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The Best Auto Loans for Refinancing

Don’t stick with a loan that’s not working for you. Instead, refinance an auto loan.

Best Overall
myAutoloan Logo 2023

MyAutoLoan is a fast and easy online loan aggregator. With competitive interest rates and varied loan terms, myAutoLoan is our pick if you want to compare options for a refinanced loan.

Best Bank
Bank of America Logo

One of the advantages of getting a loan through a traditional bank is its reliability. Bank of America (BoA) has been in business for 240 years and has been Better Business Bureau (BBB)-accredited since 1949.

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It’s very common to take out a loan to finance a new car purchase. Unfortunately, the stress of the car-buying process sometimes results in a less-than-ideal loan structure. Luckily, refinancing your vehicle can offer relief in the form of lower interest rates, lower monthly payments and a shorter or longer loan term, depending on your needs. We found the best loan providers and aggregators to supply a refinance loan for your vehicle.

Pro Tip:

Before researching which company will be best for refinancing an existing loan, use our calculator to learn how much money refinancing can save you on your loan.

The Best Auto Loans for Refinancing

  1. 1.

    Best Auto Loan Refinancing Overall: myAutoloan

  2. 2.

    Best Bank for Auto Loan Refinancing: Bank of America

  3. 3.

    Best Auto Loan Refinancing for Bad Credit: AUTOPAY

  4. 4.

    Best Auto Loan Refinancing Interest Rates: LendingTree

  5. 5.

    Best Credit Union for Auto Loan Refinancing: Digital Federal Credit Union

Comparison of the Best Auto Loans for Refinancing

Auto loan provider myAutoLoan Bank of America AUTOPAY LendingTree Digital Federal Credit Union
Best for Overall Bank Bad credit Interest rates Credit union
Age of the company (in years) 19 240 16 26 43
Loan provider or aggregator Aggregator Loan provider Aggregator Aggregator Loan provider
Life of the loan in months 24-72 Not disclosed 24-96 12-84 36-84
Minimum annual percentage rate (APR) 1.90% 3.89% 2.99% 0.99% 3.24%
Minimum and maximum loan amount No set amount, but  minimum loan amount for refinancing is $5,000 Minimum $7,500 or $8,000 in Minnesota $2,500-$100,000 Varies by lender, but up to $4 million or a maximum loan-to-value (LTV) ratio of 125% Up to 130% of car’s value
BBB accreditation? Yes Yes No Yes No
BBB rating (A-F) A+ A+ A+ A+ A+
Trustpilot rating (out of 5) 4.2 1.3 4.8 4.6 2.2


There are a few reasons to consider refinancing. Here are four signs that it may be time to secure a new loan:

  1. Interest rates have dropped.
  2. Your credit score has improved.
  3. Your income has increased or decreased significantly.
  4. You’re unhappy with your current auto loan.

Detailed List of the Best Auto Loans for Refinancing

1. Best Auto Loan Refinancing Overall - myAutoloan
myAutoloan Logo 2023

What We Like Most:

  • APRs as low as 1.90 percent
  • Not all lenders require down payments
  • No minimum credit score

A subsidiary of Horizon Digital Finance, myAutoLoan is a privately held, direct-to-consumer online marketplace that connects consumers to auto and motorcycle loans. The online company aggregates terms from multiple lenders so that you can compare offers in up to 4 minutes. One of the main benefits of myAutoLoan is its user-friendly website, which provides convenient access to loan information from several vetted lenders.

ProsWho It's Best For
  • pro
    People who want fast approval and multiple loan offers
  • pro
    People with FICO scores of 575 or higher, one of the requirements to refinance
  • pro
    Drivers looking for loans of $5,000 or more
ConsWho It's Not Best For
  • con
    People with gross annual incomes under $18,000
  • con
    Drivers in Alaska and Hawaii
  • con
    Drivers with more than 125,000 miles on their vehicles

Requirements for Refinancing

To refinance your car with myAutoLoan, you must have already had a loan for at least six months and have three years of credit history. Depending on the lender, there may also be income requirements, typically gross annual earnings of at least $18,000. Before you refinance, consider whether your credit score is where it should be for you to secure a lower interest rate than your original loan. myAutoLoan requires a FICO score of 575 or higher.

Benefits of Multiple Lender Matches

MyAutoLoan gives applicants up to four lender matches with a soft credit check and the lowest daily rates for refinancing loans. As of Jan. 31, 2023, the lowest refinance auto rate is 2.49 percent. Most lenders provide approval within 30 seconds of application submission and the funds to pay off your previous lender within 24 hours. With multiple lenders, you can find one that fits your specific situation, for example, if you need a cosigner.

