Best Auto Refinance Lenders in 2026: Compare Top Picks
From lower payments to cash-outs, get matched with auto refinance lenders tailored to your situation
What is auto refinancing and what can it do for you?
Auto loan refinancing is the process of taking out a new car loan to pay off your existing one. Once the original loan is paid in full, you’ll make payments under the terms of the new loan.
You may be able to refinance and keep your current auto lender, but not all lenders will refinance their own loans or offer refinancing at all. Besides, you might find a better rate by shopping around. Other than possibly reducing your interest rate, refinancing can also help you:
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Lower your monthly payment.
Reduce your car payment by qualifying for a lower rate or switching to a longer loan term. A longer loan means more total interest, but it can be a good choice if it helps you keep your car. -
Gain access to cash.
Borrow against your car’s equity with a cash-out refinance. Although you’ll undo some of the progress you’ve made paying off your car so far, the money could help you out of an emergency. -
Remove or add a co-borrower.
Refinancing is usually required to remove someone from your current car loan. And adding a co-borrower to your new loan may also help you get a lower rate. -
Enjoy better benefits and service.
Poor customer service from your current lender is a perfectly reasonable reason to refinance your car loan. The typical car loan lasts from 12 to 84 months. That’s a long time to be stuck with a company you aren’t happy with.
A LendingTree study found that LendingTree users saved an average of $142 a month on their auto loans by refinancing. Experian reports an average monthly savings of $77.
While these studies aren’t directly comparable, they point to the same takeaway: many people pay less after refinancing their car loans. Actual savings depend on factors like your credit score and the car you’re refinancing.
How to choose the right auto refinance lender for your situation
Now that you know what refinancing can do, the next step is choosing a lender. Start by identifying your main goal. Then, focus on lenders that support it. Instead of searching for lenders one by one, you can compare multiple options at once with LendingTree.
| If you want to … | Look for lenders that … |
|---|---|
| Lower your rate | Offer competitive pricing for good credit and have shorter loan terms |
| Lower your monthly payment | Offer longer loan terms and/or lower APRs |
| Get approved with bad credit | Have flexible eligibility criteria |
| Refinance your car and get cash in hand | Offer cash-out auto refinancing |
| Add or remove a co-borrower | Allow co-borrower changes during refinancing (most do) |
Best auto refinance loans at a glance
Best for: Overall auto refinancing – iLending
- Starting APR
- 4.99%
- Loan consultant walks you through the process and helps handle paperwork
- Can still qualify with fair credit
- Customer service is available seven days a week
- Might need a down payment if you have bad credit
iLending’s “You First Approach” can make the refinancing process easier and less stressful. It assigns applicants their own loan consultant to walk them through the process.
iLending is a lending platform. It doesn’t fund loans itself but instead helps you shop with its partner lenders. A loan consultant will walk you through the process of comparing options, applying and completing the follow-up paperwork.
Loan platforms such as iLending tend to allow lower credit scores due to their variety of lending partners. iLending accepts scores as low as 580. However, a down payment could be required.
To refinance your vehicle with iLending, you must meet the below requirements:
- Credit score: 580+
- Vehicle age: Less than 10 years old
- Odometer reading: Less than 150,000 miles
- Minimum credit history: Six months and one credit account (credit card, mortgage, loan)
- Minimum income: $1,500 per month (varies)
Best for: Cash-out refinancing – Autopay
- Starting APR
- 4.65%
- Can pocket as much as $12,000 on a cash-out refi
- Can reach customer service via text
- Accepts fair credit
- Offers other loan options, like purchase and lease buyouts
- Customer service is not available on Sundays
With Autopay, you can borrow up to $12,000 from your car’s value at the same time as you refinance your car loan. This is called a cash-out refinance, and these types of loans can be harder to find.
Autopay is a lending marketplace that connects borrowers with partner lenders. Along with lenders RateGenius and Tresl, Autopay is owned by The Savings Group.
Working with a marketplace can lead to more loan options, based on the number of partners in the marketplace’s network. Some of Autopay’s partners offer cash-out refinance auto loans that let you borrow up to $12,000 on top of your auto refi loan.
