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Refinance Rates 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 using loans to buy the car they want.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances through providing precise, well-researched and well-informed information that breaks down complex topics into manageable bites.







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

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








As of March 24 2023


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At Bankrate we aim to help you make smarter financial decisions. While we follow strict rules regulations, this blog post could include references to products offered by our partners. Here's an explanation for .



Bankrate's best automobile refinance loans are selected according to the interest rates of lenders, customer experience, available conditions and transparency. Lender benefits and drawbacks are clearly explained to help you figure out is the most suitable financing choice for you. Refinancing your auto loan permits you to swap your existing loan with a new one, allowing you to obtain more favorable terms and less rate. They are available through many lender types, so it's best to shop around to consider which one is best suited to your needs. If you are considering refinancing loans be sure to pay attention to the eligibility requirements and available terms. Doing so allows you to know whether your current loan is eligible, and you can adjust your loan to suit your budget for the month.

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


1

Review your current loan. How much are you current paying for interest and the amount you pay each month and the amount you're expected to pay for the term of your loan and what rate you can afford.



2

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



3

Find out the value of your car. Calculate the value to determine if lenders will be willing to lend you a loan.



4

Explore the market. The rates for interest available vary from lender to lender so it is best to shop at least three different lenders. Make sure you compare the potential rates with the current rate of your loan.



5

Accept your new loan. Get the required documentation together with details of the current loan so that you can leave with more favorable rates and terms.




How to choose the best lender Selecting the most suitable lender comes down to saving you money -- whether overall or month-to-month. It is recommended to get quotes from at least three lenders prior to deciding on which is right for you. When you are looking to get an auto loan you should compare APRs (annual percentage rates) across a variety of lenders. Find lenders who limit fees to a minimum and have terms for repayment that meet your requirements. Pay close attention to the following points:

1

The requirements for approval of a lender needs to meet a variety of criteria before granting approval. Lenders will consider aspects like your credit score, income and debt-to-income ratio. But refinancing loans have their own specifications on the vehicle and loan requirements. Look out for the criteria for acceptance based on variables like the age of your vehicle and mileage, or the length of time you've had the loan.




2

Your current loan The goal of a refinance car loan is to walk away with a more affordable monthly payment or a lower price overall. So be sure to compare the specifics of the potential new loan against your current rate. Be aware that a longer term isn't always the best choice because you'll incur more interest.



3

Repayment options through refinancing can prolong the duration that you have on your loan and reduce the monthly payments or repay the loan faster and lower the total cost. Take into consideration which one fits your budget better when determining which lender offers the best terms.





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Definition of terms

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

A loan term of 24 months and 36 Months 48 Months 60 Months 72 Months 84 Months

Score for credit Excellent (750+) Good (700-749) Good (640-699) Needs Improvement (less than 600)

Apply


REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
REFINANCE
Lending Partner
APR from Hover to find out more about the apr. APR is the annual percentage rate (APR) is the rate of interest, as well as any loan fees. It reflects the total amount of the loan.



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



Minimum credit score hover to find out more about minimum credit scores. A minimum score on credit is typically needed to qualify for the loan from a particular lender. The exact thresholds aren't always specified by a lender and in some instances the minimum score is the best estimate based upon publicly available information. Credit score is FICO 9.0 unless otherwise stated.



3.9
Bankrate Score




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


Apply to partner sites

3.5
Bankrate Score




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


Apply on partner site

3.9
Bankrate Score




APR from 4.49 %
60-month term
Min credit score of 700
Apply on partner site
Check the rates
Offer details


Apply to partner sites

3.6
Score at the Bankrate




APR from 5.34 %
Term 24-84 mo
Min credit score 600
Check rates
Offer details


4.2
Bankrate Score




APR from 2.99 %
Time period 36-60 months
Min credit score 700
Apply on partner site
Find rates
Offer details


Apply to partner sites

APR as low as 3.99-
24.99 %
60-month term
Min credit score 700
Apply to partner sites
See rates
Offer details