Stellar Company Reputation

MyAutoLoan receives an A+ rating from the Better Business Bureau (BBB) based on the lender’s accreditation and business practices. The company received its BBB accreditation in 2003.

In addition, its Trustpilot review score is 4.1. Many of its five-star reviews on Trustpilot indicate the ease of the application process and the availability of multiple offers. Negative reviews note that myAutoLoan shares your information with lenders who may contact you separately, however.

2. Best Bank for Auto Loan Refinancing - Bank of America
Bank of America Logo

What We Like Most:

  • Minimum APR is 3.79 percent
  • Loan amounts start around $7,500 to $8,000, depending on state
  • Discounts of up to 0.50 percent for Platinum Honors members

Bank of America is the second-largest banking institution in the United States.1 It saves clients an average of $60 per month on their auto loan payments through refinancing. Bank of America’s online, no-fee application takes minutes and most applicants get credit decisions in 60 seconds. Furthermore, Bank of America lets you refinance whether your existing loan is through Bank of America or another financial institution.

ProsWho It's Best For
  • pro
    Bank of America Preferred Rewards Members
  • pro
    Drivers with $7,500 or more remaining on their car loans (or $8,000 in Minnesota)
  • pro
    People who need a loan within the next 30 days, the time during which BoA locks in your interest rate
ConsWho It's Not Best For
  • con
    People with vehicles valued at less than $6,000
  • con
    Commercial/business drivers (except those with small business loans through Business Advantage)
  • con
    People who want a 24/7 call center

No Prepayment Penalties

Some lenders subject you to a prepayment penalty for paying off your loan early, but not Bank of America. If your current loan has a prepayment penalty, the amount you save by refinancing with Bank of America may be significantly more than the penalty. In that case, refinancing may still be a good idea.

Interest Rate Discounts

If the interest rate you qualify for is significantly lower than your current loan rate, it may be the right time to refinance. Bank of America sweetens the deal for Bank of America Preferred Rewards or Preferred Rewards for Wealth Management customers, who qualify for interest rate discounts of up to 0.50 percent.

Bank of America’s Preferred Rewards program is one of the reasons we picked it as one of the best auto loans for new cars. Membership is available in all 50 states, including Washington, D.C.

One-Minute Approval Process

Bank of America’s easy and fast process requires you to provide the following information online for the loan approval in 60 seconds:

  • Address
  • Car year
  • Date of birth
  • Email address
  • Employer name
  • Employment status
  • Housing status
  • Loan amount
  • Loan term (48, 60 or 72 months)
  • Loan type
  • Make
  • Mileage
  • Model
  • Monthly housing payment
  • Name
  • Occupation
  • Phone number
  • Social Security number
  • Time employed
  • Trim
  • U.S. citizenship status
  • Vehicle identification number (VIN)
  • Yearly income

After approval, you’ll have 30 days to think about the offered amount without losing the interest rate, which is locked in at the time of your offer.


After a new car purchase, you should wait at least six months to a year before refinancing to give your credit report and score time to recover and build up a payment history.2 To see a benefit from refinancing, you should have at least two years remaining on your loan.3

3. Best Auto Loan Refinancing for Bad Credit - AUTOPAY

What We Like Most:

  • Low minimum APR of 1.99 percent
  • Loan amounts range from $2,500 to $100,000
  • No minimum credit score required

Based in Denver, AUTOPAY specializes in auto refinancing and new purchase financing. Apply for a refinanced loan in minutes to save an average of $105 on your monthly payments. With AUTOPAY, you can apply for a traditional refinancing loan, receive cash back to consolidate debt or pay off your lease early with a lease buyout. The company works with customers across the credit spectrum to find fair rates.

ProsWho It's Best For
  • pro
    People who use mobile devices for banking
  • pro
    People with bad or no credit history
  • pro
    People who want cash-back refinancing
ConsWho It's Not Best For
  • con
    Someone who wants their auto loan provider accredited with the BBB
  • con
    Someone who wants to compare rates from multiple providers at once

Variety of Refinancing Options

AUTOPAY offers three refinancing options, each with its own benefits. Not all lenders and aggregators do cash back and lease buyout options for refinancing, so AUTOPAY’s three options provide more flexibility for unique situations:

  1. Traditional: Traditional refinancing reduces your monthly payments or interest, shortens the length of your loan and allows you to add or subtract persons from your loan. The main benefit of traditional financing are the better terms.
  2. Cash back: With cash back, receive as much as $12,000 and use the funds to pay high-interest obligations or personal costs or to consolidate debt. In addition to better terms, cash back refinancing gives you direct access to additional cash.
  3. Lease buyout: A lease buyout pays off the balance of your leased vehicle, avoids paying high mileage and other fees and allows you to keep your car at the end of your base term. Lease buyouts reduce your monthly payments and set up a new loan with better APR and terms, while also building equity in your vehicle.

