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Refinance Rates The best auto loan refinance rates for March 2023.
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of using loans to buy the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances through providing precise, well-researched and well-informed data that breaks complex topics into manageable bites.
Reviewed by Mark Kantrowtiz Reviewed by Nationally acknowledged student financial aid expert
Mark Kantrowitz is an expert on student financial aid, the FAFSA and scholarships, 529 plans as well as tax benefits for education and student loans.
At the time of this writing, March 24, 2023
The promise of the Bankrate promise
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At Bankrate we aim to help you make better financial decisions. While we adhere to strict standards, this article may contain references to products from our partners. Here’s a brief explanation of .
Bankrate’s best refinance auto loans are chosen by analyzing lenders’ interest rates and customer service, as well as the available conditions and transparency. Lender benefits and drawbacks are fully outlined to help you figure out is the most appropriate financing option for you. Refinancing an auto loan permits you to swap your existing loan by a new one, allowing you to obtain more favorable terms and lower rates. They are available through a variety of lender types, so it’s best to shop around to consider the one that best suits your requirements. If you are considering refinancing loans be sure to pay attention to eligibility requirements and the terms that are available. This will allow you to be aware of whether your current loan is eligible and can adjust your loan to meet your budget for the month.
Read more
Refinancing an auto loan When you have found the perfect refinance auto loan for your needs take these steps:
1
Examine you current loan. How much are you currently paying in interest, your monthly payments, how much you’re set to pay over the life that of the loan and what rate you’re able to afford.
2
Check the credit scores of your. to see if your credit has improved since your initial loan approval. The better your credit score is, the higher your interest rate will be.
3
Determine the value of your vehicle. Estimate the in order to determine if lenders would be willing to refinance.
4
Shop around. The rates for interest available vary from lender to lender so it is best to shop at least three different providers. Compare rates that could be offered with the current rate of your loan.
5
You must sign off on the brand new loan. Take the necessary documents and information about the current loan so you can leave with better rates and terms.
How do you choose the most suitable lender Choosing the best lender is all about making your money, either overall or month to month. It is recommended to get quotes from at least three lenders prior to deciding which is right for you. When looking to get an auto loan, compare APRs (annual percentage rates) for a variety of lenders. Choose lenders that reduce fees to a minimum and have the repayment terms that match your needs. Be attentive to the following points:
1
The requirements for approval of a lender will require a different criteria to get approval. The lender will take into consideration factors such as your credit history, income and debt-to income ratio. But refinance loans have their own specifications on the vehicle and loan requirements. Look out for acceptance criteria based on factors like vehicle age as well as the mileage you’ve driven or how long you’ve held the loan.
2
Your current loan The goal of a refinance car loan is to end up with a lower monthly payment or a lower price overall. Make sure you compare the specifics of the potential new loan against your current rate. Be aware that a longer term is not always the best choice because you’ll be paying more in interest.
3
Repayment options through refinancing can prolong the duration that you have on your loan and decrease the monthly payments or repay the loan quicker and reduce your total expense. Consider which option fits your budget better when determining which lender has the best rates.
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Definition of terms
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Show auto loan Type New Used Refinance
Zip code
The loan term is 24 Months and 36 months 48 month 60 Months 72 months Months
Credit score Excellent (750plus) Excellent (700-749) Good (640-699) Needs Improvement (< 600)
Apply
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
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REFINANCE
Lending partner
APR From Hover to know more about apr. APR is the annual percentage rate (APR) includes your interest rate, plus any loan fees. It reflects the total cost of borrowing.
The term Hover will help you learn more about the term. The period of time that runs until the loan becomes mature and completed. The term can be expressed as terms of months, or even years based on the particulars of your loan.
Credit score minimum Hover to learn more about credit requirements. The minimum credit score is typically needed to be able to get a loan with a given lender. Specific thresholds aren’t usually provided by the lender and in certain cases this is not the most accurate estimate based upon publicly available information. Credit score is FICO 9.0 unless otherwise stated.