Apply to partner sites

3.8
Bankrate Score




APR beginning at 7.29-
11.54 %
Term 36-72 mo
Min credit score 700
Apply to partner sites
Check the rates
Offer details


Apply through the partner site

3.9
Bankrate Score




APR from 3.12 %
The term is 48-60 months
Min credit score 700
Apply on partner site
Check the rates
Offer details


Apply through the partner site

4.1
Bankrate Score




APR from 5.61-
29.99 %
Term 24-84 months
Min credit score 700
Apply through the partner site
Check rates
Offer details


Apply on partner site

4.2
Score of the Bankrate




APR from 9.49APR from 9.49
16.94 % with AutoPay

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


Apply through the partner site

3.2
Bankrate Score




APR as low as 2.49 %
60 months of term
Min credit score of 700
Apply on partner site
Check rates
Offer details


Apply through the partner site







ON THIS PAGE Jump to THIS PAGE



Check out the top auto loan refinance lenders in March 2023

Lender
Beginning 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%
Between 24 and 84 months
5.24%
Not stated


Loan details presented are up-to-date on January 3, 2023. Check the lenders' websites to find more information. The auto loan lenders on this list are selected based on factors like the APR rate, loan amounts, fees as well as credit requirements.


The best auto loan refinance lenders of 2023
Best for quick funding LightStream

Apply on partner site

Min. credit score: 700
Fixed APR Starting: 9.49%
-16.94%
Loan amount: $0- $100,000
The term length is between 2 and 7 years
Min. annual income: Not disclosed
Overview: provides a simple-to-use online interface for unsecured loans. You can request terms for repayment that range between 24 and 84 months and a maximum refinancing amount of $100,000.


The reason LightStream is the best choice for quick funding: If you are in a precarious financial position and need funding right away, LightStream is a great option. With same-day funding available with no additional origination costs, LightStream offers a quick online application and a higher amount of loan amount than rivals.



Pros and Cons Fast financing Mobile application is available for funding High loan amount

Cons Non-secured loans must be refinanced at least $5,000. No prequalification




Eligibility & More What lender is best for: Someone seeking to refinance their vehicle quickly and for a large amount.
Impact on financial wellness In the absence of prequalification the applicants will be subject to an invasive credit assessment when they submit their application.
Time to receive money: On the same day you apply.
Costs LightStream does not charge any fees.
Additional requirements: Though not disclosed, the best rates will be provided only to people with strong credit score.
Special highlights: LightStream offers loan terms between 24 and 84 months. The quick-funding timeframe and a range of repayment options gives you the flexibility to reduce the amount of your monthly payments.




Best for dedicated customer support AutoPay

Apply on partner site

Min. credit score 700
Fixed APR Beginning: 2.99%
Loan amount: $2,500- $100,000
The term length is between 3 and 5 years
Min. annual income: Not disclosed
Overview : presents borrowers with an array of loans directly from its network. The process is completely online and simple, allowing users to get a new loan in just one business day.


Why Autopay is the most reliable choice for committed customer service: Autopay has a team of loan experts who offer real-time support through text messages or a phone call on questions regarding the application or current loan.



Pros and Cons Pros Wide variety of acceptance criteria Cash-back refinancing offered Ability to compare different loans

Cons Lowest APR only for excellent credit borrowers Possible down payment Unspecified credit requirements




The eligibility and more Who this lender is ideal for: Ideal for those seeking to refinance their vehicle at once with the help of an experienced loan professional.
Impact on financial wellness: After submitting a loan application, after matching to a lender the borrower will be subject to an unavoidable credit check.
Time to receive funds: Funding via Autopay is available as soon as the next business day.
Fees: Additional charges are determined according to each lender.
Additional requirements The specific requirements aren't disclosed. However, if refinancing is needed, data on mileage is likely to be required.
Special features are available across all 50 states, Autopay works with a large collection of lenders that have the highest limit loan amount that allows for people with a range of financial backgrounds to refinance.



