7 Best Auto Refinance Companies for Low Interest Rates (2022)

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Refinancing can help you get a better deal on your car loan, but to get the best deal, you’ll need to get the best refinancing loan!

We’ve put together a list of the seven best auto refinance companies. We carefully evaluated the features and costs of each of the below lenders and loan matching services to help you choose the best option.

Best Companies to Refinance Your Auto Loan

Many lenders that don’t offer auto loans directly will offer car loans for refinancing purposes. There are even loan matching companies whose main service is matching you with auto refinance loans.

We’ve limited our list to low-fee refi options available nationwide. These options all offer an online application process and APRs well below the current national average.

  1. RateGeniusBest for bad credit
  2. Lending TreeBest for no credit or new credit
  3. MyAutoLoanBest auto refinance loan marketplace
  4. Navy FederalBest for older and high-mileage vehicles
  5. AutoPayBest for cash-out refinance
  6. DCUBest for fair credit
  7. UpstartBest for college students

To help narrow down the list of the best car loans for refinancing, we’ve gathered some key facts and features of each lender/matching service presented below.

👇 Compare companies


1. RateGenius

This loan matching service specializes in auto refinance loans. You can start with their inquiry-free pre-qualification process to view a list of personalized lender offers.

RateGenius can offer loans to individuals with credit scores as low as 400, and the APR for these poor-credit loans can start as low as 7.32%.

Refinance Qualifications
Minimum credit score400
Minimum loan$10,250
Repayment terms36 – 72 months
Age of vehicleLess than 12 years
Mileage of vehicleLess than 120,000
Cash-out refinance allowedYes (only certain lenders)
OtherThe existing loan needs to have 24 months or more left

How Much Does It Cost?

While some sources suggest that RateGenius charges you a direct fee for using their services, we verified with RateGenius staff that they do not charge you directly.

However, RateGenius states that lenders can charge origination fees, prepaid finance fees, and title fees.

Starting APRs are 3.09% for those with good credit and 7.32% for those with poor credit (below 640 credit score).

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2. Lending Tree

Lending Tree auto refinance page

LendingTree offers a wide variety of loans, including auto loan refinancing. When you fill out your loan application, they’ll match you with up to 5 lenders from their network of over 500 lenders.

This large network of lenders allows Lending Tree to offer competitive terms such as low APRs, small & large loan values, and loans for individuals with poor credit.

📚 Read our full review of Lending Tree’s auto loan matching service.

Refinance Qualifications
Minimum credit scoreNo minimum credit score
Minimum loan$250
Repayment terms24 – 84 months
Age of vehicleVaries depending on the lender
Mileage of vehicleVaries, but generally less than 120,000
Cash-out refinance allowedYes (dependent on the lender)

How Much Does It Cost?

Lending Tree doesn’t directly charge fees, but the matching service does warn that individual lenders may charge a fee, but Lending Tree advises in the FAQs section that this should be $100 or less.

LendingTree advertises APRs starting as low as 2.14%. 

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3. MyAutoLoan

My Auto Loan auto refinance page

MyAutoLoan offers a variety of auto loans, including auto refinance loans. During the prequalification process, you can compare up to 4 offers simultaneously without negatively impacting your credit.

And not only is the application process quick and easy, but once you select your loan, you can get final approval in as little as 30 seconds. And you can receive your loan funds within 24 hours.

Refinance Qualifications
Minimum credit score575
Minimum loan$5,000
Repayment terms36 – 84 months
Age of vehicle10 years old or less
Mileage of vehicleup to 125,000
Cash-out refinance allowedYes (varies with the lender)

How Much Does It Cost?

MyAutoLoan is a matching service, and filling out their application is 100% free.

Each lender you are matched with charges you APR and may charge you additional fees, so read your offer terms carefully.

The starting APR MyAutoLoan advertises for refis is 2.49%. This rate is based on repayment terms of 37 – 60 months. Shorter or longer repayment terms will result in a higher starting rate.

MyAutoLoan is not currently available in Alaska or Hawaii. 

