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Best Car Loan Refinancing Companies


If you want to save money on your monthly car payments, refinancing might be the right choice for you. Our research team vetted 20 auto refinance lenders rated by more than 2,178 borrowers. Read our guide to choose the best car loan refinancing company for you by comparing credit score requirements, refinancing rates and lending platforms.

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Compare Top Car Loan Refinancing Companies


Our top picks for car refinancing companies

We chose the car refinancing companies below by comparing loan amounts, credit score requirements and overall loan experience. To be included, companies had to offer the services outlined and provide transparent information about their refinancing online or through customer service representatives.

Our pick for bad credit
Auto Credit Express

Company name Contact
Auto Credit Express logo
Logo Summary
  • Maximum loan amount: $43,000
  • Minimum credit score: 560
  • Loan term lengths: Varies by lender
  • Specializes in bad credit lending

Why we like Auto Credit Express’s auto refinancing: Auto Credit Express specializes in working with borrowers with poor credit histories, and its refinancing program is worth considering for those who’ve recently improved their credit score.

Our pick for excellent credit

Company name Contact
LightStream logo
Logo Summary
  • Minimum credit score: 660
  • Loan term lengths: 24 to 84 months
  • No age or mileage restrictions

Why we like LightStream’s car refinancing: LightStream’s lending service is known for being simple and efficient, and its auto refinancing program takes the same approach. You can apply for refinancing on its website by completing a few simple steps. With a minimum credit score requirement of 660, LightStream is a solid option for borrowers with prime credit ratings.

Our pick for comparing rates between lenders
Auto Approve

Company name Contact
Auto Approve logo
Authorized Partner
Logo Summary
  • Maximum loan amount: $100,000
  • Loan term lengths: 12 to 84 months
  • No application fees

Why we like Auto Approve’s auto refinancing: Auto Approve works with banks and credit unions across the nation. It assigns its customers loan consultants to help determine which refinancing companies are right for them based on their qualifications and requirements.

Our pick for alternative lending options

Company name Contact
LendingClub logo
Logo Summary
  • Maximum loan amount: $55,000
  • Peer-to-peer lending platform

Why we like LendingClub’s car refinancing: LendingClub is a peer-to-peer lending service, which sets it apart from other refinancing options. While LendingClub has limited availability and strict age and mileage requirements for auto loan refinancing, it’s worth checking out if you don’t want to work with a traditional lending service.

How does refinancing a car work?

If you’re dealing with high interest rates on your car loan, refinancing could help you reduce your rates and potentially save on monthly car payments. While refinancing isn’t the right choice for everyone, it can be a good move if you fit one of the following categories:

  • Your credit score has gone up. If your credit score was less than ideal when you applied for a car loan, you might be dealing with high interest rates. Once you’ve put in the work to raise your credit score by making on-time payments on your current loan, refinancing could give you a shot at a car loan with a better interest rate.
  • Your current interest rate is higher than it should be. Maybe you had to purchase a car when interest rates weren’t at their lowest. If you’ve been monitoring interest rates and they’re lower than your current rate, it might be the right time to refinance your car loan.
  • Interest rates on car loans have dropped. With the ongoing economic effects of the COVID-19 pandemic, car lenders are offering lower interest rates and other deals to incentivize car owners to refinance their existing loans. If you’ve maintained financial stability throughout the coronavirus pandemic, take time to compare rates to see if it’s worth refinancing right now.
  • You’re struggling to make your monthly car payments. While refinancing your car loan is a great way to get a lower interest rate, it can also be a way to extend your loan term and lower your monthly payments. If your monthly payments have become too much of a burden, look into extending your loan term by refinancing.

What are the requirements for refinancing a car?

Each auto loan refinance company has different eligibility requirements, but the two most common criteria are:

  • A solid credit history
  • An existing car loan

Some refinancing companies have higher credit score requirements than others but may be able to refinance your car loan at a lower interest rate as a result. If you have excellent credit, make sure you take full advantage of it by comparing the refinancing rates of multiple lenders and negotiating with your lender of choice.

Another requirement to watch out for when picking an auto refinance lender is the minimum amount you owe — some refinancing companies require that you owe a certain amount of money on your current loan in order to be eligible for refinancing. This amount might be anywhere from $5,000 to $10,000, depending on the lender you choose.

Can I refinance my car with bad credit?

Refinancing your car with bad credit is possible, but it might not be the right choice for you. If your goal for refinancing is to get a car loan with a lower interest rate, you’ll have access to better rates by improving your credit score first. If your goal for refinancing is to extend your loan term and possibly lower your monthly payments, you could refinance by working with a lender that specializes in bad credit car loans.

Auto refinance rates

While auto loan rates change regularly, you can check your rates by applying online or through a local car refinancing company. If you’re interested in refinancing your car online, some auto refinancing companies have rate calculators on their websites that let you see the rates available to you if you enter some basic personal information like:

  • Your location
  • Your current loan balance
  • Your current monthly car payment
  • Your current interest rate
  • Your desired refinance amount
  • Your desired loan term
  • Your desired interest rate

When you receive an auto refinancing quote, check to see how long the company locks in the interest rate. Some auto refinancing companies lock in rates for just 30 days, while others may lock rates for up to 60 days.

