Written by Jenn Jones | Edited by Katie Lowery | Reviewed May 17, 2023
| Company | Starting APR | Terms (months) | Loan Amounts | Best for |
|---|---|---|---|---|
 | 2.24% | 36 to 84 | Starting at $7,500 | Most popular choice |
 | 2.94% | 12 to 84 | $5,000 to $85,000 | Low average rates |
 | 3.49% | 24 to 84 | Starting at $5,000 | Subprime auto refinance |
 | 4.49% | 24 to 96 | $10,000 to $150,000 | Lowest average rates |
 | 5.44% | Not specified | Not specified | Access to credit unions |
| iLending loan details | |
| Starting APR | 2.24% |
| Loan terms | 36 to 84 months |
| Loan amounts | Starting at $7,500 |
iLending was by far the most popular refinance auto lender on the LendingTree platform in 2022. iLending doesn’t charge an application fee, allows joint applicants and can qualify cars with as many as 200,000 miles for refinancing.
When you apply, a personal consultant will guide you through the auto refinance process, going over all of your options and assisting you with the paperwork.
| Auto Approve loan details | |
| Starting APR | 2.94% |
| Loan terms | 12 to 84 months |
| Loan amounts | $5,000 to $85,000 |
Auto Approve offered the second-lowest average APR in the second half of 2022 on the LendingTree platform. Auto Approve doesn’t charge an application fee and only performs a soft credit pull when you apply.
Once you submit your application, Auto Approve will show you potential refinance offers from lenders. Once you choose an offer, that lender will do a hard credit pull to provide an official offer for your approval.
| RefiJet loan details | |
| Starting APR | 3.49% |
| Loan terms | 24 to 84 months |
| Loan amounts | Starting at $5,000 |
RefiJet was the most popular subprime auto refinance lender on the LendingTree platform. Like others on this list, RefiJet matches borrowers with lenders in its network. After you fill out an online form, a loan consultant will guide you through your options and the auto refinance process. RefiJet also offers prequalification and the possibility of no payments for the first two months of your refinance loan.
RefiJet does charge a $495 origination fee, though it can be rolled into your new auto loan. However, here are more lenders that specialize in bad credit car loans, if you’re curious.
| Gravity Lending loan details | |
| Starting APR | 4.49% |
| Loan terms | 24 to 96 months |
| Loan amounts | $10,000 to $150,000 |
Gravity Lending offered the lowest average APR to LendingTree customers in the second half of 2022. The company doesn’t charge any fees for its auto refinancing service, and the process from application to funding can take as little as a few minutes.
To qualify for the lowest rates, you’ll need a minimum credit score of 750 and the vehicle you’re refinancing will need to be a 2022 or newer model.
| LendingArts loan details | |
| Starting APR | 5.44% |
| Loan terms | Not disclosed |
| Loan amounts | Not disclosed |
This company offers auto loans and refinancing through partnering credit unions. While there isn’t a lot of information available on LendingArts’ website, generally, credit unions tend to offer more favorable terms than larger banks. Not much information is available on their website, but the application doesn’t appear to require a credit pull.
Refinancing replaces your current vehicle loan with a new auto loan, one with a different payment, interest rate or term.
Check your credit score
A lower-than-expected score might mean there are mistakes on your credit report. Double-check that everything is right and take care of any discrepancies before you apply for auto refinancing. You can view your credit score for free with LendingTree.
Apply online
Fill out one form on LendingTree and get up to five auto refinance offers from lenders based on your credit. Have your current auto loan information on hand, including your monthly payment amount, APR, loan term and payoff.
Compare offers
When lenders compete for your business, you win. Compare the different rates, payments and terms you qualify for and see which one’s best for your budget. Don’t forget to use a car loan refinance calculator to help run the numbers.
Save money
Success! Enjoy your lower payment, lower APR or ability to pay the loan off faster. It feels great to meet your goals.
Not at all, if it benefits you. The refinance company may try to sell you add-on products like guaranteed auto protection (GAP) insurance or an extended warranty, which can tack on thousands to your car loan. They can be helpful in the right situation, but don’t feel pressured into buying them if you don’t want them.
You might secure a lower APR if:
If you haven’t been able to make on-time payments, refinancing may still be a way to lower your monthly bill. An alternative is to ask your current lender to modify your monthly payment.
A cash-out auto refinance is similar to a traditional auto refinance loan with one major twist: The new loan exceeds the total needed to pay off your existing car loan and you pocket the difference. This only works if your car is worth more than the remaining balance. However, it also means that you’re taking on more debt and risking becoming upside down on your car loan.
It should cost you less than $100 and possibly nothing at all. Most auto loans don’t have a prepayment penalty attached, while the majority of lenders don’t charge an origination fee. The only thing that may cost money out-of-pocket is the fee to change the lienholder on the title, depending on your state’s rules. Given that refinancing could potentially save you a lot of money, any upfront cost is probably worth it.
Trading in your car and buying another (less expensive) one is an alternative to refinancing. But it’s not your only choice — you could sell your car or simply pay it off faster.