3.9
Bankrate Score
APR as low as 4.99-
36.00 %
The term is between 24 and 60 months
Min credit score Not publicized
Apply on partner site
Find rates
Offer details
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3.5
Bankrate Score
APR starting at 5.24-
12.29 %
Term 24-72 mo
Min credit score 700
Apply on partner site
Check the rates
Offer details
Apply to partner sites
4.1
Bankrate Score
APR from 4.89 percent
Time period 36-84 months
Min credit score not publicized
Apply on partner site
See the rates
Offer details
Apply on partner site
3.9
Bankrate Score
APR starting at 4.49 %
Term 60 mo
Min credit score 700
Apply to partner sites
Find the rates
Offer details
Apply on partner site
3.6
Bankrate Score
APR starting at 5.34 %
Term 24-84 months
Min credit score of 600
Check rates
Offer details
4.2
Bankrate Score
APR from 2.99 %
Time period 36-60 months
Min credit score 700
Apply to partner sites
Find rates
Offer details
Apply on partner site
APR starting at 3.99-
24.99 %
60 months of term
Min credit score 700
Apply to partner sites
See rates
Offer details
Apply to partner sites
3.8
Bankrate Score
APR from 7.29-
11.54 %
Time period 36-72 mo
Min credit score 700
Apply through the partner site
Find rates
Offer details
Apply through the partner site
3.9
Bankrate Score
APR from 3.12 %
Time frame 48-60 months
Min credit score 700
Apply on partner site
Find the rates
Offer details
Apply to partner sites
4.1
Bankrate Score
APR of 5.61-
29.99 %
Term 24-84 months
Min credit score of 700
Apply through the partner site
Check rates
Offer details
Apply through the partner site
4.2
Score of the Bankrate
APR from 9.49-
16.94 percent with AutoPay
Term 24-84 mo
Min credit score of 700
Apply through the partner site
Check rates
Offer details
Apply on partner site
3.2
Bankrate Score
APR as low as 2.49 %
60-month term
Min credit score 700
Apply on partner site
Check rates
Offer details
Apply to partner sites
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Compare the auto loan refinance lenders in March 2023.
Lender
Starting APR
Terms
9.49%
From 24 to 84 month
2.99%
Between 24 and 96 months
4.99%
From 24 to 60 months
5.61%
From 24 to 84 month
5.24%
Not specified
The loan information presented here is current at the time of writing on the 3rd of January, 2023. Visit the websites of lenders for the most current information. These auto loan lenders that are listed here have been selected based upon aspects like the APR rate, loan amounts, fees, credit requirements and more.
The best automobile loan refinance lenders for 2023
Best for fast financing LightStream
Apply on partner site
Min. credit score Credit score: 700
Fixed APR Starting: 9.49%
-16.94%
Loan amount: $0-$100,000.
Term lengths: 2 to 7 years
Min. annual income: Not disclosed
Overview: Provides a user-friendly online interface for unsecured loans. You can make an application for terms for repayment that range of 24 to 84 month as well as a refinancing maximum quantity of $100,000.
Why LightStream is the best for fast cash flow If you’re in a difficult financial situation and require immediate cash, LightStream is a great alternative. With same-day financing available and no additional origination charges, LightStream offers a quick online application procedure and a higher limit loan amount than rivals.
Pros and Cons Fast funding via mobile application. High loan amount
Cons Unsecured loans must be refinanced at least $5,000. No prequalification
The eligibility and more Who this lender is suitable for: Anyone who wants to refinance their car quickly and for a large amount.
The impact on financial health In the absence of prequalification drivers will go through a hard credit pull when they submit their application.
When you can receive your money: On the same day you apply.
Charges LightStream is free of charge.
Additional requirements: Though not disclosed, the best rates will be offered to those with a strong credit history.
Special benefits: LightStream offers loan terms ranging from 24 to 84 months. The quick-funding timeframe and a range of repayment options will give you the freedom to lower your monthly payment.
Best for dedicated customer support AutoPay
Apply on partner site
Min. credit score Credit score: 700
Fixed APR From: 2.99%
Loan amount: $2,500- $100,000
Term lengths: Between 3 and five years
Min. annual income: Not disclosed
Overview : offers borrowers various loans directly through its network. The process is entirely online and simple, allowing drivers to walk away with the latest loan as soon as one business day.
The reason Autopay is the best choice for dedicated customer support: Autopay has a team of loan experts that provide 24/7 support by text message or telephone for questions related to the application or the current loan.
Pros & Cons Pros Large variety of acceptance criteria Cash-back refinancing is available. It’s possible to evaluate multiple loans
Cons APRs at the lowest are only for excellent credit borrowers Possible down payment Unspecified credit requirements
Inclusion & More Who this lender is ideal to use it for: Great for anyone seeking to refinance their vehicle in one sitting with the assistance of an experienced loan professional.
