Open navigation Main Menu Mortgages

Financing a home purchase Refinancing your current loan Finding the right lender Additional Resources
Looking for a financial advisor? Do our 3-minute quiz and match the advisor you want today.



Main Menu Banking

Compare Accounts Use Calculators Get assistance from Bank reviews
Looking for a financial advisor? Try our three minute test and match to an adviser today.



Main Menu Credit cards

Compare with other categories Compare with credit requirements Compare by issuer Get help
Are you looking for the perfect credit card? Narrow your search with CardMatch(tm)



Main Menu Loans

Personal Loans , Student Loans, Auto Loans Calculators for loans
Find the perfect personal loan in 2 minutes or less Answer some questions to receive offers with no effect on the credit rating.



Main Menu for Investing

Best of Brokerages and robo-advisors Learn the basics Additional information
Looking for a financial advisor? Take our 3 minute quiz and then match up to an adviser today.



Main Menu Home equity

Get the best rates Lender reviews. Use calculators. Knowledge base
Looking for a financial advisor? Try our three minute test and match with an advisor today.



Main Menu Real estate

Selling a home Buying an investment property Locating the right agent resources
Looking for a financial advisor? Try our three minute test and connect with an advisor today.



Main Menu Insurance

Car Insurance Homeowners insurance Other insurance Company reviews
Looking for a financial advisor? Do our 3-minute quiz and connect with an advisor today.



Main Menu Retirement

Retirement plans & accounts Find out the basics about retirement calculators Other Resources
Looking for a financial advisor? Do our 3-minute quiz and match with an advisor today.



Open search Close search

Submit


Refinance Rates The best auto loan refinance rates for March 2023.

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of taking out loans to purchase the car they want.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to manage their finances by providing concise, well-researched, and clear facts that break down complex topics into manageable bites.







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

Mark Kantrowitz is an expert on student financial aid, the FAFSA, 529 plans, scholarships educational tax benefits, student loans.








As of March 24, 2023.


The promise of the Bankrate promise
More details
At Bankrate we aim to help you make better financial decisions. While we adhere to strict , this post may include references to products made by our partners. Here's the explanation .



Bankrate's best car refinance loans are selected according to lenders' interest rates customers' experience, their terms and transparency. The benefits and drawbacks of each lender are explained in detail to help you figure out is the most appropriate financing option for you. Refinancing an auto loan permits you to swap your current loan by a new one in order to get more favorable terms and less rates. They are available through many lender types, so it's a good idea to shop around to consider which one is best suited to your needs. When it comes to refinance loans be sure to pay attention to the eligibility requirements and the terms that are available. This will allow you to determine if your current loan qualifies, and you can modify your loan to fit your monthly budget.

Read more
How to refinance an auto loan After you've found the right refinance auto loan for your situation Follow these steps:


1

Examine you current loan. What are the amount you're current paying for interest and your monthly payments and the amount you're expected to pay over the duration of your loan and the rate you can afford.



2

Review your score on credit. Check to see if your score has improved since the initial loan approval. The better your credit score is, the higher your interest rate will be.



3

Find out what the worth of your vehicle. Estimate the in order to determine if lenders will be willing to refinance.



4

Take a look around. The rates for interest available vary from lender to lender so shop around with at least three different providers. Be sure to compare potential rates with the current rate of your loan.



5

Accept the brand new loan. Gather the necessary documentation and specifics of the current loan so you can leave with more favorable rates and terms.




How do you choose the most suitable lender Choosing the best lender comes down to making your money, whether overall or month-to-month. It is recommended to get estimates from three lenders prior to deciding which one is best for you. When looking for an auto loan you should compare APRs (annual percentage rates) across multiple lenders. Look for lenders that keep costs to a minimum and provide the repayment terms that match your requirements. Be attentive to the following factors:

1

Approval requirements Every lender will require a different criteria to get approval. The lender will take into consideration factors such as your credit score, income and debt-to income ratio. However, refinance loans have their own specifics on the vehicle and loan conditions. Check for the criteria for acceptance based on variables such as age of the vehicle and mileage, or the length of time you've had the loan.




