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Refinance Rates The best auto loan refinance rates for March 2023

Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of borrowing money to purchase an automobile.







The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to control their finances by providing clear, well-researched information that breaks down complicated subjects into digestible pieces.







Reviewed by Mark Kantrowtiz Reviewed by Nationally acknowledged expert on student financial aid

Mark Kantrowitz is an expert on student financial aid, the FAFSA, 529 plans, scholarships as well as tax benefits for education and student loans.








On March 24 2023.


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Bankrate's best car refinance loans are selected based on the interest rates of lenders customers' experience, their conditions and transparency. The benefits and drawbacks of each lender are clearly explained to help you decide on is the most appropriate financing option for you. Refinancing an auto loan allows you to replace the current loan by a new one in order to get more favorable terms and lower rates. These loans are offered through various lender kinds, and it's best to shop around to consider which one is best suited to your needs. When refinancing loans be sure to pay focus on eligibility requirements and the terms that are available. Doing so allows you to determine if your current loan is eligible, and you could adjust your loan to meet your budget for the month.

Read more
How to refinance an auto loan When you have found the right refinance auto loan to suit your needs Follow these steps:


1

Review you current loan. What are the amount you're now paying interest on, your monthly payment as well as the amount you're scheduled to pay over the life of the loan and at what rate you're able to afford.



2

Check the credit scores of your. to see if your credit has improved since your original loan approval. The better your credit score, the better your rate will be.



3

Find out the value of your vehicle. Estimate the amount to determine whether lenders will be willing to make a refinancing offer.



4

Shop around. The rates for interest available vary from lender to lender therefore, you should shop around with at least three different lenders. Compare rates that could be offered with the current rate of your loan.



5

Accept the new loan. Gather the necessary documentation and details of the current loan so that you can walk away with higher rates and conditions.




How do you select the right lender The best lender will ultimately result in making your money, either overall or month-to-month. It is recommended to get quotes from at least three lenders prior to deciding which is right for you. When shopping to get an auto loan, compare APRs (annual percentage rates) across multiple lenders. Choose lenders that keep costs to a minimum and offer terms for repayment that meet your needs. Be aware of the following points:

1

Requirements for approval Every lender has different to receive approval. The lender will take into consideration factors such as your credit history, income and debt-to income ratio. But refinance loans have their own specifications regarding vehicle and current loan conditions. Check for conditions for approval based on factors such as age of the vehicle as well as the mileage you've driven or how long you've had the loan.




2

Your current loan The purpose of a refinance car loan is to walk away with a less expensive monthly installment or a lower cost overall. Therefore, make sure to check the specifics of the potential new loan with your current rate. Remember that a loan with a longer duration isn't always the best choice because you'll pay more interest.



3

Repayment options by refinancing, you can prolong the duration of your loan and lower the monthly installments or repay the loan quicker and reduce the total cost. Think about which option will suit your budget better when determining the lender provides the most favorable terms.





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Definition of terms

Results of Filtering
Show auto loan kind New Used Refinance
Zip code

Loan term 24 Months 36 months 48 month 60 Months 72 months 84 Months

Score for credit Excellent (750+) Very good (700-749) Good (640-699) Needs Work (> 640)

Apply


REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
Lending partner
APR from Hover to know more about APR. Annual percentage rates (APR) is the interest rate and any loan fees. It represents the total costs of borrowing.



The term Hover will help you learn more about the definition. The period of time until your loan matures and is paid off in completion. The terms can be expressed in terms of months, or even years based on the specifics of your loan.



Credit score minimum Hover over to learn more about credit requirements. Minimum credit scores are typically needed to be able to get an loan with a specific lender. Exact thresholds are not always disclosed by the lender and in some instances this is not the best estimate based on the public records. Credit score refers to FICO 9.0 unless stated otherwise.



