Compare auto refinance rates from top lenders in minutes
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How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
Southeast Financial Credit Union: Best for cheap auto refinancing rates
3.50%
Up to $100,000
12 to 84 months
600
Pros
No mileage or model year restrictions
Can apply to skip a payment twice per year
In addition to cars, also refinances ATVs, RVs, boats, motorcycles and jet skis
Cons
Loans require credit union membership
Skipping a payment can be helpful in a bind, but it costs $45
Can't check rates without hurting credit
Why we like it
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Southeast Financial Credit Union (SFCU) offers the lowest auto loan refinance rates on our list.
What to know
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If you’re looking to refinance your auto loan at a lower rate, SFCU has the lowest starting annual percentage rate (APR) on this list. It’s important to note that its ultra-low 3.50% rate only applies to 12-month loan terms, so you’ll have to pay your car off within a year. You’ll also need excellent credit.
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.
How to qualify
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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.
LendingTree users who've worked with Caribou rate it 5 out of 5 stars
Will get a dedicated loan officer to help you through the process
Can text your loan officer if you have questions
Cons
Need at least $10,000 left on your current auto loan in order to refinance
May need to roll $499 into your loan to cover processing fees, depending on the lender you choose
Why we like it
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LendingTree users who have worked with Caribou have given it a perfect score. And instead of calling, you can get in touch with your loan officer via text or email if you prefer.
What to know
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If you’d like a little expert help while you check out your refinance options, Caribou might be for you. Caribou is not a lender itself — it’s a loan marketplace that connects borrowers to its network of partner lenders.
Although Caribou itself doesn’t charge anything to use the service or apply, it does charge a $499 processing fee to its partner lenders. Some of these lenders may pass along this fee to you, usually by rolling the fee into your loan (increasing the cost of borrowing).
Keep in mind that Caribou’s lowest 4.39% rate only applies to 36-month loan terms for borrowers with excellent credit.
How to qualify
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To refinance a car with Caribou, you must meet the requirements below:
Credit score: 580+
Residency: Can’t live in Maryland, Nebraska, Nevada or West Virginia
Minimal annual income: $24,000
Vehicle restrictions: Car must be 20 years old or newer, cannot have more than 150,000 miles and must have at least $10,000 left on current loan
Consumers Credit Union: Best for refinancing smaller car loans
4.49% (with autopay)
$250-$500,000
12 to 84 months
620
Pros
Could be a great option if you only have a couple of thousand left on your current auto loan
Refinances big car loans up to $500,000
0.25% rate discount for autopay
Cons
Required credit union membership (but anyone can join)
Doesn’t give details about its vehicle restrictions
Why we like it
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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.
What to know
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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.
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.
How to qualify
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To get an auto refinance loan with CCU, you must meet the requirements below:
Credit score: 620+
Administrative: Pay a $5 fee (which CCU usually reimburses, but not on auto refinance loans); open a Member Share/Savings account
PenFed Credit Union: Best for financial protection if life changes
4.69%
Up to $150,000
36 to 84 months
Not specified
Pros
Offers debt protection (for a fee)
Can borrow up to 25% more than what is on your current loan balance for cash in your pocket
Can check rates without hurting credit
Cons
Credit union membership required (but anyone can join)
Sends the check to you (in your old lender's name) instead of paying off your current lender directly
Car must have less than 125,000 miles (other lenders allow 150,000 or have no restrictions at all)
Why we like it
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Sometimes life happens and, when it does, 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.
What to know
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In the case of death, disability or loss of employment, PenFed Credit Union offers the option of debt protection for a monthly fee. In these instances, PenFed can cancel your loan balance or monthly payments with no penalties. Protection rates vary, but start at $.88 per $1,000 of the loan balance you’d like covered.
You can check rates before joining the credit union. If you want to accept your loan, you have to become a member.
How to qualify
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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
Equity is how much of your car you actually own, based on how much you’ve paid into it and how much it’s worth. With Autopay, you may be able to take out up to $12,000 of your equity and use it as cash. You don’t want to cash out equity if you don’t need to (it drives up the balance of your auto refi loan), but this can be a good strategy if you have higher-interest debt to pay off.
