Auto Refinance Rates: Find the Lowest Rates & Prequalify Today

Southeast Financial Credit Union offers the lowest auto loan refinance rates on our list. Keep in mind, these low rates will go to borrowers with excellent credit.

If you want to get a cheaper auto loan by refinancing with lower rates, Southeast Financial Credit Union (SFCU) offers the lowest starting annual percentage rate (APR) of any lender on this list. And unlike many lenders, SFCU doesn’t limit car mileage or model year.

As is the case with most credit union auto loans, you’ll need to become a member to get a refinance loan. That said, qualifying is easy and costs a total of $10 or less.

To qualify for a refinance loan with Southeast Financial Credit Union, you’ll need a credit score of at least 600.

You’ll also need to become an SFCU member, which requires creating a savings account with a $5 deposit and qualifying with one of the below:

• Donate $5 to Autism Tennessee
• Be a current or retired Southeast Financial Select Employee Group employee
• Be a relative of a Southeast Financial Credit Union member
• Live, work, worship, go to school or volunteer in a qualifying Tennessee or Kentucky community, Tishomingo County, Miss., or Corinth, Miss.

Navy Federal Credit Union offers competitive rates and repayment terms as long as you are affiliated with the military.

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 an APR discount for getting their loan by direct deposit.

You can only get a Navy Federal auto refinance loan if you have a tie to the military, and you’ll need to become a member of the credit union before you can apply for a loan.

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:

• Active-duty members of any military branch
• Delayed Entry Program enlistees
• Department of Defense officer candidates, ROTC and reservists
• Department of Defense civilian employees and other personnel
• Veterans, retirees and annuitants
• Department of Defense retirees and annuitants
• Family or household members of any of the above

Many auto refinance lenders start their loans at $5,000 or $10,000 and cap them to $100,000. At Consumers Credit Union (CCU), auto refinance loans run from $250–$500,000.

If you’re stuck in a higher-interest, smaller car loan, CCU might be able to help. You just need a credit score of at least 620 to qualify for a refinance loan as small as $250. If you sign up for autopay, you also get a 0.25% interest rate discount. It doesn’t have to come out of a CCU account, either.

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.

To get an auto refinance loan with CCU, you must meet the requirements below:

• Minimum credit score: 620
• Administrative: Pay a $5 fee (which CCU usually reimburses, but not on auto refinance loans); open a Member Share/Savings account

Sometimes life happens and, when it does, for a small fee, PenFed Credit Union offers debt protection plans so you can avoid any negative impact to your credit. Debt protection can also provide peace of mind during a turbulent economy.

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.

You can check rates before joining the credit union. If you want to accept your loan, you have to become a member. But unlike Navy Federal, PenFed accepts everyone, regardless of military affiliation.

To qualify for a PenFed auto loan, you must meet the following requirements:

• Membership: PenFed membership (anyone can join)
• Administrative: Open a PenFed savings account with $5 deposit; may need to submit documents to verify your identity and income
• Vehicle restrictions: Must have less than 125,000 miles

With Autopay, you can take out as much as $12,000 in your car’s equity with a cash-out auto refinance loan.

Autopay is a lending marketplace that connects borrowers with partner lenders. You don’t need perfect credit to qualify. Along with lenders RateGenius and Tresl, Autopay is owned by The Savings Group.

Autopay’s customer service is only available six days a week, but you can contact them via text message.

Autopay connects borrowers to partner lenders and financial institutions. These partners all have different eligibility requirements.

To use the marketplace, you and the vehicle you’re refinancing must meet the requirements below:

• Credit score: 580+
• Minimum monthly income: $2,500
• Vehicle restrictions: Must be 10 years or newer with less than 150,000 miles

Refinancing your auto loan can come with lots of extra steps, but Auto Approve streamlines the process by directly paying off your current lender and covering your DMV paperwork.

Auto Approve isn’t a direct lender — instead, it connects consumers with lenders in its network. To make the refinancing process easier on you, it’ll pay off your current lender and take care of any DMV paperwork for you once you close. You can apply with a co-borrower and may qualify even if you have a fair credit score.