Refinancing with No Credit

Just as not all lenders provide cash back and lease buyout options, not all lenders and aggregators offer beneficial terms to people with bad credit. AUTOPAY helps people with no, inactive or low credit find auto loans. Here are the steps to finding a lender through AUTOPAY if your credit score is not as high as it could be:

  1. Gather documents: Get together your proof of employment history, pay stubs, previous addresses, bills and driver’s license.
  2. Find a cosigner: You may need a cosigner on your loan if you lack a credit history altogether.
  3. Save for a larger down payment: The larger the down payment, the less money you’ll need to borrow and the lower your monthly payments will be. If you can swing 20 percent, it shows you’re serious about making regular payments
  4. Pay a higher interest rate: A cosigner with good credit can offset the risk, but your interest rate may still be higher than someone with good credit.

Like most aggregators, each lending partner has different approval criteria; this is how AUTOPAY provides financing solutions for people with good and bad credit.

Auto Refinance Calculator

AUTOPAY has a convenient auto refinance calculator on its website to give you an estimate of how much refinancing will save you. Last year, AUTOPAY saved borrowers an average of $1,158 refinancing their car loans and lowered APRs by 50 percent.4 Here’s what you need to get started:

  • Current monthly payment
  • Balance left on loan
  • Remaining loan term
  • New loan term
  • Credit score (rebuilding, average or excellent)
4. Best Auto Loan Refinancing Interest Rates - LendingTree
LendingTree Logo

What We Like Most:

  • Lowest minimum APR of 0.99 percent
  • Loan amounts of up to $4 million, depending on provider
  • Refinancing available

LendingTree is an auto loan aggregator that allows you to compare lenders and rates. The company offers the lowest minimum APR we’ve seen at only 0.99 percent, making it one of the best auto loan aggregators for new car owners. At the same time, LendingTree offers multiple options for refinancing to lower your payment or APR or pay off your loan faster, including cash-out auto refinancing.

ProsWho It's Best For
  • pro
    Someone with good or improving credit
  • pro
    Someone who wants a low APR
  • pro
    Drivers looking for LTV ratios of up to 125 percent (meaning 25 more than what the car is worth)
ConsWho It's Not Best For
  • con
    People who want a 24/7 call center

Low APRs

LendingTree’s minimum APR is 0.99 percent, the lowest we’ve seen across loan providers and loan aggregators. If you have good credit and a high income, LendingTree is an easy win. A shorter loan term with a low APR is the best option financially, so you can accrue less interest and pay the loan off more quickly. Your credit score is the biggest determining factor of APR, so if you have low credit, your APR will be higher.

High Loan Amounts

Your loan amount depends on your provider, but LendingTree provides quotes for up to $4 million, which is more than enough for the average driver in the U.S. This is also known as the LTV ratio.

Some of LendingTree’s providers offer up to 125 percent LTV, meaning if you total your car, you’ll receive 25 percent more than its current value to pay for a new car. Gap insurance is another way to cover the remainder of your auto loan if you total your car and it’s usually required if you have a loan or lease your vehicle.

Top Lenders for Auto Refinancing

Below is a rundown of the top five lenders that LendingTree recommends for auto refinancing. The company will do the legwork of getting your quotes from the appropriate lenders, but this information may be helpful as you compare quotes from multiple companies:

  • Auto Approve: Its starting APR is 2.14 percent, with loans ranging from $5,000 to $85,000. Auto Approve doesn’t charge an application fee.
  • Caribou: Caribou has a starting APR of 2.83 percent. The downsides are its $399 fee and its limited availability (not available in Maryland, Massachusetts, Mississippi, Nebraska, Nevada, West Virginia and Wisconsin).
  • Gravity Lending: Prime credit lenders may choose Gravity Lending, which does not charge fees and can process applications for funding in a few minutes. The lowest rates start at 5.04 percent, but it requires a minimum credit score of 760 and a vehicle model year 2021 or newer as of 2023.
  • iLending: With loan amounts starting at $7,500, iLending was the most popular refinance auto lender on LendingTree in the first half of 2022. It doesn’t charge an application fee, allows joint applicants and can qualify cars with as many as 200,000 miles for refinancing.
  • RefiJet: This lender was the most popular subprime auto refinance lender on LendingTree, meaning it’s a great option for people with low credit scores and poor credit histories. The minimum credit requirement is just 550. Loan amounts start at $5,000, with a $395 origination fee that you can roll into your loan.
5. Best Credit Union for Auto Loan Refinancing - Digital Federal Credit Union
Digital Federal Credit Union Logo

What We Like Most:

  • 3.24 percent minimum APR
  • Discounts for electronic payments and energy-efficient vehicles
  • No down payment and no payments required for the first 60 days

Digital Federal Credit Union, also known as DCU, is a member-owned not-for-profit financial cooperative. DCU serves more than 1 million members and families in all 50 states. Headquartered in Massachusetts, DCU is one of the 20 largest credit unions nationwide.5 It offers consumer banking and lending as well as business banking, business lending, auto insurance and realty services.