The best online experience Caribou

Apply on partner site

Min. credit score: Not disclosed
Fixed APR Beginning: 4.99%
-36.00%
Loan amount: $0-$100,000.
Term lengths: Between 2 and 5 years
Min. annual income: Not disclosed
Introduction: Through the use of a range of lender partners, it analyzes the credit history of a driver to determine if they are a prospective lender. The process can be done completely online , and requires only details about the vehicle.



Why Caribou is the best choice for purchasing online. The Caribou app and online user experience makes it very easy to compare different lender rates side-by-side. Even with its presence online, Caribou encourages drivers to speak to its staff members who are able to assist with specific inquiries 24 hours a week via email, telephone or appointment.





Pros and Cons Services available 7 days a week Insurance bundle option. Prequalification is available.


Pros Not accessible in every state Processing fees Not disclosed the requirements




Eligibility & More How to Apply and More lender is suitable for: Drivers looking to reduce their monthly costs and evaluate potential loans directly online.
Financial wellness and financial health The moment you have your application approved A hard credit pull will impact your score on credit.
The time to receive funds: The funding timeline is different for each lender.
Fees: Borrowers can expect a $399 processing fee independent of lender expectations.
Additional requirements: The requirements comprise personal data about you as well as information regarding your vehicle.
Particular features Caribou urges customers to combine your newly-approved loan with other driving needs like insurance or additional protection.



Best for people who have bad credit Upstart

Apply through the partner site

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



Why Upstart is the best for people having bad credit: The AI approach also considers a customer's risk in a manner which is extremely beneficial for those with less-than-perfect credit. Upstart's underwriting guidelines consider aspects of a driver's history including education and earnings.





Pros & Cons Pros APR is set at 17.99 percent. Prequalification possible. Flexible acceptance criteria

Cons No minimum APR specified Must borrow at least $9,000, no co-borrowers




Inclusion & More What lender is ideal for: A person with a low or no credit history and looking to look at refinance options.
Financial wellness is a factor A hard credit pull will be triggered following an application for the initial loan application.
Time to receive funds: Funding is accessible within a few days after loan approval.
Fees: Fees are only payable if your vehicle undergoes repossession.
Further requirements are that your vehicle must not be more than 10 years old and have under 140,000 miles.
Special features: Upstart offers a fully translated Spanish website, as well as bilingual loan employees on staff.








Refinancing a car loan functions is basically getting an entirely new car loan -- so the for applying are mostly the same. You'll require your driver's license, Social Security number and proof of earnings and proof of insurance along with information about your vehicle. If you're approved, you'll utilize the money from your newly-approved loan for the payment of your previous car loan, then begin making monthly payments with the new rate of interest and terms. You receive a new auto loan which is a replacement for the current one. The procedure is similar to that of getting your initial loan. You will repay the original loan with your new one, then begin making payments on the new loan.
When should you change the terms of your auto loan? Refinancing your vehicle loan comes down to . If you are struggling to or believe you can get more favorable conditions, it's a good option to look into refinancing your existing loan. Here are the three main scenarios where refinance is the best option. Your credit has increased. Competitive rates are reserved for people with excellent or outstanding credit scores of 740 and above. If your credit score has risen since signing the initial loan agreement, you can make monthly payment. You obtained financing through a dealership. Dealer financing might not present you with the most favorable rates and conditions. You might be able to get a better deal by shopping around and then refinance your first car loan. You can't afford your monthly payment. If you're struggling to make your vehicle's monthly payment and are at risk of losing your vehicle it's a smart option to refinance your loan. This way you can extend the terms to lower your monthly costs. Keep in mind that you'll need to pay more for interest over the life of your loan.

Pros and pros and loan
Pros
Potential to decrease monthly cost.
The ability to approve more competitive interest rates.
Likelihood of paying off auto loan earlier.