3.9
Bankrate Score




APR from 4.99-
36.00 %
Term 24-60 mo
Min credit score Not divulged
Apply to partner sites
Find rates
Offer details


Apply through the partner site

3.5
Bankrate Score




APR starting at 5.24-
12.29 %
Time period of 24-72 months
Min credit score 700
Apply through the partner site
Find the rates
Offer details


Apply to partner sites

4.1
Score at the Bankrate




APR from 4.89 %
The term 36-84 months
Min credit score not divulged
Apply to partner sites
Check the rates
Offer details


Apply through the partner site

3.9
Bankrate Score




APR as low as 4.49 %
Term 60 mo
Min credit score of 700
Apply on partner site
See rates
Offer details


Apply through the partner site

3.6
Bankrate Score




APR as low as 5.34 %
Term 24-84 mo
Min credit score of 600
Find the rates
Offer details


4.2
Bankrate Score




APR starting at 2.99 %
The term 36-60 months
Min credit score 700
Apply on partner site
Check rates
Offer details


Apply on partner site

APR from 3.99-
24.99 %
60 months of term
Min credit score 700
Apply through the partner site
Find rates
Offer details


Apply to partner sites

3.8
Score of the Bankrate




APR starting at 7.29-
11.54 %
Term 36-72 mo
Min credit score 700
Apply on partner site
See the rates
Offer details


Apply on partner site

3.9
Bankrate Score




APR from 3.12 %
Term 48-60 mo
Min credit score 700
Apply on partner site
Check the rates
Offer details


Apply through the partner site

4.1
Bankrate Score




APR starting at 5.61-
29.99 %
Term 24-84 months
Min credit score 700
Apply to partner sites
See rates
Offer details


Apply to partner sites

4.2
Bankrate Score




APR as low as 9.49APR from 9.49
16.94 % when you use AutoPay

The term is 24-84 months
Min credit score of 700
Apply through the partner site
Find the rates
Offer details


Apply on partner site

3.2
Bankrate Score




APR from 2.49 %
60-month term
Min credit score of 700
Apply to partner sites
Find rates
Offer details


Apply to partner sites







On This Page, Jump to the next page



Check out the top the best auto loan refinance lenders in March 2023

Lender
Starting APR
The Term
9.49%
From 24 to 84 month
2.99%
Between 24 and 96 months
4.99%
Between 24 and 60 months
5.61%
From 24 to 84 month
5.24%
Not stated


The information on loans presented is up to date on the 3rd day of January 2023. Visit the websites of lenders to find more information. This list of auto loan lenders that are listed here have been selected based on aspects like APR, loan amounts, fees, credit requirements and more.


The best automobile loan refinance lenders in 2023
Best for quick funding LightStream

Apply through the partner site

Min. credit score 700
Fixed APR Starting: 9.49%
-16.94%
The loan amount is $0-$100,000.
Term lengths: 2 to 7 years
Min. annual income: Not disclosed
Overview: provides a simple-to-use online interface for unsecured loans. You can make an application for terms for repayment that range of 24 to 84 month and a high maximum refinancing amount of $100,000.


What makes LightStream is the best for quick funding If you're in a financial crisis and require immediate cash, LightStream is a great option. With same-day financing available and no additional origination charges, LightStream offers a quick online application procedure and a larger limit loan amount than its competitors.



Pros and Cons Fast funding Mobile application available High loan amount

Cons Unsecured loans Must refinance at least $5,000. No prequalification




Eligibility and More What lender is best for: Anyone looking to refinance their vehicle quickly and for a large amount.
Financial wellness and financial impact In the absence of prequalification, drivers will undergo an invasive credit assessment when they submit their application.
The time to receive the funds: As soon as the day after you submit your application.
Fees: LightStream is free of charge.
Additional requirements: While not stated, the most competitive rates will be provided only to people with solid credit score.
Special features: LightStream offers loan terms that range from 24 to 84 months. The speedy funding timeline, coupled with the variety of payment options will allow you the ability to lower your monthly payment.




Best for dedicated customer support AutoPay

Apply on partner site

Min. credit score 700
Fixed APR From: 2.99%
The loan amount is $2,500 to $100,000
The length of the term is 3 to 5 years
Min. annual income: Not disclosed
Overview : offers borrowers a range of loans directly from its network. The process is entirely accessible and easy, allowing users to get the new loan within the next business day.


Why Autopay is the most reliable choice for dedicated customer support: Autopay has a team of loan experts who offer real-time support by text message or telephone call on questions regarding the application or the current loan.



