Auto Refinance Companies: An Overview

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auto refinance companies

Refinancing your car could save you a lot of money. When you’re trying to save money for other expenses, auto refinancing is one of the easiest ways to save. But first, you need to know how to approach auto refinance companies.

Let’s go over how auto refinance companies can save you money while possibly helping your credit score. Then, we’ll go over what you need to look for in your refinance company.

What Are Auto Refinance Companies?

An auto refinance company can refinance your auto loans. They will give you a loan equal to your current auto loan debt. But they’ll usually offer better rates and repayment terms. So, the result is your monthly payments become smaller and you potentially save hundreds of dollars.

Why Go To Auto Refinance Companies?

If you’re struggling to make your auto loan debt payments, you have a few options. But auto loan refinancing is the most convenient option you have.

With auto loan refinancing, you don’t need to let your credit score take a hard hit. You simply pay off your current loan with a much better one. You can get a loan with a lower interest rate. There are few downsides to auto loan refinancing, as long as your credit score and income are high enough.

This doesn’t mean that auto loan refinancing will always be worthwhile. You won’t always be able to get a significantly better deal. In most cases, to get a better-refinanced rate, you need:

  • 6 to 12 months of on-time payments for your original loan
  • Reliable credit history and a fair or better score
  • A reliable income

If you are a creditworthy borrower, you should be about to refinance your auto loan and save hundreds of dollars.

In the end, it’s usually a good idea to try to refinance your auto loans.

What Should I Look For With Auto Refinance Companies?

Auto refinance lenders are a lot like other kinds of lenders. You can find refinancing from banks and other lenders. But you should take the time to make sure you’re getting the best rates you can. The best rates will usually be offered by credit unions.

The rates and terms you’ll be offered will depend on your credit score more than any other factor. Strong credit history will get you access to lower interest rates and longer repayment terms. So, you should look for the auto refinance companies that offer you the best rates you can qualify for.

All lenders are obliged to inform you of their rates and any fees before you formally accept a loan. So, you can send multiple initial applications to compare lenders. Or, you can let a lending platform do the work for you.

Lending Marketplaces

Personal lending marketplaces can do much of your comparison homework for you. When you sign up for them, they will ask for some of your personal financial and credit information. Using that information, they can prequalify you for lenders that would accept your application.

When you sign up for a lending marketplace, you just need to specify that you want auto refinancing specifically. That way, they will only match you with the lenders that offer auto refinancing.

Online lending marketplaces aren’t perfect, and they each only work with a selection of lenders. But they still offer you a starting point that’s better than a typical search.

Auto Refinance Companies

Speaking of auto refinance companies and lending marketplaces, here are some great examples.


LendingClub is well-known for peer-to-peer lending. But their refinancing partners are only institutional investors. So, LendingClub can match you with some great refinancing options.

LendingClub’s auto refinancing partners will offer varied rates. The platform doesn’t have stringent requirements. But each of their partners’ requirements will be different. If you have good credit, you can expect better rates.


SuperMoney is one of the most established platforms offering auto loan refinancing. If you’re unsure whether they’d offer you a good refinance deal, you can check with them with no downside. When you check with them for your rates, they will match you with the best auto refinance lender. That means that you don’t need to worry about your credit score taking a hit.


LendingTree is one of the oldest online lending platforms offering auto refinancing. Their APRs for new vehicles start as low as 3.09%.

LendingTree is also a great option for a wide variety of vehicles including:

  • Cars
  • Motorcycles
  • Powersport vehicles
  • Boats
  • RVs

The Last Word On Auto Refinance Companies

Auto refinance companies will save you money if you’re creditworthy. It may not always make sense to get one. But because of some good banks and online lending platforms, you can check what rates you’d get for free and with no impact on your credit score.

Because it’s so easy and can potentially save you hundreds, check to see if you can save money through auto refinancing.

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