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Navy Federal auto loan refinancing page

One of the largest credit unions in the nation, Navy Federal offers a variety of lending and banking services, including auto refi loans.

NavyFederal’s not-for-profit model means it can offer competitive terms on its loans. This includes repayment terms of up to 96 months, no set mileage cap, and acceptance of vehicles up to 20 years old.

🚘 Vehicles over 20 years old will require a special antique auto loan.

Refinance Qualifications
Minimum credit scoreNot disclosed
Minimum loan$5,000
Repayment termsUp to 96 months
Age of vehicleUp to 20 years
Mileage of vehicleNo disclosed limit
Cash-out refinance allowedNo
OtherYou have to be or become a member of Navy Federal

How Much Does It Cost?

Navy Federal does not charge application or origination fees. In fact, this credit union often offers cash incentives for refinancing with them.

While no membership fee is required to join Navy Federal, you must be in the military or a family member.

The lowest advertised APR for refi loans is 4.29%, which includes an active duty discount of 0.25%. This rate applies only to newer vehicles financed for short terms. The starting APR for a 3-year-old vehicle refinanced for 72 months is 5.59%.

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5. AutoPay

Autopay refinance page

AutoPay offers matching services for various auto financing solutions, including refis.

As a part of its refinance offerings, AutoPay has a dedicated cash-out refinance option that lets customers borrow up to $12,000 more than their current car is worth. This can help give customers access to emergency cash.

Refinance Qualifications
Minimum credit scoreNot disclosed
Minimum loan$2,500
Repayment terms24 – 96 months
Age of vehicle10 years or less (varies)
Mileage of vehicleUnder 150,000
Cash-out refinance allowedYes

How Much Does It Cost?

AutoPay does not charge you any fees directly; however, the individual lenders you are matched with could charge origination fees, finance fees, etc.

AutoPay advertises customers receiving rates as low as 2.99% for refi loans.

With the cash-out refinance option could get quick access cash, as much as $12,000 more than your vehicle’s value. And you can use this cash however you want, i.e.,  for debt consolidation, medical bills, etc.

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6. DCU

DCU refinance page

DCU Credit Union offers various banking and lending services, including auto refinance loans. 

There are very few limitations on DCU’s loans, and unlike Navy Federal, membership to this credit union is open through various communities, employers, and organizations.

While DCU doesn’t state any credit score, history, or income requirements, the rates they advertise are for excellent credit. That said, DCU does allow you to prequalify for a refi loan, even if you are not yet a member.

Refinance Qualifications
Minimum credit scorenot disclosed
Minimum loan$5,000
Repayment terms12 – 84 months
Age of vehicleno max
Mileage of vehicleno max
Cash-out refinance allowedYes (up to 130%)
Othermembership is required, but you can apply before becoming a member

How Much Does It Cost?

DCU does not charge any refi-related fees. However, if you do not qualify for membership through your employer, community, or other credit union member, you will need to join a partner organization.  This will require a donation ranging from $10 to $120.

The starting APR DCU advertises for auto refinance loans is 5.74% without any discount. If you qualify for the autopay discount of 0.5% and energy-efficient vehicle discount of 0.25%, the lowest rate possible is 4.99%.

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7. Upstart

Upstart refinance page

Upstart uses a unique AI technique for qualifying borrowers. Instead of being dependent on just your credit score, Upstart’s proprietary method for determining your creditworthiness includes income, education level, degree path, and more. 

This original approach has reportedly helped lenders decrease loan defaults and helped individuals with poor credit qualify for an auto loan refinance. This refi option can be particularly useful for college students and young professionals who don’t have much credit.

Car refinance loans are not available in MD and NV.

Refinance Qualifications
Minimum credit score510
Minimum loan$9,000
Repayment terms24 – 84 months
Age of vehicle10 years maximum
Mileage of vehicle120,000 or less
Cash-out refinance allowedNo

How Much Does It Cost?

Upstart does not charge any fees, and APRs can start as low as 2.25%. However, this low rate would be for those with excellent credit.

Upstart states that, dependent on the state, APRs can top out between 17.99% and 29.99%. The current quoted average APR customers have received on a 5-year refinance loan is 14.02%.

