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The Best Car Loan Refinance Providers

Where's the Best Place to Refinance Your Car Loan?

Imagine this: you've got a car, and you've got a loan to pay for it. But what if you could find a better deal, a way to pay less each month or even pay off your ride sooner? That's where refinancing comes in.

Maybe when you first got your loan, your credit score wasn't so hot, and you ended up with a not-so-great interest rate. Or maybe the economy has shifted, and interest rates have dropped since you first signed on the dotted line. Whatever the reason, if you can snag a lower interest rate by refinancing, you could end up saving some serious money in the long run.

Monday, June 17th

2024 Car Loan Refinance Reviews

Top Consumer Reviews Best-In-Class Blue Ribbon Award Gravity Lending Review 5 Star Rating

Gravity Lending

5 Star Rating
  • Hands-on guidance to connect with the right lender and refi loan
  • Car must be model year of 10 years or newer
  • Loan must be at least $10,000
  • Terms range from 25-84 months
  • Welcomes all credit scores
  • No hidden fees
  • Fully online process
  • "A+" rated and accredited by the BBB
  • Thousands of five-star reviews
Top Consumer Reviews Best-In-Class Blue Ribbon Award

Gravity Lending wants to help you "grab life by the payments" . With a focus on transparency and customer satisfaction, Gravity Lending offers a range of services, including car loan refinancing, lease buyouts, and cash-out loans, fee-free for borrowers.

Car loan refinancing with a concierge feel

If you like the idea of having options from multiple lenders, but you don't feel particularly excited about having to wade through those loan possibilities, Gravity Lending takes an approach that gives you the best of both. It's almost like having a refi concierge at your disposal: Gravity Lending's expert team of loan officers is dedicated to providing personalized assistance to each customer, ensuring that you find the loan terms that best suit your individual needs and financial goals.

No impact on your credit score to get started

One of the standout features of Gravity Lending is its user-friendly application process. Applicants can quickly and easily apply online, and thanks to Gravity Lending's nationwide lender network, pre-qualification can be achieved without impacting your credit score. This allows you to explore your options with confidence, knowing you won't face any hidden surprises along the way.

Best Car Loan Refinance Providers

Prequalify online, then work with a loan expert

Here's how it works. Start by clicking on "Apply Now" . This will let Gravity Lending do a soft pull on your credit, so they can determine how likely it is that you'll be approved before you submit a full application (and have the subsequent hard pull on your score). Assuming you prequalify, one of their loan officers will reach out to make sure they understand what you're trying to do (lower your monthly payments, lower your interest rate, add or remove a co-borrower). The Gravity Lending team will hand-select the loans from their lender network that are the best option for your goals and extend that offer to you.

All documents can be submitted electronically

When you're ready to move forward with the official application, everything can be done electronically, from e-signatures to real-time photo ID verification. You'll have to show a valid driver's license and proof of auto insurance, as well as proof of residency, employment, and income.

A few eligibility requirements

Here are a few things we found as we went through the application (that we didn't necessarily see as we looked through the FAQs). First, your model year must be within 10 years of the current year (so 2014 or newer in 2024, 2015 in 2025, and so on). Most vehicle makes are included on their list, with the exception of a few luxury brands (like Maserati and Lamborghini, to name a couple). Your loan balance must be at least $10,000, and your repayment term will be anywhere from 25-84 months.

Best Car Loan Refinance Providers

Exceptional reputation

Gravity Lending has the best reputation of any lender or referral service on our list. Not only is the company fully accredited and "A+" rated by the Better Business Bureau, but they've also received only one complaint there over the last year. But, before you think that means that Gravity Lending must not be doing much business, look at the 1,500+ reviews left on the BBB site with an impressive average of 4.96 stars out of 5. That's practically perfect.

Great customer feedback

You'll find the exact same feedback elsewhere, from Trustpilot to WalletHub and everywhere in between. Is it strange that some of the reviews are actually what we would call "heart-warming" ? Time and again, people who use Gravity Lending say that there's never any pressure, that the loan officers genuinely care about finding clients the car loan refinancing that will help them to meet their goals, and that every interaction is the perfect blend of professional and personalized.

#1 pick for car loan refinancing

It's hard to beat an auto refinancing specialist that earns a near-perfect average across thousands of client reviews. We love that Gravity Lending gives people the ideal hybrid between a lending referral service with an extensive finance network and the hands-on, personalized attention you might get at your local bank. And then they take care of the whole application process online. We're pleased to make Gravity Lending our newest first-place company among the options for car loan refinancing.