Pros and Cons Pros Huge selection of acceptable criteria for cash-back refinancing available Ability to compare multiple loans

Cons The lowest APR is only available to good credit borrowers. Possibility of a down payment Unspecified credit requirements




The eligibility and more What lender is best to use it for: Great for anyone seeking to refinance their vehicle all in one go with the help of an experienced loan expert.
Impact on financial wellness: After submitting a complete loan application that is matched with an lender and a borrower is subjected to an unavoidable credit check.
The time to receive the funds: Funds deposited with Autopay is available in just 1 business day.
Fees: Additional charges are determined by lender.
Additional requirements The specific requirements aren't disclosed. But to refinance, vehicle details on mileage are likely to be required.
Special features available in all 50 states. Autopay is a lender network with a high maximum loan amount that allows for people with a range different financial background to refinance.



The best online experience Caribou

Apply to partner sites

Min. credit score: Not disclosed
Fixed APR From: 4.99%
-36.00%
The loan amount is $0- $100,000
The length of the term is between 2 and 5 years
Min. annual income: Not disclosed
Summary: Through a range of lender partners, considers a driver's credit history to determine if they are prospective lender. The process is entirely online and only requires the information about your vehicle.



Why Caribou is the most suitable choice for buying online. Caribou's app and online platform make it simple to compare lender rates side by side. Even though it has an online presence, Caribou advises its customers to talk with its team members who can assist with specific inquiries 24 hours a week via email, telephone or appointment.





Pros & Cons Customers can contact customer service seven days a week Insurance bundle option. Prequalification is available.


Con Not offered in all states. fees Not disclosed requirements




Inclusion & More What lender is ideal for: Drivers looking to lower their monthly rates and compare potential loans online.
Impact on financial wellness The moment you have your application approved A hard credit pull will impact your score on credit.
Time for receiving the funds: The timeline for funding differs by lender.
Fees: Borrowers can expect a $399 processing fee in addition to lender expectations.
Additional requirements: Requirements comprise personal data about yourself as well as information regarding your vehicle.
Particular features Caribou recommends that drivers bundle your newly-approved loan with other requirements for driving like insurance or additional protection.



Ideal for those who have bad credit Upstart

Apply on partner site

Min. credit score: 300
Fixed APR Starting at 5.61%
-29.99%
Loan amount: $9,000- $60,000
The length of the term is 2 to 7 years
Min. annual income: Not disclosed
Overview: is a less traditional lender option that takes advantage of AI technology to connect drivers to lenders that are able to make a loan in minutes.



What makes Upstart the ideal choice option for those with bad credit: The AI approach also takes into account a client's risk in a way that is beneficial to those with less-than-perfect credit. The underwriting criteria of Upstart considers elements of a driver's past including education and earnings.





Pros & Pros Pros APR cap at 17.99 percent. Prequalification is available. Flexible acceptance criteria

Pros No APR minimum stated Must borrow at least $9,000 No co-borrowers




Eligibility & More Who this lender is ideal for someone with a low or no credit history who is looking to evaluate refinance options.
The impact on financial health: A hard credit pull can be triggered following an initial loan application.
When funds are due When funds are due: The funds will be accessible within a few days of loan approval.
Fees: Fees will only be charged if your vehicle undergoes repossession.
Further requirements are that your car must be less then 10 years of age, and be under 140,000 miles.
Special features: Upstart offers a fully translated Spanish website and bilingual loan officers on staff.








Refinancing a car loan works is essentially just getting a new car loan and the requirements conditions for applying are generally the same. You'll need your driver's licence, Social Security number and documents proving your the income you earn and your insurance coverage, as well as specifics about your car. If you're approved, you'll utilize the money from your newly-approved loan to pay off your old car loan Then, you'll begin making monthly payments with your new interest rate and terms. you receive a new auto loan which replaces the current one. The process is identical to the process of getting your initial loan. , you will pay off the original loan using the new one and then start making payments on the new loan.
If you want to change the terms of your auto loan? Refinancing your car loan can be summed up as . If you're having trouble getting the loan or think you could receive more favorable conditions, it's a good idea to consider refinancing your existing loan. Below are three primary scenarios where refinance is the best option. Your credit score has been improved. The best rates are offered to those with excellent or excellent credit scores of 740 or more. If your score on credit has risen since signing the initial loan agreement, you can make monthly installments. You borrowed through a dealer. Dealer financing likely did not present you with the most favorable rates and terms. It is possible to negotiate a better rate if you shop elsewhere and then refinance your first vehicle loan. It is difficult to afford the monthly payments. If you're struggling to make your monthly vehicle payments and you are at possibility of losing your car, it's a smart option to refinance your loan. In this way, you can extend your terms to lower the monthly cost. Keep in mind that you'll need to pay higher interest over the life of your loan.