2

Current loan The purpose of a refinance auto loan is to leave with a more affordable monthly payment or lower cost overall. Therefore, make sure to check the specifics of the potential new loan with the current rate. Be aware that a loan with a longer duration is not always the best option because you will pay more interest.



3

Repayment options through refinancing can extend the life of the loan and decrease the monthly payments or pay off the loan faster and lower costs overall. Think about which option will suit your budget more effectively when you decide the lender has the best rates.





This page



The Bankrate promise Founded by the Bank Rate Monitor in Bank Rate Monitor , a print publisher for the banking sector, Bankrate has a long experience of helping customers make informed financial decisions.
Our reputation has been maintained for over four decades by prioritizing facts and knowledge over rumors and hearsay, as well as swiftly reacting to changes in the economy that provide our customers with an experience that is more relevant. From our tool for comparison of products to award-winning editorial content we provide objective information and concrete steps to help you make informed choices. It's why over 100 million customers put confidence in us each year.





Advertiser Disclosure The ads shown on this site originate from companies from which this
website receives compensation, which could affect how, where and in what
Order products are displayed. This table doesn't include the entire list of companies or all
available products. Bankrate does not endorse or recommend any company.



|
Definition of terms

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

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

Credit score Excellent (750plus) Very good (700-749) Fair (640-699) Needs Improvement (> 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) comprises the rate of interest, as well as any loan charges. It reflects the total amount of the loan.



Term Hover to learn more about the word. The period of time that runs until your loan achieves maturity and is paid off in completion. The terms can be expressed in months or years, depending on the particulars of your loan.



Credit score minimum Hover to learn more about credit requirements. Minimum credit scores are typically required to qualify for an loan with a specific lender. The exact thresholds aren't always disclosed by a lender and in some instances it is recommended to use the minimal score as the most accurate estimate based upon public information. Credit score refers to FICO 9.0 unless stated otherwise.



3.9
Bankrate Score




APR starting at 4.99-
36.00 %
Time Span 24-60 months
Min credit score not disclosed
Apply through the partner site
Find rates
Offer details


Apply on partner site

3.5
Bankrate Score




APR from 5.24-
12.29 %
The term is 24-72 months
Min credit score of 700
Apply on partner site
Check rates
Offer details


Apply to partner sites

4.1
Score of the Bankrate




APR starting at 4.89 percent
The term 36-84 months
Min credit score Not publicized
Apply to partner sites
Find the rates
Offer details


Apply on partner site

3.9
Bankrate Score




APR from 4.49 %
60 months of term
Min credit score of 700
Apply on partner site
See rates
Offer details


Apply on partner site

3.6
Score at the Bankrate




APR as low as 5.34 %
Term 24-84 months
Min credit score 600
See the rates
Offer details


4.2
Bankrate Score




APR as low as 2.99 %
The term 36-60 months
Min credit score of 700
Apply to partner sites
Check rates
Offer details


Apply to partner sites

APR starting at 3.99-
24.99 %
60 months of term
Min credit score 700
Apply on partner site
Check the rates
Offer details


Apply to partner sites

3.8
Score of the Bankrate




APR starting at 7.29-
11.54 %
Time period 36-72 mo
Min credit score of 700
Apply on partner site
Check rates
Offer details


Apply through the partner site

3.9
Bankrate Score




APR from 3.12 %
Time frame 48-60 months
Min credit score of 700
Apply on partner site
Find rates
Offer details


Apply to partner sites

4.1
Bankrate Score




APR starting at 5.61-
29.99 %
The term is 24-84 months
Min credit score of 700
Apply on partner site
Check the rates
Offer details


Apply to partner sites

4.2
Score of the Bankrate




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

Term 24-84 mo
Min credit score 700
Apply on partner site
Find rates
Offer details


Apply through the partner site

3.2
Bankrate Score




APR from 2.49 %
60 months of term
Min credit score 700
Apply on partner site
See the rates
Offer details


Apply to partner sites







ON THIS PAGE Jump to THIS PAGE



Compare the auto loan refinance lenders in March 2023

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


Loan details presented are current as of January 3, 2023. Check the lenders' websites to find more details. The auto loan lenders that are listed here have been selected based on factors like APRs, loan amounts, fees as well as credit requirements.


