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Best auto loan refinance rates for November 2022
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites. Mark Kantrowitz is an expert on student financial aid, the FAFSA, scholarships, 529 plans, education tax benefits and student loans. Bankrate logo The Bankrate promise Bankrate's best refinance auto loans are chosen based on lenders' interest rates, customer experience, available terms and transparency. Lender benefits and drawbacks are fully outlined to help you determine what the best financing option is for you. Refinancing your auto loan allows you to replace your current loan with a new one in order to get more favorable terms and lower rates. They are available through a variety of lender types, so it is wise to shop around to consider which fits best for your needs. When it comes to refinance loans, pay special attention to eligibility requirements and available terms. Doing so allows you to know whether your current loan qualifies, and you can adjust your loan to fit your monthly budget. How to refinance an auto loan
1 Review your current loan
Determine how much you are currently paying in interest, your monthly payment, how much you're set to pay over the life of the loan and what rate you can afford. 2 Check your credit score
Check to see if your credit has improved since your original loan approval. The higher your credit score, the better your rate will be. 3 Determine the value of your car
Estimate the in order to determine if lenders will be willing to refinance. 4 Shop around
Available interest rates vary by lender so shop around with at least three different providers. Be sure to compare potential rates with your current loan. 5 Sign off on the new loan
Gather the necessary documentation and details of the current loan so you can walk away with better rates and terms. How to choose the best lender
1 Approval requirements
2 Your current loan
3 Repayment options
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Founded in 1976 as the , a print publisher for the banking industry, Bankrate has a long track record of helping people make smart financial decisions. We've maintained this reputation over four decades by prioritizing facts and experience over hype and hearsay, and quickly responding to economic trends that offer our users a more relevant experience.
Advertiser DisclosureThe listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.Definition of terms ApplyThe annual percentage rate (APR) includes your interest rate, plus any loan fees. It reflects the total cost of borrowing.The period of time until your loan achieves maturity and is paid off in completion. Terms can be expressed in months or years, depending on the details of your loan.The minimum credit score typically required to qualify for a loan with a given lender. Exact thresholds are not always disclosed by a lender and in certain cases the minimum score is the best estimate based on publicly available information. Credit score refers to FICO 9.0 unless otherwise stated. REFINANCE 3.9Bankrate Score 2.32 24-60 Apply on partner siteSee rates Offer detailsApply on partner siteREFINANCE 3.5Bankrate Score 3.19 48-60 Apply on partner siteSee rates Offer detailsApply on partner siteREFINANCE6.30- 6.80w/0.25% autopay discount 24-72 Apply on partner siteSee rates Offer detailsApply on partner siteREFINANCE 3.7Bankrate Score7.14- 11.39 36-72 Apply on partner siteSee rates Offer detailsApply on partner siteREFINANCE3.24- 14.99 24-84 See rates Offer detailsREFINANCE 4.2Bankrate Score 3.24 36-60 Apply on partner siteSee rates Offer detailsApply on partner siteREFINANCE 3.9Bankrate Score 2.69 60 Apply on partner siteSee rates Offer detailsApply on partner siteREFINANCE 3.2Bankrate Score 2.49 60 Apply on partner siteSee rates Offer detailsApply on partner siteREFINANCE2.99- 24.99 60 Apply on partner siteSee rates Offer detailsApply on partner siteREFINANCE 3.6Bankrate Score 3.12 48-60 Apply on partner siteSee rates Offer detailsApply on partner siteREFINANCE 4.2Bankrate Score6.49- 12.49with AutoPay 24-84 Apply on partner siteSee rates Offer detailsApply on partner siteREFINANCE 4.1Bankrate Score2.20- 29.99 24-84 Apply on partner siteSee ratesOffer detailsApply on partner site Close X Compare auto loan refinance rates in November 2022
Lender Starting APR Term 6.49% 24 to 84 months 3.24% 36 to 60 months 2.32% 24 to 60 months 5.61% 24 to 84 months 3.74% 48 to 60 months Loan details presented are current as of November 7, 2022. Check the lenders' websites for more current information. The auto loan lenders listed here are selected based on factors such as APR, loan amounts, fees, credit requirements and more. Best auto loan refinance rates of November 2022
Apply on partner site Min. credit score: 700 Fixed APR From: 6.49% –12.49% Loan amount: $0– $100,000 Term lengths: 2 to 7 years Min. annual income: $0 Overview: offers an easy-to-navigate online interface for unsecured loans. You can apply for repayment terms from 24 to 84 months and a high maximum refinancing amount of $100,000. If you are in a precarious financial position and need funding right away, LightStream is a great option. With same-day funding available and no additional origination fees, LightStream offers a quick online application process and a higher maximum loan amount than competitors. Pros & Cons
Pros
Fast funding Mobile application available High loan amount Cons
Unsecured loans Must refinance at least $5,000 No prequalification Eligibility & More
