2.49% $374/mo Apply Online
AUTOPAY provides direct to consumer financing for individuals looking to refinance or finance a vehicle. We deliver our customers the lowest rates and best loan terms available. We maintain high customer service levels, and provide custom finance solutions.
rateGenius
72 Month Loan Term
(345)
Loan Term
72 mos
APRs as low as
2.49%
Monthly Payment
$374/mo
Get Started
844-900-0664
Based in Austin, Texas, rateGenius is the largest vehicle refinance services and solutions provider in the country. With a network of more than 200 competitive lenders, rateGenius can find customers the most competitive interest rates to refinance their loans on cars, trucks, SUVs and specialty vehicles, such as RVs and motorcycles. RateGenius does not charge any finance or document fees and our services come at no cost to you, the consumer. If you want to save the most on your vehicle refinance talk to a rateGenius Loan Specialist first.

All offers from lender

Term APRs as low as Payment
72 Monthmos 2.49% $374/mo Apply Online
*APR=Annual Percentage Rate. APR is determined at the time of your application, based on creditworthiness and the loan to value of the vehicle. Rate quoted is the lowest rate for qualified applicants. Note to CA consumers: Loans will be arranged or made pursuant to Department of Corporations California Finance Lenders License or supervised federally insured financial institutions.
No Hidden Fees - 24 Hour Approvals - BBB A+ Rated
iLendingDirect
72 Month Loan Term
(185)
Loan Term
72 mos
APRs as low as
3.99%
Monthly Payment
$391/mo
Get Started
844-900-0147
iLendingDIRECT (powered by FleetFinancial, lnc) is a CUSO (Credit Union Servicing Organization) that negotiates the best credit union rates on auto loans. Our team of loan consultants will guide you through your loan experience. We have an experienced staff that prides themselves on educating our customers so that the best decision is made when financing or re-financing an automobile.

All offers from lender

Term APRs as low as Payment
72 Monthmos 3.99% $391/mo Apply Online
.

60 Month Auto Refinance Rates

APRs as low as
1.99%
Monthly Payment
$438/mo
Autopay
60 Month Loan Term
(52)
Loan Term
60 mos
APRs as low as
1.99%
Monthly Payment
$438/mo
Get Started
844-920-2800
AUTOPAY provides direct to consumer financing for individuals looking to refinance or finance a vehicle. We deliver our customers the lowest rates and best loan terms available. We maintain high customer service levels, and provide custom finance solutions

All offers from lender

Term APRs as low as Payment
60 Monthmos 1.99% $438/mo Apply Online
AUTOPAY provides direct to consumer financing for individuals looking to refinance or finance a vehicle. We deliver our customers the lowest rates and best loan terms available. We maintain high customer service levels, and provide custom finance solutions.
rateGenius
60 Month Loan Term
(345)
Loan Term
60 mos
APRs as low as
2.49%
Monthly Payment
$444/mo
Get Started
844-900-0664
Based in Austin, Texas, rateGenius is the largest vehicle refinance services and solutions provider in the country. With a network of more than 200 competitive lenders, rateGenius can find customers the most competitive interest rates to refinance their loans on cars, trucks, SUVs and specialty vehicles, such as RVs and motorcycles. RateGenius does not charge any finance or document fees and our services come at no cost to you, the consumer. If you want to save the most on your vehicle refinance talk to a rateGenius Loan Specialist first.

All offers from lender

Term APRs as low as Payment
60 Monthmos 2.49% $444/mo Apply Online
*APR=Annual Percentage Rate. APR is determined at the time of your application, based on creditworthiness and the loan to value of the vehicle. Rate quoted is the lowest rate for qualified applicants. Note to CA consumers: Loans will be arranged or made pursuant to Department of Corporations California Finance Lenders License or supervised federally insured financial institutions.
No Hidden Fees - 24 Hour Approvals - BBB A+ Rated
iLendingDirect
60 Month Loan Term
(185)
Loan Term
60 mos
APRs as low as
2.99%
Monthly Payment
$449/mo
Get Started
844-900-0147
iLendingDIRECT (powered by FleetFinancial, lnc) is a CUSO (Credit Union Servicing Organization) that negotiates the best credit union rates on auto loans. Our team of loan consultants will guide you through your loan experience. We have an experienced staff that prides themselves on educating our customers so that the best decision is made when financing or re-financing an automobile.

All offers from lender

Term APRs as low as Payment
60 Monthmos 2.99% $449/mo Apply Online
.
Bank of America
60 Month Loan Term
Be the first to write a review.
Loan Term
60 mos
APRs as low as
3.29%
Monthly Payment
$452/mo
Bank of America offers competitive, low rates on new, used or refinanced vehicles. With our mobile-friendly, no-fee application, you'll know your approved rate before you go to the dealer. Plus, our 30-day Rate Lock Guarantee gives you the time to make the right decision. Apply online today.