Best auto loan refinance lenders of 2023
Best for fast financing LightStream

Apply through the partner site

Min. credit score: 700
Fixed APR From: 9.49%
-16.94%
Amount of loan: $0-$100,000.
The length of the term is 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 repayment terms from 24 to 84 months as well as a refinancing maximum amount of $100,000.


The reason LightStream is the most suitable for fast cash flow If you're in a difficult financial situation and require cash immediately, LightStream is a great option. With same-day financing available and no additional origination charges, LightStream offers a quick online application and a higher limit loan amount than competitors.



Pros & Cons Pros Fast funding Mobile application available High loan amount

Cons Unsecured loans Must refinance at least $5,000. There is no prequalification




Eligibility and More Who is this lender is ideal for: Anyone seeking to refinance their vehicle fast and in a substantial amount.
The impact on financial health In the absence of prequalification drivers will go through an unavoidable credit check upon application submission.
When you can receive your funds: As soon as the same day you apply.
Charges LightStream is free of charge.
Additional requirements: Although not stated, the most competitive rates will be given to those with a good credit history.
Special benefits: LightStream offers loan terms ranging from 24 to 84 months. The quick-funding timeframe and various repayment options gives you the freedom to lower your monthly payment.




Best for dedicated customer support AutoPay

Apply through the partner site

Min. credit score 700
Fixed APR Beginning: 2.99%
Amount of loan: $2,500- $100,000
The term length is 3 to 5 years
Min. annual income: Not disclosed
Overview : offers borrowers various loans directly from its network. The process is entirely online and simple, allowing users to get the latest loan as soon as the next business day.


Why Autopay is the best choice for committed customer service: Autopay has a team of loan experts that provide 24/7 assistance through text messages or a phone for questions related to the application or current loan.



Pros & Cons Pros Large variety of acceptance criteria Cash-back refinancing available Ability to evaluate multiple loans

Cons Lowest APR only for good credit borrowers. Possibility of a down payment Unspecified credit requirements




Eligibility & More Who this lender is suitable for: Ideal for those who wants to refinance their car in one sitting with the help of an experienced loan specialist.
The impact on financial health: After submitting a loan application, after matching with a lender the borrower will be subject to a hard credit pull.
When you can receive your funds: Funding via Autopay is available within 1 business day.
Fees: Additional fees vary by each lender.
Additional requirements: Specific requirements are not disclosed. However, if refinancing is needed, data on mileage is likely to be needed.
Special features: Available in all 50 states, Autopay works with a large lender network with an extremely high limit loan amount, which allows customers with a variety different financial background to refinance.



The best online experience Caribou

Apply through the partner site

Min. credit score: Not disclosed
Fixed APR Beginning: 4.99%
-36.00%
The loan amount is $0-$100,000.
Term lengths: Between 2 and 5 years
Min. annual income: Not disclosed
Introduction: Through the use of a number of lender partners, it analyzes the credit history of a driver to match them with potential lender. The process can be done completely online , and requires only the information about your vehicle.



What makes Caribou is the best for shopping online: Caribou's application and online platform make it easy to compare various 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 queries 24 hours a week via phone, email or an appointment.