Someone looking to refinance their vehicle quickly and at a high amount. With no prequalification offered, drivers will undergo a hard credit pull upon application submission. As soon as the same day you apply. LightStream has no fees. Although not disclosed, the best rates will be offered to those with a strong credit history. LightStream offers loan terms ranging from 24 to 84 months. The fast-funding timeline coupled with a range of repayment options will give you the freedom to lower your monthly payment. Apply on partner site Min. credit score: Not disclosed Fixed APR From: 3.24% Loan amount: $2,500– $100,000 Term lengths: 3 to 5 years Min. annual income: $0 Overview: presents borrowers with a range of loans directly from its network. The process is completely online and streamlined, empowering drivers to walk away with a new loan as soon as one business day. Why Autopay is the best for dedicated customer support: Autopay has a team of loan experts who provide real-time support via text message or phone call on questions regarding the application or current loan. Pros & Cons
Pros
Large range of acceptance criteria Cash-back refinancing offered Ability to compare multiple loans Cons
Lowest APR only for excellent credit borrowers Possible down payment Unspecified credit requirements Eligibility & More
Best for someone looking to refinance their vehicle in one sitting with the assistance of a knowledgeable loan expert. Following a full loan application after being matched with a lender, borrowers will undergo a hard credit pull. Funding with Autopay can be available as soon as one business day. Additional fees vary by each lender. Specific requirements are not disclosed. But to refinance, vehicle information on mileage will likely be required. Available in all 50 states, Autopay works with a large network of lenders with a high maximum loan amount that allows for borrowers from a range of financial backgrounds to refinance. Apply on partner site Min. credit score: Not disclosed Fixed APR From: 2.32% Loan amount: $0– $100,000 Term lengths: 2 to 5 years Min. annual income: $0 Overview: Through a number of lender partners, considers a driver's credit history to match them with a potential lender. The process can be done completely online and simply requires vehicle information. Why Caribou is the best for shopping online: Caribou's app and online experience make it very easy to compare different lender rates side by side. Even with its online presence Caribou encourages drivers to speak with its team members who can assist with specific questions seven days a week via phone, email or appointment. Pros & Cons
Pros
Customer service available seven days a week Insurance bundling option Prequalification offered Cons
Not available in all states Processing fees Undisclosed requirements Eligibility & More
Who this lender is best for: Drivers looking to lower their monthly rates and compare potential loans directly online. Impact on financial wellness: Following your application approval, a hard credit pull will affect your credit score. Time to receive funds: The funding timeline varies by lender. Fees: Borrowers can expect a $399 processing fee separate from lender expectations. Additional requirements: Requirements include personal information about yourself and details about your vehicle. Special features: Caribou encourages drivers to bundle their new loan with other driving needs such as insurance or extended protection. Apply on partner site Min. credit score: Not disclosed Fixed APR From: 2.2% –29.99% Loan amount: $9,000– $60,000 Term lengths: 2 to 7 years Min. annual income: $0 Overview: is a less traditional lender option that takes advantage of AI technology to match drivers with potential lenders in minutes. Why Upstart is the best for people with bad credit: The AI approach also considers a customer's risk in a way that greatly benefits those with less than perfect credit. Upstart's underwriting criteria factors aspects of a driver's history such as education and salary. Pros & Cons
Pros
APR caps out at 17.99 percent Prequalification available Flexible acceptance criteria Cons
No minimum APR stated Must borrow at least $9,000 No co-borrowers Eligibility & More
Who this lender is best for: A person with little to no credit history looking to compare refinance options. Impact on financial wellness: A hard credit pull will occur following the initial loan application. Time to receive funds: Funding is available within days of loan approval. Fees: Fees come only if your vehicle undergoes repossession. Additional requirements: Your vehicle must be less than 10 years old and have under 140,000 miles. Special features: Upstart offers a fully translated Spanish website along with bilingual loan officers on staff. Apply on partner site Min. credit score: 700 Fixed APR From: 3.19% Loan amount: $0– $1,000,000 Term lengths: 4 to 5 years Min. annual income: $0 Overview: , while not a direct lender, matches borrowers with improved rates and terms for their loan. Funding becomes available as soon as one business day and rates start at 2.49 percent APR. Why RefiJet is the best for loan comparison: The key to finding the perfect loan comes down to comparison. RefiJet enables you to use its prequalification tool to view and compare available quotes, all without impacting your credit score. Pros & Cons
Pros
Direct customer support Bilingual site availability Cash-back refinance Cons
Traditional underwriting criteria Potential lender fees Must speak with a representative to prequalify Eligibility & More