If you need to refinance a small car loan, you may need to look elsewhere since Auto Approve’s loans start at $10,000. And as easy as Auto Approve’s experience may be, customer service is only available Monday through Friday.

To qualify for a car refinance loan with Auto Approve, you’ll need a credit score of at least 600 and your car must be 20 model years or newer and have less than 125,000 miles.

To close on your loan, you will have to provide the following:

• Driver’s license
• Proof of insurance
• Vehicle registration
• Proof of income
• Contract for current auto loan

If you’re in a hurry to refinance your auto loan, you could receive your funds from myAutoLoan within 24 hours of approval. Other loan companies can take several days before giving you the money.

myAutoLoan doesn’t issue loans directly. Instead, you can receive up to four offers from its partner lenders. If you’re 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 you to add a second person to your loan to boost your odds of approval.

However, if your car has more than 125,000 miles on it, you won’t be able to refinance it through myAutoLoan. You also can’t call myAutoLoan if you need help. Instead, you have to request a callback with an online form.

You’ll need to meet these criteria to qualify for an auto refinance loan on myAutoLoan’s network:

• Minimum $18,000 annual gross income
• 600 minimum credit score
• Must live in continental U.S.
• Car cannot have more than 125,000 miles
• Vehicle must be 10 years old or newer
• Must have at least $5,000 left on current loan

RefiJet’s monthly income may not be the lowest for single applicants, but you only need to make at least $2,200 between the two of you if you’re getting a joint loan.

It can be hard to qualify for an auto refinance loan with a lower income, especially if you have bad credit. RefiJet accepts both. LendingTree users who have refinanced their cars with RefiJet also rate it 4.9 stars out of 5.

If you only have a couple thousand to refinance, you will have to go with another lender. RefiJet’s loans start at $5,000.

To qualify for a RefiJet auto refinance loan, you’ll need to meet these requirements:

• Minimum credit score: 500+
• Minimum income: $1,900 single or $2,200 joint; must have a job or verifiable source of income
• Other credit considerations: Recent car payments must have been made on time
• Vehicle restrictions: Must be less than 10 years old and have less than 150,000 miles
• Administrative: Must have a valid driver’s license, full coverage insurance and vehicle registration

If it gets you from point A to point B, iLending can probably refinance it. It refinances boats, motorcycles, RVs and ATVs, not just cars and trucks.

iLending is a lending platform that hooks borrowers up with partner lenders. Having a variety of lenders on board means you have options. Some of iLending’s partners offer specialty vehicle financing, and you might even be able to refinance an upside-down car loan. When you’re upside down, it means you owe more on your car than what it’s worth.

While iLending refinances special vehicles like RVs and boats in addition to cars, it doesn’t specify maximum age or mileage restrictions.

To refinance your vehicle with iLending, you must meet the below requirements:

• Minimum credit score: 560
• Minimum credit history: Six months and one credit account (credit card, mortgage, loan)
• Minimum income: $1,500 per month (varies)

While some lenders require that you have a high credit score to get an auto refinance loan, OpenRoad Lending allows you to qualify with a credit score of 460.

With a minimum credit score requirement of just 460, OpenRoad Lending could be a solution if you’re struggling to get approved. Another lending platform, OpenRoad, doesn’t offer loans itself.

Instead, it works with partner lenders, some of which are open to bad credit. It also provides free credit scores. That way, you can track your progress as you make on-time payments.

Compared to its credit score requirements, OpenRoad’s vehicle requirements are a little strict. It only refinances cars that are eight model years and newer. It also doesn’t offer specialty vehicle refinancing.

To qualify for refinancing through OpenRoad Lending, you’ll need to meet the following criteria:

• Minimum credit score: 460+
• Minimum monthly income: At least $1,500 gross (Uber does not qualify)
• Vehicle restrictions: Must be eight model years or newer and have less than 140,000 miles