| Lender | Best for… | Starting APR | Loan terms | Loan amounts | |
|---|---|---|---|---|---|
 | Fast funding | 4.99% | 24 to 72 months | From $5,000 | View Personalized Offers |
 | Bad-credit borrowers | 7.90% | 36 to 84 months | $10,000-$100,000 | View Personalized Offers |
 | Short-term loans | 4.50% | 12 to 84 months | Not specified | View Personalized Offers |
 | Those with military ties | 4.54% | Up to 96 months | From $5,000 | View Personalized Offers |
 | Special vehicle refinancing | 5.24% | 12 to 120 months | $10,000-$150,000 | View Personalized Offers |
 | Cash-back refinancing | 5.29% | 24 to 96 months | $10,000-$150,000 | View Personalized Offers |
 | Repayment flexibility | 5.49% | 24 to 84 months | From $7,500 | View Personalized Offers |
 | Using a co-borrower | 5.99% | 48 to 96 months | $15,000-$150,000 | View Personalized Offers |
 | Refinancing small auto loans | 6.34% | Up to 84 months | $250-$250,000 | View Personalized Offers |
 | Debt protection | 5.94% | 36 to 84 months | Up to $150,000 | View Personalized Offers |
 | Refinancing large auto loans | 6.74% | Up to 84 months | Up to $500,000 | View Personalized Offers |
| Starting APR | 4.99% |
| Loan amounts | From $5,000 |
| Loan terms | 24 to 72 months |
| Minimum credit score | 600 |
| Pros | Cons |
|---|---|
Offers small loan amounts Funding within 24 hours May receive up to four loan offers Allows for co-applicants | Not available in Alaska or Hawaii Maximum car mileage of 125,000 No direct phone number or email address provided on website |
myAutoLoan isn’t a direct lender, but it can provide consumers with at least four loan offers when they apply. If approved for a refinance auto loan, you may receive your funds within 24 hours. And if you don’t have good credit, myAutoLoan does allow consumers to use a co-applicant.However, if your car has more than 125,000 miles on it, you won’t qualify for a car refinance loan through myAutoLoan. Consumers’ ability to contact myAutoLoan is also limited to an online request form with no direct phone number or email provided on the website.
You’ll need to meet this criteria to qualify for an auto refinance loan on myAutoLoan’s network:
| Starting APR | 7.90% |
| Loan amounts | $10,000-$100,000 |
| Loan terms | 36 to 84 months |
| Minimum credit score | 460 |
| Pros | Cons |
|---|---|
Those with bad credit scores may qualify Allows for co-borrowers Provides clear eligibility criteria for applicants | Only offers loans up to $100,000 May find shorter repayment terms elsewhere Self-employed consumers won’t qualify |
With a minimum credit score requirement of just 460, OpenRoad Lending provides flexibility for borrowers with less-than-perfect credit. (However, OpenRoad Lending connects consumers to companies on its lending platform, so you’ll still need to meet other criteria to qualify.)This company also allows consumers to apply with a co-borrower. This can improve your chances of qualifying and help you land lower rates, especially if you have bad credit.
To qualify for a loan through OpenRoad Lending, you’ll need to meet the following criteria:
| Starting APR | 4.50% |
| Loan amounts | Not specified |
| Loan terms | 12 to 84 months |
| Minimum credit score | Not specified |
| Pros | Cons |
|---|---|
Offers short-term loans Option to apply for joint loan No mileage or model-year restrictions | Credit criteria not specified Loans require credit union membership Few brick-and-mortar branches |
If you’re looking to pay off your auto refinance loan quickly, Southeast Financial Credit Union (SFCU) offers repayment terms as short as 12 months. On top of that, unlike other lenders, SFCU doesn’t limit car mileage or model year for refinanced cars.However, as is the case with most credit union auto loans, you’ll need to become a member of this institution first to get a loan.
Southeast Financial Credit Union doesn’t provide much information about its borrower requirements.To become a SFCU member, you’ll need to a savings account with a $5 deposit and check at least one of the following boxes:
| Starting APR | 4.54% |
| Loan amounts | From $5,000 |
| Loan terms | Up to 96 months |
| Minimum credit score | Not specified |
| Pros | Cons |
|---|---|
Long loan terms Provides discounts to active duty and retired military members Preapproval good for 90 days | Doesn’t specify loan amounts Exclusive to those with military ties Must become member before you can apply for a loan |
Navy Federal Credit Union is a lender that specifically caters to current and former military members, as well as their families. Both active duty and retired members of the military can also receive a 0.25% APR discount for using direct deposit for their loans.Navy Federal auto refinance loans can only be used by those with ties to the military, and you’ll need to become a member of the credit union before you can apply for a loan. However, the lender also doesn’t specify how much you can borrow on its website.
Navy Federal Credit Union doesn’t provide insight into its criteria around what vehicles you can refinance and what credit requirements you’ll need to meet. To become a member, though, you’ll need to fall into one of the following criteria:
| Starting APR | 5.24% |
| Loan amounts | $10,000-$150,000 |
| Loan terms | 12 to 120 months |
| Minimum credit score | 650 |
| Pros | Cons |
|---|---|
Offers cosigner loans Provides special vehicle refinancing Offers 24/7 roadside assistance | Doesn’t specify credit requirements May find shorter repayment terms elsewhere Doesn’t provide auto eligibility criteria |
Auto Approve isn’t a direct lender — instead, it connects consumers with lenders within its network. A unique feature the company offers is that it won’t just refinance cars: It’ll also refinance motorcycles, RVs, boats and ATVs.Unfortunately, Auto Approve doesn’t provide much information around its credit or vehicle criteria. This could make it difficult for consumers to know whether the company is a good fit for them.