Autopay is a lending marketplace that connects borrowers with partner lenders. Along with lenders RateGenius and Tresl, Autopay is owned by The Savings Group.
How to qualify
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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
Lender will overnight your paperwork or allow you to sign it online, speeding up the refinancing process
Your new lender will pay off your old auto loan for you
Can check rates in just a few minutes, without impacting credit
May still qualify with past bankruptcies
Cons
Not available in Alaska or Hawaii
Maximum car mileage of 125,000 (some allow 150,000)
Can only contact company via web form (no phone number or live chat)
Why we like it
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Many auto refinance companies take at least a few days to get your paperwork together and your loan finalized. myAutoLoan is different. It can overnight your documents, or you can sign them online — helping move along the process.
What to know
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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 won’t have to worry about paying off your old lender — myAutoLoan will take care of that for you.
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.
How to qualify
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You’ll need to meet this criteria to qualify for an auto refinance loan on myAutoLoan’s network:
Age: 18+
Credit score: 600+
Minimum income requirement: $18,000 annual gross income
Residency requirements: Can’t live in Alaska or Hawaii
Vehicle restrictions: Car must be 10 years old or newer, cannot have more than 125,000 miles and must have at least $5,000 left on current loan
Auto Approve: Best for easy paperwork and title transfer
4.99% (with autopay)
$10,000-$150,000
12 to 96 months
600
Pros
Handles the car title with the DMV and pays off your old lender for you
Can stretch out your payments as far as 96 months
Finances cars and trucks up to 20 model years old (10 is more common)
Cons
Must have at least $10,000 to refinance (more than many other lenders)
Customer service isn’t available on Sundays
Why we like it
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Refinancing can seem intimidating because of the paperwork involved. Auto Approve streamlines the process by directly paying off your current lender and covering your DMV paperwork.
What to know
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Auto Approve isn’t a direct lender — instead, it connects consumers with lenders in its network. To make refinancing as easy as possible, it’ll pay off your current lender and take care of any DMV paperwork for you once you close.
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.
How to qualify
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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 fewer than 125,000 miles.
To close on your loan, you will have to provide the following:
LendingTree users who have used RefiJet have rated it 4.9 out of 5 stars
Handles the title transfer for you
Cons
Interest will continue to accrue while waiving payments
Why we like it
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Depending on your credit and the lender RefiJet connects you with, you may be able to refinance your car payment-free for the first 90 days.
What to know
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When you refinance a car, you usually get a grace period of 30 to 45 days before you have to make your first payment. With RefiJet, you could skip 90 days instead. You may need excellent credit to qualify for this perk, and note that interest will continue to accrue, even if your payment isn’t technically due.
If you only have a couple thousand to refinance, you will have to go with another lender. RefiJet’s loans start at $5,000.
How to qualify
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To qualify for a RefiJet auto refinance loan, you’ll need to meet these requirements:
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, have fewer than 150,000 miles and have at least $5,000 left on current loan
Administrative: Must have a valid driver’s license, full coverage insurance and vehicle registration
iLending: Best for refinancing upside-down car loans
5.49%
$5,000-$150,000
12 to 96 months
560
Pros
May be able to refinance an upside-down car loan
In addition to cars, also refinances boats, motorcycles, RVs and ATVs
Can still qualify with bad credit
Customer service is available seven days a week
Cons
Doesn’t provide information about vehicle restrictions such as age and mileage
Why we like it
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When you owe more on your car than what it’s worth, that means you have an upside-down car loan. Not all lenders will refinance when you’re upside down, but iLending has partners that may work with you as long as you have excellent credit, little debt and a decently high income.
What to know
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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 refinance upside-down car loans. The lender may roll the difference between your current loan and your vehicle’s worth into your new loan (which means more interest since you’ll have a larger loan). Even so, you could still end up saving money if you qualify for a lower rate.
While iLending refinances special vehicles like RVs and boats in addition to cars, it doesn’t specify maximum age or mileage restrictions.