Borrowing from your car’s equity can be risky and may lead to an upside-down car loan, but it can be worth it if you’re facing an emergency or have higher-interest debt to consolidate.
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 old or newer with less than 150,000 miles
Best for: Superior customer service – Caribou
- Starting APR
- 4.49%
- Very high ratings from LendingTree users
- Will get a dedicated loan officer to help you through the process
- Can text your loan officer if you have questions
- Pays off your old lender for you
- Customer service not available on Sundays
Most LendingTree users who’ve worked with Caribou would recommend it to others, and word of mouth is a big deal. You can also get in touch with your loan officer by text or email if you don’t have the time to call.
If you’d like a little expert help while you check out your refinance options, loan marketplace Caribou might be for you. It has dedicated loan officers available to assist as you review loan options. If you don’t like talking on the phone, you can text or email.
Also, LendingTree user reviews cite Caribou as being easy to work with. Caribou will pay your old auto loan lender for you after you’ve been approved.
Unlike some marketplaces, Caribou customer service isn’t open on Sundays. Still, help is available until 9 p.m. ET on weekdays and 7 p.m ET on Saturdays.
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
- Minimum annual income: $24,000
- Vehicle restrictions: Car must be 20 years old or newer and cannot have more than 150,000 miles on the odometer
Best for: Refinancing with a direct lender – LendingClub
- Starting APR
- 4.49%
- Pays your old lender for you
- Fast application, approval and payoff process
- Free credit monitoring, credit scores and credit reports
- Customer service not available on weekends
LendingClub is a direct auto refinance lender with a fully online process and perks like free credit monitoring via mobile app.
Many of our picks are loan marketplaces. Marketplaces can be a quick way to compare loans, but some borrowers prefer working one-on-one with the lender itself. LendingClub is a direct lender, which means it funds its own loans and you’ll only work with it — no third parties.
When you get a LendingClub loan, you also gain access to its mobile app. There, you can see your credit score and credit report anytime and also get real-time credit monitoring.
LendingClub is transparent about its eligibility requirements, which makes it easy to check whether you’re likely to qualify for a refinance. To be eligible, you need to meet the below criteria.
- Minimum credit score: 600
- Location: LendingClub doesn’t offer auto refinance loans in Alaska, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia, Wyoming, Washington, D.C. or the U.S. territories.
- Loan requirements: Your current loan must be open for a minimum of one month with at least 24 months of payments left and a balance of $4,000 to $100,000.
- Car age: 10 years old or newer
- Mileage: Less than 120,000 miles
- Vehicle restrictions: Refinancing not available for Daewoo, Hummer, Isuzu, Nissan Leaf, Oldsmobile, Pontiac, Saab, Saturn, Suzuki
Best for: A quick and easy experience – myAutoloan
- Starting APR
- 4.20%
- If you can’t sign online, will overnight your paperwork to you
- Your new lender will pay off your old auto loan for you
- May still qualify with past bankruptcies
- Can only contact company via web form (no phone number or live chat)
myAutoloan can overnight your documents, or you can sign them online — helping make the process easier for you.
myAutoloan doesn’t issue loans directly. Instead, you can receive up to four offers from its partner lenders. If you’re approved, you won’t have to worry about paying off your old lender — myAutoloan will take care of that for you.
Unfortunately, you can’t call or text myAutoloan if you have a question. Instead, you have to request a callback with an online form.
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
Best for: Refinancing with bad credit – OpenRoad Lending
- Starting APR
- 5.49%
- Can still qualify with a score as low as 460
- Lower minimum income requirements
- Customer service isn’t available on weekends
- Car needs to be 8 model years old or newer (10 model years old is more common requirement)
- Can’t be self-employed
While some lenders require that you have at least good credit to get an auto refinance loan, you could qualify for OpenRoad Lending with a credit score of just 460.
OpenRoad Lending could be a solution if you’re struggling to get approved. As a lending platform, OpenRoad doesn’t offer loans itself. Instead, it works with partner lenders, some of which are open to bad credit auto refinancing.
Compared to its credit score requirements, OpenRoad’s vehicle requirements are a little strict. It only refinances cars that are 8 model years old and newer.