Auto Approve doesn’t provide much information around its requirements for vehicles or credit. During the application process, however, you will have to provide the following information:
| Starting APR | 5.29% |
| Loan amounts | $10,000-$150,000 |
| Loan terms | 24 to 96 months |
| Minimum credit score | 580 |
| Pros | Cons |
|---|---|
Offers cash back refinancing Those with bad credit may qualify Allows for co-borrowers | Older cars may not qualify Unclear credit requirements Doesn’t post loan details on website |
To qualify for a RefiJet auto refinance loan, you’ll need to meet these requirements:
| Starting APR | 5.49% |
| Loan amounts | From $7,500 |
| Loan terms | 24 to 84 months |
| Minimum credit score | 525 |
| Pros | Cons |
|---|---|
Can skip up to 90 days of payments Offers prequalification Bad-credit consumers may qualify | No loan criteria provided on website Doesn’t post loan details on website Refi loans start at $7,500 |
With an iLending auto refinance loan, you have the option to skip up to 90 days of payments if your budget won’t allow you to make your car payment that month. Applying for a loan won’t impact your credit score — and even if you don’t have the best credit, you may still be able to get a loan through iLending.Unfortunately, iLending doesn’t provide much information around its eligibility requirements or loan features. This can make it difficult to know if an iLending auto refinance loan is right for you.
| Starting APR | 5.99% |
| Loan amounts | $15,000-$150,000 |
| Loan terms | 48 to 96 months |
| Minimum credit score | 660 |
| Pros | Cons |
|---|---|
Allows for co-borrowers on your loan application Offers prequalification Doesn’t charge fees | High minimum loan amounts Doesn’t refinance cars older than 10 years old High minimum repayment terms |
If you don’t have great credit, it can be difficult to qualify for a loan unless you have a co-borrower or cosigner. Gravity Lending allows borrowers to apply with a second person to improve their chances of approval and potentially get lower rates.But if you’re looking to refinance a small auto loan, you may need to look elsewhere — Gravity Lending only refinances loans that are at least $10,000. The lender also doesn’t post its credit or vehicle requirements on its website.
Gravity Lending only refinances vehicles that are 10 years old or newer. During the application process, you’ll also have to provide the following information:
| Starting APR | 6.34% |
| Loan amounts | $250-$250,000 |
| Loan terms | Up to 84 months |
| Minimum credit score | None |
| Pros | Cons |
|---|---|
Offers small loan amounts Non-U.S. citizens eligible for loans 0.25% autopay discount | Charges a membership fee CCU membership required to receive a loan |
Consumers Credit Union (CCU) offers a flexible range of loan amounts — from $250 to $250,000 — so even those with small auto loans can refinance if they need to. CCU also allows for non-U.S. citizens to apply for loans, has no minimum credit score and offers a 0.25% autopay discount.Still, like other credit unions, you’ll need to become a member of CCU in order to receive your loan funds. You’ll also have to pay a nominal one-time fee of $5.
| Starting APR | 5.94% |
| Loan amounts | Up to $150,000 |
| Loan terms | 36 to 84 months |
| Minimum credit score | Not specified |
| Pros | Cons |
|---|---|
Flexible membership eligibility Offers debt protection services Allows for prequalification | Credit union membership required Doesn’t offer much insight into its loan requirements |
In the case of death, disability or loss of employment, PenFed Credit Union offers the option of debt protection for a small monthly fee. In these instances, PenFed can cancel your loan balance or monthly payments with no penalties.Unfortunately, PenFed doesn’t offer much insight as to what it requires if you want to refinance your auto loan. You’ll also need to become a PenFed member before you can receive your loan funds.
| Starting APR | 6.74% |
| Loan amounts | Up to $500,000 |
| Loan terms | Up to 84 months |
| Minimum credit score | Not specified |
| Pros | Cons |
|---|---|
Offers large loan amounts Provides multiple rate discounts No payments for 60 days | May charge an administrative fee to refinance DCU auto loan DCU membership is required Few branch locations |
Digital Federal Credit Union (DCU) offers the largest auto loan refinance option on our list with amounts up to $500,000. The lender also provides multiple rate discounts if you have an energy efficient vehicle, or if you’re a Plus or Relationship member making electronic payments. Further, DCU offers customers the option to skip payments for 60 days.However, if you’re refinancing a DCU auto loan, you may have to pay an administrative fee. Plus, like all credit unions, DCU requires that you become a member to receive funding.
DCU doesn’t provide much insight as to its auto loan refinance eligibility criteria, but it does outline how to qualify for membership:
Refinancing an auto loan is moving an original car loan to (in many cases) a new lender with new terms that are better for your financial situation. The process to refinance a car loan will depend on each lender, but here are the steps you’ll generally follow.
Refinancing an auto loan can affect your credit score, since you’ll need to submit to a hard credit pull when you apply for a loan. This can cause your score to drop by a few points temporarily. However, as you repay your car loan, your score will gradually increase again.
It may be a good idea to refinance your car if you have good credit, market rates are low or you’re having a hard time keeping up with your current loan. It may be a bad idea, however, if you don’t have good credit or don’t have much left on your loan. Keep in mind that if you refinance, some lenders may try to sell you add-ons such as auto GAP insurance or an extended car warranty.
How soon you can refinance a car loan will depend on how long it takes for the car title to transfer to you. Typically, this takes 60 to 90 days. After that, you should be in the clear to refinance.
You can get out of your current auto loan if you trade in your car, refinance it or sell it. However, selling your car when you still have a loan can be complicated, as you’ll need to pay off your current lender so the title can be transferred to the new buyer.