Car refinancing FAQ

Can I refinance my car with the same lender?
Yes, depending on the lender you’re working with, you might be able to refinance your car loan through the same company. Visit your current lender’s website or speak with a representative to see if refinancing is available. If your current lender doesn’t offer refinancing services, compare the companies on this guide to see if any of them are right for you.
How soon can you refinance a car?
You can refinance your car as soon as one month after purchase, depending on the requirements of your lender and refinancer. Before you pursue refinancing, make sure you’ve taken the necessary steps to get a lower interest rate, including making on-time car payments and maintaining a solid credit score.
Does refinancing your car hurt your credit?
Yes, but not much. Applying for refinancing requires the same hard credit check as your initial car loan, but the effect on your credit is short-lived. Refinancing can also lower the overall age of your debts.
Is refinancing your car worth it?
You might consider refinancing your car for any number of reasons, but it might not always be worth it. In general, though, refinancing your car is worth it if you have a solid credit history and interest rates are low.
Does it cost money to refinance a car?
Yes, you may have to spend some money to refinance your car. Lenders charge fees for certain refinancing services, which may include one or all of the following:
  • Title transfer fees
  • Lender fees
  • Late fees
If you’re working with an auto loan or refinancing company, the Truth in Lending Act established by the Consumer Financial Protection Bureau requires that your lender gives you a disclosure statement of any APRs or interest rates you have to pay — but make sure you also ask a company representative about any fees.
Should I refinance my car?
You should consider refinancing your car if it’s worth more than you owe, the interest rate is too high, you’ve improved your credit score or if you want a longer loan term.

Not sure how to choose?

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Author reviews of car refinancing companies


myAutoloan is an online auto refinancing company that lets you apply online and get a loan decision in just a few minutes.

  • Online quoting tool: myAutoloan has an online interest rate chart, a payment calculator and an interest rate estimator.
  • Marketplace service: myAutoloan is a marketplace lending service. It pairs you with lenders based on your qualifications and lending criteria.
  • Prequalification process: myAutoloan has an online prequalification process. You can visit its website to apply and find out if you qualify to work with one of its lending partners. It’s important to note that because myAutoloan is a lending marketplace, it can’t guarantee every company on its site will accept your qualifications.

RateGenius is a vehicle refinancing service that partners with lenders to provide competitive rates on refinancing loans. Its services are available online and over the phone.

  • Online quoting tool: RateGenius has an online rate tool that lets you see refinancing rates. It also has a car refinancing calculator to help you calculate payments.
  • Marketplace service: RateGenius is an online refinancing marketplace rather than a direct lender. It works with over 150 vehicle refinancing companies.
  • Prequalification process: You can prequalify for a car refinancing loan with one of RateGenius’s partners by visiting its website and answering a few questions.
Read 30 Reviews

Tresl is an auto refinancing marketplace that works with a network of lenders to match you with a refinancing program that fits your needs and eligibility.

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AutoPay offers refinancing services and financing for new vehicle purchases. Visit its website to calculate your potential savings through refinancing.

  • Online quoting tool: AutoPay has an online quoting tool that lets you see how much you could save through refinancing. You’ll need basic information on your current loan, like the payoff amount, remaining term and APR, in order to get an approximate look at your estimated savings amount.
  • Marketplace service: AutoPay is a refinancing marketplace. It works to find you competitive rates and loan terms by comparing deals from multiple refinancing lenders.
  • Prequalification process: You can prequalify for a loan with one of AutoPay’s partners by filling out the application on its website.
Read 16 Reviews
Ally Clearlane

Ally Clearlane is a direct auto refinancing lender. As part of the Ally Bank family, Ally Clearlane lets you refinance with a large bank.

  • Online quoting tool: Ally Clearlane doesn’t have an online quoting tool. You’ll have to fill out its prequalification form to see what car loan rates are available to you.
  • Direct lender: Ally Clearlane is a direct lender. You’ll work with Ally Clearlane to find and choose a refinancing program that fits your needs based on available interest rates and loan terms.
  • Prequalification process: You can prequalify and see potential rates by visiting Ally Clearlane’s website.
Consumers Credit Union

Consumers Credit Union offers auto refinancing services to credit union members. You work with a loan representative to find a refinancing program that works for you.

  • Online quoting tool: Consumers Credit Union doesn’t have an online quoting tool, but it does have estimated car rates posted on its website.
  • Direct lender: Consumer Credit Union is a direct lending service. It offers refinancing loans, new car financing and other loans, as well as banking services.
  • Prequalification process: Consumers Credit Union doesn’t have a prequalification process. You have to fill out the loan application on its website to see what rates are available to you.
OpenRoad Lending

OpenRoad Lending is an auto loan refinancing company based in Texas. It offers a variety of auto-related services, including extended service contracts and GAP coverage, and it partners with Answer Financial to offer auto insurance.

  • Online quoting tool: OpenRoad Lending doesn’t have an online quoting tool, but it does have an online application process. You can also see refinance savings examples on its website. Fill out its application form to see what interest rates and loan terms you might be eligible for.
  • Marketplace service: OpenRoad Lending is a marketplace service that matches you with potential lenders by evaluating your qualifications and eligibility.
  • Prequalification process: OpenRoad Lending doesn’t have a prequalification process. If you’re interested in its refinancing program, visit its website to start your application.

Compare Top Car Loan Refinancing Companies