Pros and cons of refinancing an auto loan
Pros
Possibility of reducing monthly costs.
The ability to approve more competitive interest rates.
Likelihood of paying off auto loan sooner.

Cons
If you extend the loan too long could mean greater expenditure in the future.
The headaches caused by paperwork and loan application.
Increased risk of becoming upside down in the loan.




Know what you need to know prior to applying for refinance auto loan Like any loan you can get, it's best to compare various lenders prior to making your final decision. Each lender employs its own approach for determining your interest rates and terms -- so compare to see which best fits your needs. Each lender measures risk differently, the interest rates will depend on your credit. Do your homework before time to be aware of your credit history to get a clear understanding of the kind of information lenders looking for and what terms you will be offered.

Questions about refinancing

Are 72-month car loan a bad idea? One issue with this is the fact that it is common to end in the position of "underwater" or " " on your loan. This is due to the fact that the value of cars decreases more quickly than you can pay off your loan. A 72- or 84-month car loan is a sign that you're paying your loan more slowly and have the potential to owe more than your car is worth. However, longer loans let you secure an affordable monthly installment and is an important consideration for your budget.



Do refinancing your car damage my credit? The process of refinancing could hurt your credit . If you are applying for a loan and an inquiry with a hard form is made your credit score could fall a few points. Following approval, the opening of a new loan account will lower the average age your credit score has, which could result in a lower score. But these two factors only make up a small portion of what constitutes your credit score. Sticking with a monthly payment you are unable to afford can lead to larger credit issues in the future.


Do I need to refinance my loan if I'm way behind on my initial loan's due date? It is best to in the beginning phases of your loan. The interest gradually declines throughout the duration of your loan therefore your opportunity of saving money will be much more substantial at the beginning of your loan. Be mindful that you likely won't be able to refinance your loan within your first 6 months.



Do refinances start the car loan over? Yes, refinancing can , but it's not exactly a clean start. You will sign off on new, more competitive rates to lower your monthly payments. It makes paying off the loan simpler, but it's not a reset. The number of payments on the previous loan also don't carry into the new loan. Although the loan is paid off, you won't have the same mark as these payments in the new loan.


Do I need cash to refinance? Certain lenders may require those with bad credit to make a down payment in order to guarantee the loan. Therefore, having money to refinance can help by decreasing the amount you'll need to pay for financing the vehicle. Though the down payment isn't necessarily required, the difference between the value of the car and the amount that you have to pay -- is.


Can you get money back when refinancing the car loan? Refinancing doesn't mean you receive an additional check however, you might get a benefit from the equity you have in your vehicle. With , you essentially finance more than what you owe to receive the money you have left in cash. This is in addition to an improved auto loan.


Are refinancing cars worth it? To decide if refinancing is beneficial for you, consider if you will truly save money with new loan terms. For many drivers it can be worth it in the event that their credit score improved since they took out their auto loan, or they originally borrowed through a dealer. Make use of an opportunity to find out how much you could save by taking out the new loan.


What are the drawbacks of refinancing an automobile loan? Refinancing your auto loan is not without risk, as it could can include high charges and interest rates. Due to the , it is possible you will be met with higher than usual rates of interest. A new loan will incur additional charges like applications, transfer, and origination fees. In addition, if you prolong your loan term, you are more likely to end up being dependent on the loan and paying more interest.


Can you refinance a car loan even with bad credit? Yes, technically you can . But unless your score has improved since you initially signed an agreement, you're unlikely to get better terms. Consider instead .


What can I do to refinance my auto loan? It is possible to refinance your vehicle loan for a less expensive interest with the current lender. Start by exploring options with online banks, lenders and credit unions.



Methodology to choose the most suitable refinance vehicle loans, Bankrate considers 16 different elements. The factors considered range to the loan amount, the APR disclosed and acceptance criteria. Each lender has a score which is based on . availability: This is a factor that affects loan amounts, restrictions on vehicles and their availability in every state. Accessibility: This section covers expected APR, acceptance criteria, discounts for autopay and the number of fees. Experience with customers: This category includes online access, support accessibility, funding timeline, option for automatic payments and app accessibility. Transparency: Here prequalification and the disclosure of rates and charges are recorded.







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