SuperMoney Review 4.5 Star Rating

SuperMoney

4.5 Star Rating
  • Loan referral platform
  • Transparent about their partners
  • Excellent resource for evaluating refi loan providers
  • Plenty of reviews from other borrowers
  • Loans available up to $100,000
  • Operating since 2013

Looking to save money on your car loan payments? SuperMoney might just be the solution you've been looking for. Since 2013, SuperMoney has been connecting people with lenders to fulfill their financial needs, including finding the perfect loan for your car refinancing.

Refers you to lending partners

SuperMoney simplifies the process of comparing offers from different lenders, acting as a bridge between you and a wide network of lending partners. While they don't directly fund car loan refinancing, they make it easy for you to carefully consider your options and select the best loan for your needs. It's like having a one-stop shop for all your refinancing needs, saving you time and hassle.

They won't sell your information to unrelated companies

To explore what they can do for you, you'll need to answer some questions about your loan preferences, credit score, and employment status. Rest assured, SuperMoney prioritizes your privacy, so you won't receive unwanted messages or calls from third parties. That's a huge win over many competitor referral services, who will absolutely sell your information (leading to lots of mail, emails, calls, and texts).

In-depth info on lending partners even before you apply

SuperMoney provides valuable information about their lending partners. On their car loan refinancing page, you'll find an overview of the services and financial institutions that they work with (including some names you'll find reviewed separately on our list). Even without being a SuperMoney client, you can see interest rate ranges, credit score requirements, loan terms, and reviews from other customers on all of the lenders in their network before committing to the application process. This gives you insights into the experiences of other borrowers and helps you make an informed decision, no pressure involved.

Best Car Loan Refinance Providers

Competitive loan amounts and interest rates

Generally speaking, you can expect car refinancing loans through SuperMoney to be available up to $100,000, with competitive interest rates. Of course, your mileage may vary (see what we did there?) and what SuperMoney's lenders offer you will depend on how much you owe, your credit profile, your income, and so forth.

4.9-star average rating

With over 400 ratings on Trustpilot, SuperMoney averages an impressive 4.9 stars. Customers consistently praise the platform for being a valuable resource in their search for lenders. And that's not even considering the numerous ratings on the lending partners themselves.

Well worth using for car loan refinancing

When it comes to finding the right loan for your car refinancing, SuperMoney is a terrific choice for browsing multiple lenders. Their user-friendly platform, wealth of information, and commitment to customer privacy make them stand out from the competition. While the rates and terms of your car loan refinancing will ultimately depend on the lender you choose, SuperMoney provides an excellent starting point for your search. Plus, their promise not to sell customers' information gives them an edge over many similar services.

Caribou Review 4 Star Rating

Caribou

4 Star Rating
  • Fully online process for refinancing car loans
  • Works with a network of lending partners
  • Available to residents of most states (excluding MD, MS, NE, NV, WV)
  • Loan terms may include a processing fee of $399 to $499
  • Formerly known as MotoRefi
  • "A+" rated and accredited by the BBB
  • Hundreds of five-star reviews from clients

Caribou, the recent rebrand of MotoRefi, is a matching service that specializes in auto loan refinancing. Their lending network includes partners like GreenState Credit Union and Beneficial State Bank, and Caribou's team works hard to find you a loan with the right rates and terms from among those institutions and many others. Caribou will proudly tell you that their customers have saved an average of $115/month on their car payments by refinancing there.

Lenders may pass along a processing fee

One thing to watch out for with Caribou: they charge their lenders a $399 to $499 processing fee...and the lenders have the option to pass those costs along to you in the amount you'll pay for your car loan refinancing. But, true to their promise of having no hidden fees, Caribou discloses that very clearly on their main auto loan refinancing page: just hover over the question mark and you'll see it spelled out in black and white.

Not as upfront as we'd like with eligibility requirements

Another minor issue we have with Caribou is that they don't come out and tell you what the eligibility requirements are for their car loan refinancing options. For example, we had to dig through a lot of fine print to learn that the company doesn't offer refi loans to residents of MD, MS, NE, NV, or WV. And, maybe the reason they don't say more than that is because they genuinely welcome applicants across the credit spectrum and want them to go ahead and fill out the initial inquiry. Still, if that's the reason for not being a little more specific in advance, it would be helpful if they said so.