Pros and Cons Pros Customer service available seven all week long. Insurance bundling option Prequalification offered


Con Not offered in all states Processing fees Undisclosed conditions




The eligibility and more Who this lender is best for: Drivers looking to reduce their monthly costs and evaluate potential loans directly on the internet.
The impact on your financial wellbeing: Following your application approval A hard credit pull will impact your credit score.
Time for receiving funds: The funding timeline differs by lender.
Fees: Borrowers could expect a processing fee of $399 separate from lender expectations.
Additional requirements: The requirements contain personal details about yourself and details about your vehicle.
Extra features Caribou urges customers to bundle your newly-approved loan with other requirements for driving like insurance or additional protection.



Best for people with bad credit Upstart

Apply to partner sites

Min. credit score Credit score: 300
Fixed APR Starting at 5.61%
-29.99%
The loan amount is $9,000-$60,000
Term lengths: between 2 and 7 years
Min. annual income: Not disclosed
Overview This is a more unconventional lender option that takes advantage of AI technology to match drivers with potential lenders in minutes.



Why Upstart is the best option for people with bad credit: The AI approach also considers a customer's risk in a manner that greatly benefits those with less than perfect credit. Upstart's underwriting criteria factors aspects of a driver's history including education and earnings.





Pros & Pros Pros APR cap at 17.99 percent Prequalification available Acceptance criteria that are flexible

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




Inclusion & More Who this lender is best for someone who has a poor credit history who is looking to evaluate refinance options.
Financial wellness is a factor A hard credit pull will occur following an application for the initial loan application.
The time to receive the funds The funds are available within days of loan approval.
Fees: Fees come only if your vehicle undergoes repossession.
Additional requirements: Your vehicle must not be more than 10 years old and be under 140,000 miles.
Special highlights: Upstart offers a fully translated Spanish website, as well as bilingual loan employees on staff.








How refinancing a car loan can be done is basically getting the same loan -- so the application requirements are typically the same. You'll need your driver's license, Social Security number and documents proving your the income you earn and your insurance coverage, in addition to information about your vehicle. If you're approved, you'll utilize the funds of your new loan in order to repay your old car loan and then start paying your monthly installments according to the new rate of interest and terms. You will receive a brand new auto loan which replaces the current one. The process is the same as when you received your first loan. You will repay the initial loan by transferring it to your new loan and then start making payments on your new loan.
If you want to refinance your car loan? Refinancing your vehicle loan can be summed up as . If you're struggling to or think you could receive better terms, it's a good idea to consider refinancing your current loan. Here are the three main situations in which refinancing could be the best choice. Your credit has increased. The best rates are offered to drivers with very good or excellent credit -- scores of 740 and above. Also, if your credit score has improved after you signed your initial loan contract, then you are eligible for monthly payment. You obtained financing through a dealership. Dealer financing likely did not provide you with the best available rates and conditions. You might be able to find a better deal when you shop around and refinance your initial car loan. You are unable to pay your monthly payments. If you are having trouble making your monthly car payments and you are at danger of losing your vehicle, it's a smart option to refinance your loan. In this way, you can increase the terms of your loan to reduce your monthly costs. Be aware that you'll have to pay more interest over the life that you take out the loan.

Pros and cons of refinancing an auto loan
Pros
Potential for reducing monthly cost.
Ability to sign off on more competitive interest rates.
Chance of paying off the auto loan earlier.

Cons
Extending the loan too long could mean greater expenditure over the long run.
Headaches caused by paperwork and loan application.
Increased risk of becoming upside down on a loan.




Know what you need to know prior to applying for a refinance auto loan As with any loan, it is best to shop around to different lenders before making your final decision. Each lender has its own methodology for determining your interest rates and terms -you should compare them to determine the one that best suits your requirements. While every lender evaluates risk differently, the interest rates will depend on your credit score. Make sure you do your research before time to be aware of your credit history to get an accurate picture of what lenders are searching for and the kind of terms you will be offered.

FAQs about refinance

Do you think a 72-month auto loan a bad idea? One issue with this is the fact that you often wind up "underwater" and " " with your loan. This is because the value of cars decreases faster than you can pay off your loan. If you take out a 72-, or 84-month auto loan will mean that you'll be paying your loan more slowly and have the potential to owe more than the car is worth. However, longer loans permit you to have a more affordable monthly payment, which is likely an important aspect for your budget.



