Getting the best auto refinance loans is made simpler when you go to the right lender. And if your current auto loan rates aren’t satisfying you, you have many other options.
You can get great auto refinance deals from certain banks. But if you have bad credit, you’ll want to take your time comparing lenders. Fortunately, there are some good shortcuts to finding the best auto refinance lenders. Even if you have bad credit.
So, first, we’ll go over some of the best banks for rates and terms. Then, we’ll show you how you can quickly compare many auto refinance lenders in a matter of minutes.
The Best Auto Refinance Providers
Best Auto Refinance Banks
Traditional lenders like banks are a great place to start. Auto refinancing from banks will typically come with better rates and service. If you go to a bank where you have personal accounts open, you can talk to someone about your options. They will have access to your financial information and can work with you to provide auto refinancing that you both find agreeable.
Here are some great options for auto refinance loans.
Bank Of America
Bank of America is a massive and trusted institution that provides good auto refinance products. And unlike many banks, they can make their decisions quickly.
There’s no application fee if you try to get refinancing from Bank of America. Their APRs for refinancing a newer vehicle start at 3.69%. If your car is several years old, your rates won’t be so low.
To qualify for Bank of America’s auto refinancing, you just need:
- A car fewer than 10 years old
- Less than 125,000 miles on your car
- $5,000 or more remaining on your loan
If you’re a military veteran, USAA can provide you with unparalleled rates and service. Family members of military veterans are also eligible for their auto refinance loans.
USAA can refinance a car for up to 60 months. But you don’t need to make your first payment to them until 60 days after receiving the refinance loan. They can also discuss other options with you and you may be able to get terms longer than 60 months. Their APRs start at just 3.04%.
While their rates are good, USAA stands apart by offering:
- Particularly long repayment terms
- A grace period before you begin repaying
- A hassle-free and lenient repayment process
Best Alternative Lending Marketplaces
It’s best to compare all the options available to you to find the best auto refinance loan. Especially if you have bad credit. And while comparing many options used to take a long time, some platforms can now do much of your homework for you.
These platforms require you to sign up and provide some basic financial information. They will also typically perform a soft pull on your credit score. Using all this information, they will match you with a few of their partner lenders.
When you sign up for one of these marketplaces, you just need to specify that you’re looking for an auto refinance loan. They will then match you with lenders that offer refinancing for your vehicle and would accept your application.
LendingTree is one of the oldest and most reputable lending marketplaces. Formed in 1998, the company focuses on mortgage refinancing. But they can match you with a wide array of personal financing products through their network of trusted lenders. One of those options is auto refinancing.
You won’t be guaranteed to find the best auto refinance products by signing up for LendingTree. But of all these platforms, LendingTree’s partners have the highest borrower requirements. If you have fair or better credit, they can find you a good auto refinance rate.
As another bonus, LendingTree offers auto loans and refinancing to a wider range of vehicles. They can match you with refinancing for:
- Powersport vehicles
SuperMoney is a nationwide platform available in all 50 states. This makes them more accessible than similar platforms.
Like most online lending marketplaces, SuperMoney performs a hard pull on your credit score. They also accept fair credit scores. As long as your credit score is 580 or higher, they can help you find some of the best auto refinance rates available to you.
LendingClub is a slightly newer platform. It offers peer-to-peer lending without origination fees. Like the other platforms, its sign-up process is fast and they can potentially find you auto refinance loans in a matter of minutes.
APRs for LendingClub auto refinance loans start at 3.99%. But they can be as high as 24.99% if you have bad credit. There are no minimum income requirements, but you need a minimum credit score of 600 for auto refinancing. They also offer loans for far fewer vehicle types. So if you have anything other than a car, make sure to check if they’ll help you refinance it before signing up.