Best auto loan refinancing offers

Our top picks for all types of borrowers.

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Picking the best car loan refinancing provider depends on your priorities and financial situation. That’s why we came up with a list of lenders that would fit a variety of refinancing needs.

Our methodology: How we picked these lenders

Our team reviewed over 60 car loan providers and made this selection based on factors such as APR, loan amounts and available terms. We also took factors like state availability, age, mileage and model restrictions into account.

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.

7 best auto loan refinancing providers

LenderBest for …Loan amountsAPRsLoan terms
LightStreamLower rates with excellent credit$5,000 to $100,000Competitive24 to 84 months
Go to Lightstream's site
RateGeniusComparing offers for all credit typesStarting at $10,0002.99% (as low as)Not stated
Go to RateGenius's site
LendingClubLower monthly repayments$5,000 to $55,0003.99% to 24.99%From 24 months
Go to Lending Club's site
CarFinance.comLower rates with poor credit$7,500 to $45,0004.99% to 20%Up to 72 monthsRead review
AutopayLease payoff and cashback refinancing$2,500 to $100,0001.99% to 10%24 to 84 monthsRead review
Alliant Credit UnionBalances over $100,000$5,000 to $1,000,000Starting at 2.99%Up to 84 monthsRead review
PenFed Credit UnionBalances under $5,000$500 to $100,000Starting at 2.99%Up to 120 monthsRead review

LightStream: Best for lower rates with excellent credit

  • Loan amounts: $5,000 to $100,000
  • APRs: Competitive
  • Loan terms: 24 to 84 months

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.

Pros
  • Competitive rates
  • No age or mileage restrictions
  • Fast turnaround
Cons
  • No option to prequalify
  • Lots of BBB complaints
Go to Lightstream's site

RateGenius: Best for comparing offers for all types of credit

  • Loan amounts: Starting at $10,000
  • APRs: 2.99% (as low as)
  • Loan terms: Not stated

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.

Pros
  • Wide network of lenders
  • Help with paperwork
  • Positive customer reviews
Cons
  • Hard credit check when you sign up
  • Relatively long turnaround
    Go to RateGenius's site

    LendingClub: Best for lower monthly repayments

    • Loan amounts: $5,000 to $55,000
    • APRs: 3.99% to 24.99%
    • Loan terms: 24 months

    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.

    Pros
    • Works with you to lower monthly cost
    • Accepts cosigners
    • Check rates without entering SSN
    Cons
    • Vehicle and state restrictions
    • Must have at least 24 months left on loan
    • Can take 14 days from start to finish
      Go to Lending Club's site

      CarFinance.com: Best for lower rates with poor credit

      • Loan amounts: $7,500 to $45,000
      • APRs: 4.99% to 20%
      • Loan terms: Up to 72 months

      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.

      Pros
      • Competitive rates — especially for low credit
      • Bad credit OK
      • Fast turnaround
      Cons
      • Not all brands are eligible
      • No electric cars
      • Lack of information on website

      Read review

      Autopay: Best for lease payoff and cashback refinancing

      • Loan amounts: $2,500 to $100,000
      • APRs: 1.99% to 10%
      • Loan terms: 24 to 84 months

      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.

      Pros
      • Highly competitive rates
      • Offers cashback and lease payoff refinancing
      • Accepts coapplicants
      Cons
      • Limited eligibility information online
      • No list of partners online

      Read review

      Alliant Credit Union: Best for balances over $100,000

      • Loan amounts: $5,000 to $1,000,000
      • APRs: Starting at 2.99%
      • Loan terms: Up to 84 months

      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.

      Pros
      • Refinancing up to $1,000,000
      • Autopay discount of 0.4%
      • Terms up to 84 months
      Cons
      • Must be a member to apply
      • Requires a debt-to-income ratio under 50%

      Read review

      PenFed Credit Union: Best for balances under $5,000

      • Loan amounts: $500 to $100,000
      • APRs: Starting at 2.99%
      • Loan terms: Up to 120 months

      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.

      Pros
      • Refinance as little as $500
      • Competitive rates
      • Terms up to 84 months
      Cons
      • Older cars have higher rates
      • Long terms not available on all loan amounts
      • Must become a PenFed member

      Read review

      Honorable mentions

      These providers offered benefits that were too niche to make our list. But they might be best for specific types of borrowers:

      Compare more auto loan refinancing offers

      Updated December 16th, 2019
      Name Product Filter Values Minimum credit score Loan term Requirements
      LendingClub Auto Refinancing
      Fair or better credit
      From 2 years
      Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
      Lower your monthly car payments and save on interest through a fast and easy online application process.
      Clearlane
      Varies
      3 to 7 years
      No past bankruptcies and defaults on loans in the past three years, no loans or credit card payments with 60+ days late over the past two years, credit history of 36+ months, monthly income of $2,000+, US resident, ages 18+
      SuperMoney Auto Loan Refinancing
      600
      Varies by lender
      Car must be less than 10 years old with fewer than 150,000 miles. Fair to excellent credit, an income source, US Citizen or Permanent Resident, 18+ years old
      Find an offer and get rates from competing lenders without affecting your credit score.
      LendingTree Auto Loans
      Good to excellent credit
      Varies by lender
      18+ years old, good to excellent credit, US citizen
      Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
      MotoRefi Car Loan Refinancing
      525
      1 to 6 years
      Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
      A car loan connection service for borrowers looking to refinance.
      RateGenius Auto Loan Refinance
      510
      Varies
      Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
      Connect with a network of over 150 lenders to refinance your car loan.

      Compare up to 4 providers

      Bottom line

      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.

      Frequently asked questions

      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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