Cons
If you extend the loan over a long period could result in greater expenditure over the long run.
The headaches caused by paperwork and loan application.
Risk of being upside down on a loan.




What to know before applying for refinance auto loan Similar to any loan, it is best to research various lenders prior to making your final decision. Each lender has its own methodology for determining your interest rates and terms- so compare to see the one that is most suitable for your needs. Each lender measures risk differently, interest rates are largely based on the creditworthiness of your. Do your homework ahead of time to understand your credit score to get an accurate picture of what lenders are searching for and the kind of terms you will be offered.

Questions and answers about refinancing

Are 72-month car loan is a bad idea? The main issue is the fact that you often wind in the position of "underwater" in the form of " " on your loan. This is because automobiles tend to appreciate 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 your car is worth. However, longer car loans permit you to have the lowest monthly cost that is an important consideration to consider for budgeting.



Do refinancing your car damage my credit score? Refinancing is a process that can hurt your credit score . When you apply for an loan and you submit a hard inquiry, your credit score will fall just a few points. Once the loan is approved of the loan, a new loan account can lower the average age of your credit score is held which can lead to an lower score. But these two aspects make up a tiny portion of what makes up your credit score. Also, sticking with a monthly installment you cannot afford will likely result in more credit problems later on.


Do I need to refinance my loan if I'm way behind on my initial loan's payment? It is best to refinance in the early stages that you are in the early stages of your loan. The interest will decrease gradually over the course of the loan therefore your opportunity savings is more substantial at the beginning the term of your loan. Be mindful that you likely will not be able to refinance within your first 6 months.



Can refinancing start your auto loan over? Refinancing will, however, it's not exactly a fresh start. You will sign off on new, better rates in order to lower your monthly payments. It will make paying off the loan more straightforward, however it is not an automatic reset. The number of payments for the prior loan aren't carried into the new loan. Even though the amount is being paid back, you won't be able to see the marks of those repayments in the new loan.


Do I need money to refinance? Some lenders will expect drivers with poor credit to pay down a large amount in order to guarantee the loan. Therefore, having money to refinance may help in decreasing the amount you'll need to pay to finance the car. While a down payment is not always required, -- the difference between the value of the vehicle and the amount you'll owe is.


Are you able to get back money when refinancing a car loan? Refinancing doesn't mean you are handed money in the form of a check, but you may be able to benefit from the equity in your car. By financing, you basically finance more than what you owe to receive the money you have left in cash, and an upgraded automobile loan.


Are refinancing cars worthwhile? To decide if refinancing is beneficial for you, be aware of whether you'll actually save money with new loan terms. For many people it can be worthwhile when their credit score has increased since they first used their auto loan or borrowed through a dealer. Make use of an opportunity to determine whether you can save money by taking out a new loan.


What are the drawbacks of refinancing an auto loan? Refinancing your car loan has risks that may include higher interest rates and additional fees. Due to the , it is possible you will be met with higher than usual interest rates. A new loan comes with additional costs including application, transfer and origination fees. If you decide to extend your loan time frame, you're more susceptible to becoming on your loan and paying more interest.


Can you refinance a car loan even with bad credit? It is technically possible . But unless your score has increased since signing an agreement, you're unlikely to be offered better conditions. Consider instead .


How can I refinance my car loan? You may be able to refinance your vehicle loan at a lower cost through the current lender. Consider starting there and then exploring options with online lenders, banks and credit unions.



Methodology to choose the most suitable refinance car loans, Bankrate considers 16 different elements. The factors considered range to the loan amount, APR that is disclosed as well as acceptance requirements. Each lender has a score which is based on . availability: This is a factor that affects loan amounts, vehicle restrictions and availability in each state. Affordability: This section covers expected APR, acceptance criteria, discounts for autopay and the number of fees. Customer experience: This section includes online access, support availability, funding timeline, option to pay by automatic method and app accessibility. Transparency: Here prequalification and disclosure of rates and fees are accounted for.







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