The impact on financial health: After submitting a loan application that is matched to a lender the borrower will be subject to a hard credit pull.
The time to receive the funds: Funds deposited with Autopay can be available within the next business day.
Fees: Additional fees vary according to each lender.
Additional requirements There are no specific requirements disclosed. But to refinance, vehicle information on mileage will likely be needed.
Special features available across all 50 states, Autopay is a collection of lenders that have an extremely high maximum loan amount, which allows borrowers from a range in financial circumstances to refinance.
Best online experience Caribou
Apply to partner sites
Min. credit score: Not disclosed
Fixed APR Beginning: 4.99%
-36.00%
The loan amount is $0-$100,000.
The length of the term is Between 2 and 5 years
Min. annual income: Not disclosed
Summary: Through a variety of lender partners, considers a driver’s credit history to find a prospective lender. The process is entirely online and only requires vehicle information.
Why Caribou is the best choice for purchasing online. The Caribou application and online user experience makes it very easy to compare different lender rates side by side. Even with its presence online, Caribou recommends that customers speak with its team members who are available to answer specific inquiries 24 hours a week via phone, email or an appointment.
Pros and Cons Pros Pros Customer service available seven all week long. Insurance bundling option Prequalification offered
Cons Not available in all states. fees Unknown the requirements
The eligibility and more How to Apply and More lender is suitable for: Drivers seeking to lower their monthly payments and also compare possible loans directly online.
The impact on your financial wellbeing After your application is approved, a hard credit pull can affect your credit score.
The time to receive funds: The timeframe for receiving funds varies by lender.
Fees: Borrowers may expect a $399 processing fee separate from lender expectations.
Additional requirements: Requirements contain personal details about you as well as information regarding your vehicle.
Particular features Caribou encourages drivers to bundle your newly-approved loan with other needs for driving like insurance or additional protection.
Ideal for those who have bad credit Upstart
Apply to partner sites
Min. credit score Credit score: 300
Fixed APR Starting at 5.61%
-29.99%
The loan amount is $9,000 – $60,000
Terms: 2-7 years
Min. annual income: Not disclosed
Overview This is a more unconventional lender option that takes advantage of AI technology to match potential lenders with drivers in minutes.
The reason why Upstart is the most suitable for people having bad credit: The AI approach also evaluates the customer’s risk in a way that greatly benefits those with less-than-perfect credit. The underwriting criteria of Upstart considers aspects of a driver’s history like education and income.
Pros & Cons Pros APR is set at 17.99 percent. Prequalification possible. Acceptance criteria that are flexible
There is no minimum rate stated You must borrow at least $9,000 No co-borrowers
Eligibility & More Who this lender is best suited to one with a low or no credit history who is looking to evaluate refinance options.
Impact on financial wellness: A hard credit pull will occur after an initial loan application.
Time to receive funds: Funding is accessible within 7 days of loan approval.
Fees: Fees come only in the event that your vehicle is repossed.
Further requirements are that your car must be less then 10 years of age, and not exceed 140,000 miles.
Special highlights: Upstart offers a fully translated Spanish website along with bilingual loan personnel on staff.
Refinancing a vehicle loan works is essentially just applying for a new car loan — so the for applying are mostly similar. You’ll require your driver’s license, Social Security number and proof of the income you earn and your insurance coverage, as well as specifics about your car. If approved, you’ll use the funds from the loan to pay off your new loan for the payment of the old loan Then, you’ll begin paying your monthly installments according to your new interest rate and terms. You will receive a brand new auto loan which is a replacement for your current one. The process is similar to that of getting your initial loan. You will repay the initial loan using the new one and then start making payments on the new loan.
When should you refinance your car loan? Refinancing your vehicle loan comes down to . If you are struggling to or think you could receive better terms, it’s a great idea to consider refinancing your existing loan. These are three major situations in which refinancing could be the right choice. Your credit score has been improved. Competitive rates are reserved for those with excellent or excellent credit — scores of 740 and higher. If your score on credit has risen since signing your initial loan contract, then you are eligible for monthly payments. You obtained financing through a dealership. Dealer financing likely did not present you with the most competitive rates and conditions. It is possible to get a better deal if you shop elsewhere and then refinance your first car loan. You can’t afford your monthly payment. If you’re struggling to pay your monthly vehicle payments and you are at danger of losing your vehicle, it’s a good idea that you refinance the loan. This will allow you to extend the terms to lower your monthly costs. Keep in mind that you’ll have to pay more interest over the life of the loan.