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 (income from Uber — as well as similar rideshare services — does not qualify)
- Vehicle restrictions: Must be 8 model years old or newer and have less than 140,000 miles
Best for: Credit union auto refinancing – Southeast Financial Credit Union
- Starting APR
- 3.50%
- Very low starting APR
- No mileage or model year restrictions
- Easy to qualify for credit union membership
- Has a Skip-A-Payment program in case of financial hardship
- Customer service not available on weekends
- Can’t check rates without hurting credit
- Skipping a payment costs $60
Southeast Financial Credit Union’s low starting rates, hassle-free vehicle requirements and easy-to-meet membership rules make it a top choice for best auto refinancing from a credit union.
Credit unions, including Southeast Financial Credit Union (SFCU), tend to offer the lowest loan rates. But low rates aren’t helpful if you can’t qualify for the loan.
Luckily, anyone can become an SFCU member with a $5 donation to Autism Tennessee. Also, SFCU doesn’t restrict which cars it will finance based on model year or odometer reading.
SFCU membership has additional perks, like its Skip-A-Payment program. For a $60 fee, eligible borrowers can skip a loan payment to avoid taking a credit score hit due to missing a payment. SFCU can roll this fee into your refinance loan, but it will accrue interest.
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 Mississippi, Kentucky or Tennessee community
How your credit score can affect your auto refinance options
Eligible LendingTree users may receive multiple offers from up to five lenders, but the number of offers users receive depends on their financial profile. Each offer will have its own individual rates, repayment terms and monthly payments. The more offers you get, the more opportunities to find a refinance loan that works for you.
Using anonymized data, we analyzed LendingTree users who received at least one offer through our platform to see how just one factor — credit score — can affect how much choice you have in picking an auto refinance lender.
| Credit tier | Avg. number of offers | Avg. number of lenders that presented an offer |
|---|---|---|
| Excellent (800 and above) | 21 | 4 |
| Very good (740-799) | 22 | 4 |
| Good (670-739) | 21 | 4 |
| Fair (580-669) | 11 | 3 |
| Poor (under 580) | 4 | 2 |
This data shows that the higher your credit score, the more loan options you may have, including the number of offers you receive and the lenders offering them. Borrowers with bad credit may still be eligible but likely won’t have as many offers and lenders to pick from.
How to check a lender’s customer service before you choose
Before joining LendingTree, I was a quality assurance analyst and agent for a major car insurance company, where I listened to thousands of customer service calls. That experience taught me that paying a little extra for a more dependable company is almost always worth it. Researching takes homework but the way a lender communicates and handles issues is as important as the rate itself.
Take the following steps and make sure that the company you’re choosing is legit and easy to work with before finalizing your loan.
The Consumer Protection Financial Bureau (CFPB) maintains a database of public complaints made against financial companies, including auto lenders.
Larger companies will naturally have more complaints than smaller ones, so look for patterns like repeated issues with payment processing or customer service. Having some complaints isn’t unusual, but consistent problems around the same topic can be a red flag.
For more information, see the CFPB customer complaint database.
The Federal Trade Commission (FTC) takes action against companies that engage in deceptive or unfair business practices. Most lenders won’t have an FTC history, but it’s a good idea to do a quick search.
An FTC action doesn’t automatically mean a lender is off-limits, but it can help provide context, especially if the enforcement action was due to fees or collections.
For more information, see the FTC Legal Library.
In addition to public records, borrower reviews can provide some insight into what it’s really like to refinance with a lender. LendingTree user reviews highlight real experiences.
When reading reviews, look beyond star ratings and read specific details. Comments about communication, the application process or smooth title transfers can be especially helpful.
For more information, see LendingTree user reviews.
How to compare auto refinancing with LendingTree
Tap into our exclusive network of expertly vetted lenders with one quick form. When banks compete, you win.
Tell us what you need
Take two minutes to tell us what you need to refinance. We’ll take care of the rest. It’s free, simple and secure.
Shop your offers
LendingTree users get at least three auto loan refi offers on average, even if they have bad credit. Compare your offers side by side to get the best deal.
Get refinanced
Choose an offer, finalize your loan and you could have the money you need within 24 hours.
Estimate your new car payment after refinancing your auto loan
Refinancing can lower your monthly car payment, reduce the total interest you pay or help you pay off your loan faster. The impact depends on your numbers.