ProsWho It's Best For
  • pro
    People who prefer credit unions to traditional lenders
  • pro
    People who want to do business in-person
  • pro
    Someone who wants to get their auto loan and car insurance from the same provider
ConsWho It's Not Best For
  • con
    Nonmembers of the DCU
  • con
    Someone who wants a BBB-accredited auto loan provider
  • con
    Someone who wants to pay off their loan in less than 36 months

Discounts and Benefits

DCU offers the following discounts and benefits with its refinance loans:

  • 60 days of no payments after the closing of the loan (interest will begin to accrue the day DCU funds your loan)
  • A membership level discount of 0.50 percent included for Plus and Relationship members with electronic payments
  • Energy efficiency discount at 0.25 percent if a vehicle has a U.S. Environmental Protection Agency fuel economy rating of 35 mpg or 35 mpg-e (miles per gallon of gasoline-equivalent) combined city/highway
  • Maximum loan amount of 130 percent of book value
  • Same rates for new or used vehicles

Here’s a breakdown of membership options with DCU ― the more a member does with DCU, the more these benefits apply:

  • Basic: The basic plan includes no minimum balances or monthly maintenance fees on accounts, free use of DCU branches, ATMs, digital banking options and debit cards, free account alerts and notifications.
  • Plus: Plus includes basic member benefits plus payments 48 hours early with direct deposit, up to $10 per month in ATM fee reimbursements from other institutions and 0.50 percent discounts on consumer loans with electronic payments.
  • Relationship: Relationship members include Plus member benefits and up to $25 per month in ATM fee reimbursements from other institutions and 100 free DCU checks per year.

Affordable Payments

The longer your loan term, the lower your monthly payment. See below a chart showing loan terms, APR and estimated monthly payment (SMP) available with DCU.

Maximum term in months Lowest available APR EMP per $1,000 loan
36 5.24% $30.08
48 5.24% $23.14
65 5.24% $17.70
72 6.24% $16.69
84 7.74% $15.46


To compare refinancing options, we looked at information provided by the companies as well as third-party ratings from the BBB and Trustpilot, which aggregates customer reviews online. Your exact loan offer will depend on your vehicle and credit history. Some of the factors we analyzed across the five companies include:

  • Age of company
  • Loan term lengths
  • Minimum APR for refinancing loans
  • Loan amounts
  • Maximum LTV ratios
  • Discounts
  • Average total interest savings
  • Average monthly savings
  • Penalties and application fees
  • Availability based on state, age, vehicle, income, credit score and other factors
  • Length of the approval process
  • Customer service availability

Auto Insurance FAQs

How does refinancing an auto loan work?

Refinancing an auto loan works by replacing your current auto loan with a new one. The new loan pays off your original loan, and you make monthly payments on the new loan instead. Traditional refinancing reduces your monthly payments or interest and shortens your loan length. You can also receive cash back or lease buyout refinancing options from some lenders.

How do I qualify for refinancing an auto loan?

To qualify for auto loan refinancing, you need the following:

  • A loan for at least six months
  • More than two years left on your loan
  • Less than 125,000 miles on your vehicle
  • A car less than 10 model years old
  • A credit score above 575

How long should you wait before refinancing an auto loan?

You should wait at least six months before refinancing an auto loan. Often, lenders have a waiting period or require the current lender to possess the car’s title, which can take several months to transfer.

What is the fee for refinancing an auto loan?

The fee for refinancing an auto loan depends on the lender. MyAutoloan, Bank of America and AUTOPAY do not charge fees for refinancing. However, with LendingTree, an aggregator, some of its lenders may charge fees. Caribou, for example, has a steep $399 fee.

How long does refinancing approval take on an auto loan?

Most loan providers and aggregators can get you a quote with a locked-in interest rate as soon as 24 hours after you apply.


  1. Large Holding Companies. Federal Financial Institutions Examination Council National Information Center. (2022, Sep 30).

  2. When to Refinance a Car (and When to Wait). LendingTree. (2021, Aug 27).

  3. Is loan refinancing right for you? Bank of America. (2023).

  4. Refinance your auto loan. AUTOPAY. (2023).

  5. Our Story. Digital Federal Credit Union. (2023).