Who this lender is best for: RefiJet is best for someone who is unsure which loan best fits their needs and wants to explore and compare a number of options before deciding. Impact on financial wellness: Ability to view rates without hard credit pull, but one following loan approval. Time to receive funds: Funding will become available as soon as one business day following closing. Fees: Borrowers can expect fees for loan origination. Additional requirements: To refinance your vehicle it must be under ten years old and hold less than 150,000 miles. Special features: RefiJet offers a Spanish version of its website. How refinancing a car loan works
When you refinance your car loan you receive a new auto loan that replaces your current one. The process is similar to that of getting your initial loan. Following application and approval, you will pay off the initial loan with your new one, then begin making payments on your new loan. When should you refinance your car loan
Your credit has improved. Competitive rates are reserved for drivers with very good or excellent credit - scores of 740 and above. So, if your credit score has risen since you signed off on your initial loan agreement, on your monthly payments. You financed through a dealership. Dealer financing likely did not present you with the best available rates and terms. You might be able to get a better deal if you shop elsewhere and refinance your initial vehicle loan. You can't afford your monthly payments. If you are struggling to make your monthly vehicle payments and are at the risk of losing your vehicle it is a good idea to refinance your loan. This way you can extend your terms to lower your monthly costs. Keep in mind that you will have to pay more interest over the life of the loan. What to know before applying for a refinance auto loan
As with any loan, it is best to shop around to different lenders before making your final decision. Each lender has its own methodology when determining your interest rates and terms - so compare to see which best fits your needs. While every lender measures risk differently, interest rates depend greatly on your credit. Do your homework ahead of time to understand your credit history to get a clear picture of what lenders are looking for and what type of terms you will be offered. FAQs about refinance
The process of refinancing can . When you apply for a loan and a hard inquiry is submitted, your credit score will drop a few points. Following approval, a new loan account will lower the average age that your credit score holds which can lead to a lower score. But these two factors are a small part of what makes up your credit score and sticking with a monthly payment you cannot afford will likely lead to larger credit issues down the road.
It is best to in the early stages of your loan. The interest gradually declines over the lifetime of your loan, so your potential to save money is much higher at the start of your loan. Be mindful that you likely won't be able to refinance within the first six months.
Refinancing does , but it is not a perfectly clean slate. You will sign off on new, more competitive rates in order to save money on your monthly payments. It will make paying off the loan easier, but it is not a reset. The number of payments on the previous loan also don't carry over to the new one. While the amount is still paid off, you won't have the mark of those payments on the new loan.
Some lenders will expect drivers with poor credit to put money down to provide extra security for the loan. So having cash to refinance can help by lowering the price you'll have to pay to finance the vehicle. Though a down payment is not always required, equity - the difference in the value of the vehicle and the amount you owe - is.
Refinancing does not automatically mean you are handed a check with more cash, but you may be able to benefit from the equity you have in your car. With , you essentially finance for more than you owe so that you get that leftover money in the form of cash - along with an improved auto loan.
To determine if refinancing is worth it for you, you must consider if you will truly save money with new loan terms. For many drivers, it does prove to be worth it if their credit score has improved since they first took out their auto loan, or they originally financed through a dealership. Take advantage of an to find out if you will save money with a new loan.
Refinancing your car loan comes with risks that 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 means extra costs, such as application, transfer and origination fees. And if you extend your loan term, you are more susceptible to becoming on your loan and paying more interest.
You technically can . But unless your score has improved since you initially signed, you will likely not receive improved terms. Instead, consider or . Methodology
To select the top refinance car loans, Bankrate considers 16 different factors. These factors range in consideration from the loan amount, disclosed APR and acceptance criteria. Each lender holds a score based on four categories. Availability: This accounts for loan amounts, vehicle restrictions and availability in each state. Affordability: Primarily, this section covers expected APR, acceptance criteria, discounts for autopay and the number of fees. Customer experience: This category includes online access, support availability, funding timeline, option for automatic payment and app availability. Transparency: Here prequalification and disclosure of rates and fees are accounted for. Why trust Bankrate? At Bankrate, our mission is to empower you to make smarter financial decisions. We've been comparing and surveying financial institutions for more than 40 years to help you find the right products for your situation. Our award-winning editorial team follows strict guidelines to ensure the content is not influenced by advertisers. Additionally, our content is thoroughly reported and vigorously edited to ensure accuracy.