How to qualify
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To refinance your vehicle with iLending, you must meet the below requirements:
Credit score: 560+
Minimum credit history: Six months and one credit account (credit card, mortgage, loan)
OpenRoad Lending: Best for refinancing with bad credit
5.49%
$7,500-$100,000
36 to 84 months
460
Pros
Can still qualify with a score as low as 460
Has lower minimum income requirements than many lenders ($1,500 a month)
Cons
Car needs to be eight model years or newer (10 model years is more common)
Customer service isn’t available on weekends
Can’t be self-employed
Why we like it
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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.
What to know
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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.
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.
How to qualify
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To qualify for refinancing through OpenRoad Lending, you’ll need to meet the following criteria:
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
Auto refinance rates from the lenders on this page start as low as 3.50%, but that’s just a guide — and it only applies if you’ve got excellent credit and a strong income.
That doesn’t mean that you need perfect credit to get a lower rate than what you’re currently paying, though. Refinancing can be a great way to save if you’ve improved your credit since financing your car, even if your score is still a work in progress.
The best way to see what kind of auto refinance rates you can get is by prequalifying and shopping around. Just like car insurance, auto refinance rates are personalized to you.
We’ve compiled the average auto loan refinance rates for LendingTree marketplace users so you can estimate the rates you’ll likely qualify for based on your credit score.
If you aren’t sure where you stand, check your credit score for free with LendingTree Spring. You’ll get personalized recommendations on how to boost your score, and you can use Spring to track your score over time.
“Many people will likely wait to refinance in the second half of 2025. There’s hope rates will fall, but it’s not promised. If cuts materialize, we could see a spike in refinancing.”
The Federal Reserve hasn’t lowered rates in months, and the future of auto refinance interest rates is uncertain. Interest rates could decrease later this year if the economy stabilizes and inflation continues to ease.
Estimate your new car payment
How to get banks to compete for your business with LendingTree
When you’re shopping for a loan, there’s no reason to spend a ton of time filling out applications. That’s what we’re here for. With just one form, compare rates from our network of vetted lenders because when banks compete, you win.
Tell us what you need.
Take two minutes to tell us who you are and how much money you need to refinance your car. We’ll take care of the rest. It’s free, simple and secure.
Shop your offers.
We’ll send you offers from up to five trusted lenders. Compare your offers side by side and use an auto refinance calculator to see if you can save money or lower your car payment.
Get refinanced.
Choose an offer and work with the lender to finalize your loan. Most will pay off your old loan and handle the paperwork, but it’s best to ask.
Compare auto refinance rates from top lenders in minutes
Can you refinance a car with bad credit?
You may be able to refinance a car loan with bad credit, but you’ll have to apply with lenders that accept lower credit scores. The auto refinance lender on this list with the lowest minimum credit score is OpenRoad. It only requires a score of at least 460.
If you have bad credit, an auto refinance loan could be more expensive than what you’re paying now. But if you’re having a hard time affording your car loan because your monthly payments are too high, refinancing — even with a higher rate — could make sense.
Struggling to afford your car payment?
Refinancing your auto loan can give you the option to stretch out your payments over a longer term, providing you with wiggle room in your budget.
Let’s say you owe $15,000 with 36 months left on your loan and you’re paying $470 per month. If you qualify for a 48-month auto refinance loan, you could reduce your monthly car payment to $366.
To do this, focus on the longest car loan that you qualify for, with the lowest rate. Just know that you will be paying more overall interest. Still, if it keeps your car from being repossessed, the extra interest could be worth it.
If you don’t qualify for refinancing and you’re struggling to keep up with payments, contact your lender and ask if it has a hardship program.
You could also see if a lender will approve you if you put a cosigner on your refi loan. Getting someone else to back you up could get you over the finish line, especially if they have excellent credit. You might even get a better rate.
How much is left on your auto loan?
$10,000
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Borrowers refinance auto loans after buying a car for a variety of reasons. Here’s when to consider refinancing your car loan:
Your credit score has increased.Improving your credit score can boost your chances of qualifying for better rates when you refinance your car loan. You can raise your score by making on-time payments on your current auto loan and by reducing other debts.
Interest rates have dropped. If interest rates have dropped since you took out your car loan, you may be able to land better rates with a refinance.