Pros and cons of refinancing an auto loan
Pros
Potential for reducing monthly cost.
Possibility to sign off on more competitive interest rates.
Chance of paying off the auto loan sooner.
Cons
If you extend the loan too long could mean greater expenditure over the long run.
The headaches caused by paperwork and loan application.
Increased risk of becoming upside down on loan.
What to know before applying for refinance auto loan Similar to any loan one should be sure to shop around to different lenders before making your final choice. Each lender uses its own method in determining interest rates and terms -therefore, compare them to determine the one that is most suitable for your requirements. While every lender evaluates risk differently, interest rates are largely based on your credit score. Make sure you do your research prior to time to learn about your credit score to get a clear image of what the lenders looking for and what type of terms they will offer you.
Questions about refinancing
Is a 72-month car loan is a bad idea? One issue with this is that it is common to end up “underwater” in the form of ” ” on your loan. This is due to the fact that cars tend to depreciate faster than you are able to pay off your loan. A 72- or 84 month car loan means you’re paying off your loan more slowly and are likely to owe more than the car is worth. However, longer car loans permit you to have an affordable monthly installment, which is likely an important aspect for your budget.
Can refinancing my vehicle hurt my credit? The process of refinancing could hurt your credit . If you are applying for an loan and a hard inquiry is submitted the credit score of your applicant will decrease by just a few points. Following approval of the loan, a new loan account can lower the average age of your credit score holds which can lead to an lower score. But these two aspects make up a tiny portion of what constitutes your credit score. Sticking with a monthly payment you cannot afford will likely lead to larger credit issues later on.
Should I refinance if already a long way from my original loan’s payment? It is recommended to do so in the beginning stages the loan. The interest will decrease gradually throughout the duration of your loan, so your potential to save money is more substantial at the beginning in the course of your loan. Be aware that you won’t be able to refinance in the first six months.
Can refinancing start your auto loan over? Refinancing does , but it’s not a fresh start. You’ll sign off on more competitive rates to lower your monthly payments. It makes the process of paying off the loan more straightforward, however it’s not the same as a reset. The number of loans for the prior loan aren’t carried over to the new one. Even though the amount is being paid back, you won’t have the same mark as those repayments in the new loan.
Do I require money to refinance? Certain lenders may require those with poor credit to put money down to provide extra security for the loan. Therefore, having money to refinance may help in decreasing the amount you’ll need to pay to finance the vehicle. Although the down payment isn’t always required, — the difference in the value of the vehicle and the amount you owe is.
Are you able to get back money when you refinance a car loan? Refinancing doesn’t mean you receive a check with more cash however, you may be able to profit from the equity in your car. In essence, you finance for more than you owe to get that leftover money in the form of cash. This is in addition to an enhanced automobile loan.
Is refinancing a car worthwhile? To decide if refinancing is beneficial for you, you must think about whether you can truly benefit from new loan conditions. For many people, it does prove to be worthwhile when their credit score has increased since they first borrowed their auto loan, or they originally borrowed through a dealer. Take advantage of an to find out how much you could save through a new loan.
What are the negatives to refinancing an auto loan? Refinancing your auto loan is not without risk, as it could include potentially high interest rates and additional fees. Due to the , it is possible you will be met with higher than usual interest rates. A new loan will incur additional charges like applications, transfer, and origination fees. If you decide to extend the loan duration, you’re more susceptible to becoming on the loan and paying higher interest.
Can you refinance a car loan with bad credit? It is technically possible . But unless your score has improved since the time you signed the contract, you are unlikely to be offered better terms. Consider instead .
Where can I refinance my auto loan? You might be able to refinance your car loan at a lower rate by contacting you current lender. Consider starting there and then comparing options from online lenders, banks , and credit unions.
Methodology to choose the most suitable refinance vehicle loans, Bankrate considers 16 various factors. These variables range to the loan amount, APR that is disclosed and the acceptance conditions. Each lender has a score that is based on . Availability: This includes loan amounts, vehicle restrictions and availability in each state. Affordability: Primarily, this section deals with expected APR, acceptance requirements, discounts for autopay and the amount of charges. Experience with customers: This category includes online access, support availability along with funding timelines, options for automatic payments and app accessibility. Transparency: Here prequalification and the disclosure of fees and rates are recorded.
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