Can refinancing my vehicle hurt my credit? The process of refinancing could hurt your credit . When you apply for a loan and a hard inquiry is submitted, your credit score will drop a few points. Once the loan is approved and you will be able to open a new loan account can lower the average age that your credit score is held and can result in a lower score. However, these two elements only make up a small portion of your credit score. Sticking with a monthly payment that you can't afford could cause more problems with your credit later on.


Should I refinance if way behind on my initial loan's payment? It is best to in the beginning stages that you are in the early stages of your loan. The interest gradually declines over the lifetime of your loan and your chance savings is more substantial at the beginning of your loan. Be aware that you will not be able to refinance in your first 6 months.



Do refinances start the auto loan over? Refinancing does , but it is not a perfectly fresh slate. You'll sign off on more competitive rates to save money on your monthly payment. This will make the process of repayment of the loan more straightforward, however it's not an automatic reset. The number of loans for the prior loan also don't carry into the new loan. Even though the amount is being paid back, you won't be able to see the marks of these payments in the new loan.


Do I need money to refinance? Certain lenders will require drivers with bad credit to make a down payment in order to guarantee the loan. Therefore, having money to refinance can help by lowering the price you'll have to pay for financing the car. While it isn't always required, -- the difference in value of the vehicle and the amount you'll owe is.


Can you get money back when refinancing the car loan? Refinancing is not a guarantee that you are handed a check with more cash however, you might be able to profit from the equity you have in your vehicle. In essence, you finance for more than you owe so that you take that extra money in the form of cash. This is in addition to an improved auto loan.


Do you think refinancing your car is worth the effort? To determine if refinancing is worthwhile for you, you must consider if you will truly reduce your expenses by adjusting the loan terms. For many people it can be worth it in the event that their credit score increased since they first took out their auto loan or financed through a dealership. Make use of an opportunity to find out whether you can save money with a new loan.


What are the disadvantages of refinancing a car loan? Refinancing your car loan has risks that include potentially high rates of interest and fees. Because of this , it is possible you'll be charged more than normal interest rates. A new loan means extra costs including applications, transfer, and origination fees. If you decide to extend the loan duration, you're more likely to be dependent on your loan and paying higher interest.


Can you refinance a car loan even with bad credit? Yes, technically you can . However, unless your score increased since signing, you will likely not be offered better conditions. Instead, consider or .


What can I do to refinance my car loan? You might be able to refinance your car loan with a cheaper interest by contacting you current lender. Start by comparing options from online lenders, banks , and credit unions.



Methodology In order to select the best refinance car loans, Bankrate considers 16 different factors. The factors considered range to the loan amount, the APR disclosed as well as acceptance requirements. Each lender holds a score that is based on . availability: This is a factor that affects loan amounts, vehicle restrictions and their availability in every state. Affordability: Primarily, this section covers the expected APR, acceptance criteria, discounts for autopay and the amount of charges. Customer experience: This category includes online access, support availability, funding timeline, option for automatic payment and app accessibility. Transparency: Here , prequalification and the disclosure of fees and rates are accounted for.







About
Help
Legal Cookie settings Don't share my information with anyone else.
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and services or when you click on specific links on our website. This compensation could affect the way, location and in what order items are listed in the event that they are not permitted by law. This is the case for our mortgage or home equity products, as well as other products for home loans. Other factors, such as our own website rules and whether or not a product is available in your region or within your personal credit score can also impact the way and place products are listed on this website. We strive to offer a wide range offers, Bankrate does not include details about every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
|

(c) 2023 Bankrate, LLC. A Red Ventures company. All Rights reserved.

When you have just about any concerns with regards to where by as well as how to employ payday loans online same day ohio, you are able to e-mail us on our site.