You’re struggling to make payments. If you can’t keep up with your current loan, consider refinancing for a longer term. This can help lower your monthly car payments. Keep in mind that you’ll pay more in interest in the long run.
You bought at a buy here, pay here. If you bought a vehicle at a buy here, pay here car lot, you are probably paying super-high interest rates. Even if your credit isn’t perfect, you might get a lower rate by refinancing with a legitimate lender.
You want to add or take someone off of your car title. Most auto refinance lenders let you add or remove co-borrowers during the refinancing process. When you add or remove a co-borrower, you’re also adding or removing them from the title.
Refinance vs. replace: tariff edition
Are you putting the brakes on buying a car because of tariffs? You aren’t alone. We conducted a survey to learn more about car-buying habits in the midst of tariffs. Of those who were planning on buying a car this year, 36% have now decided to wait.
As car costs rise, it may be a smarter move to refinance instead of buy. You’ll have to keep your older car, but you could save money in the meantime if you qualify for a low refinance rate.
How we chose the best auto refinance lenders
We reviewed more than 44 lenders and financial institutions that offer auto refinance loans to determine the overall best 10 lenders. To make our list, lenders must offer competitive APRs. From there, we prioritize lenders based on the following factors:
Accessibility: We chose lenders with auto loans that are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification, preapproval and application processes.
Rates and terms: We prioritize lenders with more competitive starting fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.
LendingTree reviews and fact checks our top lender picks on a monthly basis. We partner with dozens of auto lenders, but partners and non-partners receive equal treatment in our systematic scoring and review process.
Frequently asked questions
Each lender has its own rules for which cars it will refinance. Usually, your car needs to have less than 125,000 or 150,000 miles on the odometer. Most lenders only refinance cars that are 10 years or newer, although there are some exceptions (see Auto Approve).
Also, your car needs full coverage insurance before you can refinance, and you will likely need to provide an active registration. You may also have a hard time refinancing a car with a salvage or branded title.
Before applying and taking a hard credit hit, make sure your car fits the lender’s eligibility requirements.
Refinancing your car loan can be a good idea if you qualify for a lower interest rate than what you’re paying on your current car loan. This can happen if you’ve improved your credit after buying your car, or if rates in general have dropped.
It might also be a good idea to refinance your car if you want a lower car payment. You can do this by choosing a refinance loan with a longer term. You will pay more overall interest, however.
Some people also refinance in order to add or remove a co-borrower. By doing so, that person will be added or removed from the car title. Adding a co-borrower to your auto refinance loan can help you get a lower rate if your co-borrower has excellent credit.
It can cost money to refinance a car. Some lenders charge doc fees or admin fees, sometimes reaching several hundred dollars. These fees are meant to cover overhead, like filing DMV documents on your behalf. Typically, your lender will roll these fees into your loan, so they aren’t an out-of-pocket expense.
A good auto loan refinance rate is a lower rate than what you’re currently paying. Use an online marketplace like LendingTree to compare multiple offers at once to see if you qualify for a good refinance rate for your car.
Keep in mind, it’s much easier to qualify for a lower interest rate if your credit score has improved since you bought your car.
Based on LendingTree’s research, we found that the best auto refinance lenders are:
Southeast Financial Credit Union
Caribou
Consumers Credit Union
PenFed Credit Union
Autopay
Auto Approve
myAutoLoan
RefiJet
iLending
OpenRoad Lending
It’s usually best to wait at least six months before refinancing your auto loan.
Applying for two loans too close to each other (in this case, your first auto loan and then your auto refinance loan) can be bad for your credit score. If your credit score drops, then your auto refinance rate might be more than what you’re paying on your current auto loan.
Now, how soon you can refinance a car loan will depend on how long it takes for the car title to transfer to you. That can take a few days or more than a month — it varies by state and other factors. Even so, you may want to wait at least six months to refinance, if you can.
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.
You usually don’t need a down payment to refinance a car. A down payment is usually only required when you are upside down on your car loan, or owe more than it’s worth. You might also have to make a down payment to refinance if you have bad credit, but that’s up to the lender.