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Comparing the Best Car Loan Refinancing Options

To help you choose the perfect lending fit from our best car loans for refinancing list, the table below outlines the key loan features offered by each of these lenders or loan matching services.

Loan MethodMinimum Credit ScoreMax Car Age & MileageLowest APRCash-Out Refinance?
AutoPayMatchingN/A10 years/150,000 miles2.99%Yes
DCUDirectN/ANo limits4.99%Yes
Lending TreeMatchingNoneVaries2.14% Yes
MyAutoLoanMatching57510 years/125,000 miles2.49%Yes
Navy FederalDirectN/A20 years/no limit4.29% No
RateGeniusMatching40012 years/120,000 miles3.09% Yes
UpstartMatching51010 years/120,000 miles2.25%No

How to Save Money on Your Auto Loan Refinance?

There are three main reasons for refinancing your car loan:

  • Save money by lowering the interest rate
  • Lower the monthly payment by extending the repayment terms
  • Use equity for other debts by using a cash-out refinance

Depending on why you are refinancing, there are steps that you can take to make sure you get the best deal.

Watch Out for Fees

Lenders and loan marketplaces can charge a variety of fees, such as application fees, origination fees, finance fees, and more. While none of the lenders on our list charge fees, the matching services we listed warn that some of their lenders could charge these fees.

It’s worth noting that all lenders charge applicable government fees, such as title transfer fees. However, some roll this into the APR, and others charge for it separately.

You’ll also want to investigate your original loan for any fees, such as early repayment penalties.

Get the Best Rate

One of the best reasons to refinance your auto loan is to score a lower interest rate. You should also keep an eye out for any rate discounts or cash incentives a lender might offer.

If you are wanting a cash-out refi or are extending your loan repayment terms, getting a lower rate is especially important.

Also, beware, most auto loans are front-loaded. This means early payments have more interest and later payments pay more towards the principal. This is why refinancing early is important. Check out our refinance calculator for more information.

Avoid the Add-Ons

One of the biggest expenses associated with a refi is the add-ons the lender will try to sell you. This can include:

  • Gap insurance
  • Vehicle service contracts
  • Dent repair services
  • Auto insurance quotes
  • Etc. 

These little add-on services are often a way for the lender/marketplace to generate extra revenue, so try to avoid them. But if you are interested in one or more of these services, shop around first; you could get the same or better service elsewhere for cheaper.

Our Methodology

When researching the best car loans for refinancing, we wanted to find the best product at the best price. While some features are the same or similar, many auto refinance lenders/matching services have varying terms and conditions.

To help us present the best auto refinance loan options, we closely evaluated the following criteria.

Fees & APR

There were several lenders and matching services excluded from this list because of high application or origination fees. In our list, we only included zero-fee options.

Also, since the purpose of refinancing your auto loan is to save money, we chose lenders and matching services that advertised low starting APRs.

Vehicle Limitations

Most lenders have specific limitations on age, mileage, and type of vehicle. When we evaluated lenders and matching services, we weighed the loan limitations against the terms offered.

Additionally, we excluded lenders and matching services that didn’t offer services nationwide, i.e., Lending Club does not provide refi services in more than 8 states.

Cash-Out Refinance Option

Signing off on a loan that has a higher value than the original loan is a risk, and one that many lenders do not want to take on. Lenders and matching services that provided this feature were given priority on our list.

Bottom Line

Many banks, credit unions, and other lenders offer various auto loans, so how do you find the best car loans for refinancing?

Paying attention to the terms offered is important. If you travel a lot for work and your vehicle has a lot of miles on it, you’ll need to find a lender that specializes in high-mileage loans.

Or, if you are looking for a cash-out refinance, you’ll want to find a lender that specifically advertises it, as many lenders don’t want to take on this risk.

Depending on what you are looking for in an auto refinance loan, there are a variety of lenders who can work with you. Matching services can help you sort through all the options, or you can explore services locally.

Ultimately the best auto refinance loan is the one that fits your needs.



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