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Loyalty discounts and extra services like title transfers also helped win a place on our list of top providers. We aimed to choose providers that could serve a wide range of borrowers, from those with stellar credit to those with no credit.
| Lender | Best for … | Loan amounts | APRs | Loan terms | |
|---|---|---|---|---|---|
| LightStream | Lower rates with excellent credit | $5,000 to $100,000 | Competitive | to months | |
| RateGenius | Comparing offers for all credit types | Starting at $10,000 | 2.99% (as low as) | Not stated | |
| LendingClub | Lower monthly repayments | $5,000 to $55,000 | 7% to 24.99% | From 24 months | |
| Autopay | Lease payoff and cashback refinancing | $2,500 to $100,000 | 1.99% to 10% | 24 to 84 months | Read review |
| Alliant Credit Union | Balances over $100,000 | $5,000 to $1,000,000 | Starting at 2.49% | Up to 84 months | Read review |
| PenFed Credit Union | Balances under $5,000 | $500 to $100,000 | Starting at 2.99% | Up to 120 months | Read review |
If you have excellent credit, LightStream might be the way to go. This online arm of SunTrust Bank might beat the rate offers from competitors§ and has no restrictions on the mileage or age of your vehicle. It also might be able to fund your loan on the same day.†But it has a relatively high volume of complaints on its Better Business Bureau (BBB) page as of November 2019.
This connection service isn’t a lender, but works with over 150 partner lenders across the country that are open to all credit types. You can get connected to a provider by filling out a quick online form.
Its turnaround time of 24 to 48 hours might be longer than other connection services. But it can save you time by handling the paperwork involved in refinancing, such as title transfers. It claims that its customers save an average of $76 a month — though what you save might vary.
This peer-to-peer lender specializes in helping customers lower their monthly repayment by extending their loan term. This might lower your monthly cost, but you’ll only save on the overall cost if you qualify for a lower rate, too — which requires excellent credit.
Sometimes your credit has improved since you first took out a car loan, but it’s still not strong enough to qualify with most lenders. You still might get a better deal with this provider, which specializes in refinancing for poor-credit borrowers. It offers rates that can compete with lenders that offer excellent-credit car loans, and it has a fast turnaround. But it won’t work with several models or electric cars.
Autopay is a connection service that works with a national network of lenders that specialize in refinancing. Its rates are some of the lowest out there, and it claims some pretty impressive savings — customers pay $95 less per month on average and get rates 50% lower than their original deal.
On top of offering traditional refinancing, its cashback option allows you to refinance for up to $12,000 more than your car loan balance to pay off high-interest debts or make a large purchase. And its lease payoff option allows you to pay off your lease early to avoid paying high mileage fees.
If you’ve got an expensive vehicle, this might be your first stop when refinancing. While most lenders stop at $100,000 — if even — Alliant Credit Union can refinance a car loan with a balance of up to $1 million. It also helps that it offers a 0.4% rate discount for signing up for autopay — most lenders only offer 0.25%, if even. But you’ll need good credit to qualify and must become a member of the credit union when you apply.
If you’ve got a car loan under $5,000, your options are limited. But this credit union offers refinancing for balances as low as $500, meaning you can still save at the tail end of your car loan. It offers competitive rates and long terms. But older cars and longer terms tend to get a less competitive deal. And like most credit unions, you have to become a member to apply.
These providers offered benefits that were too niche to make our list. But they might be best for specific types of borrowers:
No one refinancing provider is right for everyone. Prequalifying with a few different lenders can help you find the most competitive offer available to you — especially if you find a provider with a rate-beat program.
You can read our guide to car loan refinancing to compare lenders and our how-to guide where we walk you step-by-step through the whole process.
†You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.
§ After receiving your loan from LightStream, if you are not completely satisfied with your experience, please contact them. They will email you a questionnaire so they can improve their services. When they receive your completed questionnaire, they will send you $100. LightStream’s guarantee expires 30 days after you receive your loan.
LightStream reserves the right to change or discontinue their guarantee at any time. Limited to one $100 payment per funded loan. LightStream and SunTrust teammates do not qualify for the Loan Experience Guarantee.
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