For example, if you owe $15,000 with 36 months left on your loan at 9% APR, your payment is about $477 per month.
Refinancing that balance into a 48-month loan at 6% APR would drop your payment to about $352 per month — freeing up roughly $125 each month. The tradeoff is that a longer loan may increase the total interest you pay over time.
Use the auto refinance calculator below to see how refinancing could affect your payment, loan term and total interest based on your situation.
When refinancing your car may not be worth it
Refinancing is a popular personal finance move that can save you money, but it isn’t right in all situations. You may want to reconsider refinancing if any of the following applies.
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You’re close to paying off your current loan:
If you only have a year or two left on your loan, you’ve already paid most of your interest. Interest is usually front-loaded on car loans. -
The rates or benefits aren’t worth the process:
Before refinancing, you’ll want to be sure that you’ll be coming out ahead, whether that means lower rates or better perks. -
You’d need to extend your loan term significantly:
Lowering your monthly payment by choosing a longer loan term can be helpful, but only to a certain extent. Consider the tradeoff between lower payments against more total interest. -
The fees outweigh the savings:
Some lenders or loan platforms charge doc fees, usually for handling the refinance process for you. You should also budget for mandatory state fees, like title transfer and registration. These vary by state. -
You’re upside-down on your car loan:
It’s possible to refinance an upside-down car loan, but it can be expensive and may require a down payment.
This page helps you compare lenders based on your needs. If you want to see how rates vary by credit score, check out our guide to average auto refinance rates.
How we chose the best auto refinance lenders
We reviewed more than 29 lenders and loan marketplaces that offer auto refinance loans to determine the overall best seven auto refinance loans.
According to our systematic review process, the best auto refinance loans come from iLending, Autopay, Caribou, LendingClub, myAutoloan, OpenRoad Lending and Southeast Financial Credit Union.
To make our list, lenders must offer benefits that help it stand out from competitors, like high customer LendingTree user scores and a seamless refinance experience. 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. Read more about our editorial guidelines and standards.
Frequently asked questions
Your car may be eligible to refinance, but each lender has its own criteria to meet. You can check a lender’s FAQ section for specific information. You may also be able to prequalify for a loan to see if you’re eligible without hurting your credit.
Below are some common requirements your car must meet before you can refinance it.
- Vehicle age: Usually must be 10 years old or newer, though some lenders may accept older
- Mileage: Typically must have less than 125,000 or 150,000 miles on the odometer
- Insurance status: Comprehensive and collision (full coverage insurance) is generally required
- Title status: Usually cannot have a salvage or branded title
- Vehicle type: Some lenders will not refinance cars that are no longer in production
- Vehicle worth: May not be eligible for refinancing if the car is worth less than what you owe
Refinancing a car loan can be a good idea, but it doesn’t make sense for everyone. Refinancing your car can be a good idea if you:
- Qualify for a lower interest rate on an auto refinance loan
- Need to add or remove someone from your car loan
- Want a lower monthly payment, even if it may mean more total interest
It can cost money to refinance a car, but fees are usually rolled into your loan. That means that fees will accrue interest, but you won’t have to pay them out of pocket.
Some common auto refinance fees include:
- Doc, admin fees or origination fees, which are charged by the lender and meant to cover overhead like filing DMV documents on your behalf.
- State fees, like title transfer and registration fees. These are mandatory and vary by state.
It’s usually best to wait at least six months after buying your car 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 negatively impact 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.
The best bank to refinance your car depends on a lot of factors, including your credit score, the car you want to finance and what you’re looking for in a lender.
Based on LendingTree’s research, we found that the best auto refinance lenders are:
- iLending: Best auto refinancing overall
- Autopay: Best cash-out auto refinancing
- Caribou: Best auto refinancing with superior customer service
- LendingClub: Best for refinancing with a direct lender
- myAutoloan: Best for a fast and easy experience
- OpenRoad Lending: Best for bad credit auto refinancing
- Southeast Financial Credit Union (SFCU): Best credit union auto refinancing
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 typically only required when you’re upside down on your car loan (i.e., you owe more than it’s worth). You also might have to make a down payment to refinance if you have bad credit, but that’s up to the lender.