All offers from lender

Term APRs as low as Payment
60 Monthmos 3.29% $452/mo Apply Online
Advertised as low as APRs (annual percentage rates) assume excellent borrower credit history. Your actual APR may differ based on your credit history, approved loan amount, term, state of residence and applicable discounts, such as Preferred Rewards. These discounts will be reflected in your individual APR quote if you are approved for a loan. A 5-year, fixed-rate refinance loan for $20,000. Based on a simple interest rate of 2.94%, this loan would have 60 monthly payments of $358.84 each and an annual percentage rate (APR) of 2.94%
Bank of America offers Low Rates, Quick Decisions and an Easy Application. Apply Now.

48 Month Auto Refinance Rates

APRs as low as
1.99%
Monthly Payment
$542/mo
Autopay
48 Month Loan Term
(52)
Loan Term
48 mos
APRs as low as
1.99%
Monthly Payment
$542/mo
Get Started
844-920-2800
AUTOPAY provides direct to consumer financing for individuals looking to refinance or finance a vehicle. We deliver our customers the lowest rates and best loan terms available. We maintain high customer service levels, and provide custom finance solutions

All offers from lender

Term APRs as low as Payment
48 Monthmos 1.99% $542/mo Apply Online
AUTOPAY provides direct to consumer financing for individuals looking to refinance or finance a vehicle. We deliver our customers the lowest rates and best loan terms available. We maintain high customer service levels, and provide custom finance solutions.
rateGenius
48 Month Loan Term
(345)
Loan Term
48 mos
APRs as low as
2.49%
Monthly Payment
$548/mo
Get Started
844-900-0664
Based in Austin, Texas, rateGenius is the largest vehicle refinance services and solutions provider in the country. With a network of more than 200 competitive lenders, rateGenius can find customers the most competitive interest rates to refinance their loans on cars, trucks, SUVs and specialty vehicles, such as RVs and motorcycles. RateGenius does not charge any finance or document fees and our services come at no cost to you, the consumer. If you want to save the most on your vehicle refinance talk to a rateGenius Loan Specialist first.

All offers from lender

Term APRs as low as Payment
48 Monthmos 2.49% $548/mo Apply Online
*APR=Annual Percentage Rate. APR is determined at the time of your application, based on creditworthiness and the loan to value of the vehicle. Rate quoted is the lowest rate for qualified applicants. Note to CA consumers: Loans will be arranged or made pursuant to Department of Corporations California Finance Lenders License or supervised federally insured financial institutions.
No Hidden Fees - 24 Hour Approvals - BBB A+ Rated

36 Month Auto Refinance Rates

APRs as low as
1.99%
Monthly Payment
$716/mo
Autopay
36 Month Loan Term
(52)
Loan Term
36 mos
APRs as low as
1.99%
Monthly Payment
$716/mo
Get Started
844-920-2800
AUTOPAY provides direct to consumer financing for individuals looking to refinance or finance a vehicle. We deliver our customers the lowest rates and best loan terms available. We maintain high customer service levels, and provide custom finance solutions

All offers from lender

Term APRs as low as Payment
36 Monthmos 1.99% $716/mo Apply Online
AUTOPAY provides direct to consumer financing for individuals looking to refinance or finance a vehicle. We deliver our customers the lowest rates and best loan terms available. We maintain high customer service levels, and provide custom finance solutions.
rateGenius
36 Month Loan Term
(345)
Loan Term
36 mos
APRs as low as
2.49%
Monthly Payment
$721/mo
Get Started
844-900-0664
Based in Austin, Texas, rateGenius is the largest vehicle refinance services and solutions provider in the country. With a network of more than 200 competitive lenders, rateGenius can find customers the most competitive interest rates to refinance their loans on cars, trucks, SUVs and specialty vehicles, such as RVs and motorcycles. RateGenius does not charge any finance or document fees and our services come at no cost to you, the consumer. If you want to save the most on your vehicle refinance talk to a rateGenius Loan Specialist first.

All offers from lender

Term APRs as low as Payment
36 Monthmos 2.49% $721/mo Apply Online
*APR=Annual Percentage Rate. APR is determined at the time of your application, based on creditworthiness and the loan to value of the vehicle. Rate quoted is the lowest rate for qualified applicants. Note to CA consumers: Loans will be arranged or made pursuant to Department of Corporations California Finance Lenders License or supervised federally insured financial institutions.
No Hidden Fees - 24 Hour Approvals - BBB A+ Rated

24 Month Auto Refinance Rates

APRs as low as
1.99%
Monthly Payment
$1,063/mo
Autopay
24 Month Loan Term
(52)
Loan Term
24 mos
APRs as low as
1.99%
Monthly Payment
$1,063/mo
Get Started
844-920-2800
AUTOPAY provides direct to consumer financing for individuals looking to refinance or finance a vehicle. We deliver our customers the lowest rates and best loan terms available. We maintain high customer service levels, and provide custom finance solutions

All offers from lender

Term APRs as low as Payment
24 Monthmos 1.99% $1,063/mo Apply Online
AUTOPAY provides direct to consumer financing for individuals looking to refinance or finance a vehicle. We deliver our customers the lowest rates and best loan terms available. We maintain high customer service levels, and provide custom finance solutions.