Prequalification process is easy and quick

But, as we walked through the prequalification questions online, we found some advantages to using Caribou as well. First, they were able to calculate the value of our vehicle through the VIN, license plate, or make/model: most prospective clients will have at least one of those memorized or handy. With Caribou's soft pull on our credit, they were able to easily find our current auto loan and provide us with multiple options for refinancing, depending on our goals (like reducing our payments or lowering our interest). It's only after you choose a lender that you'll have a hard pull on your credit, and we appreciate that Caribou doesn't require any SSN info prior to that point, assuming they can verify the applicant's identity through the other information (like the license plate, address, and phone number).

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Get live help if you need it

Second, Caribou representatives stand at the ready to take your hand and walk you through the refinancing process, if you need that. We encourage you to reach out through their toll-free number if you have any questions before you do the preliminary form online or as you're deciding among the loan options presented to you.

Reputation is on the rise

Also, under its rebranded name, Caribou has experienced an upswing in its reputation, evidenced by its "A+" rating and accreditation from the Better Business Bureau. Almost 700 people have taken the time to leave reviews on the BBB listing, averaging an extremely impressive 4.9 out of 5 stars. You'll see slightly lower (but still praiseworthy) averages on Trustpilot and in other places, with many compliments offered for specific Caribou representatives and for the overall speed and simplicity of the car loan refinancing process here.

Great all-around option for refinancing your car loan

We're glad to give Caribou a 4-star rating, primarily because of the hassle-free prequalification process that doesn't require you to disclose your SSN, as well as the hundreds of five-star ratings from extremely happy refi customers. While we'd encourage you to watch out for those processing fees that the lenders may slide into your loan terms, there's nothing sneaky about the way Caribou handles that part of the process. Caribou could be a great option if you'd like a peek at what a number of lenders are willing to offer you on your next auto loan refinancing.

RateGenius Review 4 Star Rating

RateGenius

4 Star Rating
  • Specializes in car loan refinancing
  • Over 150 lenders in their network
  • Average savings of $101/month
  • Over 400,000 loans funded
  • Available nationwide
  • In business since 1999
  • "A+" rated and accredited by the BBB
  • Thousands of five-star reviews from happy clients

RateGenius is one of the original options for online car loan refinancing. In operation since 1999, this referral service has helped fund over 400,000 refi loans nationwide. Borrowers are attracted to RateGenius' ability to save them an average of $101/month with competitive interest rates.

Options from 150+ banks and credit unions

There are over 150 lending partners in RateGenius' network, most of which are credit unions and smaller, local banks. That's part of how this platform can save you money: by connecting you with financial institutions who want to compete for your business.

Does your vehicle qualify?

It took some digging to find out what RateGenius' requirements are for vehicles and applicants. You probably won't be able to refinance your car loan if the model year is more than 11 years ago (nothing earlier than a 2013 in 2024, 2014 in 2025, and so on). Your vehicle make probably won't be a limitation; the list of possibilities in the initial application goes well above and beyond what you might see with rival services we evaluated (including luxury brands like Maserati and basic domestic makes like Chevy and Dodge).

Best Car Loan Refinance Providers

Watch the mileage

Also, in the spot where you enter the mileage, RateGenius tells you that most of the lenders in their network will only refinance loans on vehicles with 150,000 miles or less, for clients with at least $24,000 in annual income of some kind. In our digging, we didn't see anything specifying a minimum/maximum dollar amount for refinancing, but poking around among blogs and reviews, we came away thinking it's likely in the neighborhood of $10,000 to $55,000.

A few minor rough spots during the quote process

We also felt like the initial application with RateGenius wasn't quite as smooth as some of their competitors. We were taken to the page where we thought we'd be given some refi options to choose from, but instead we had to verify our mobile number through a confirmation text. We were also told that one of their lending specialists would be reaching out to us. Neither of these things are red flags by any means, but just something that we weren't expecting.

Personalized help, including title transfer

Fortunately, you can always work directly with one of RateGenius' loan experts. You'll get that reach-out within 24-48 hours of submitting your initial inquiry, and they'll help you choose a loan offer you'd like to apply for. The right car refinancing loan will depend on if you're trying to lower your payments or your interest rate, remove or add a co-borrower, and so on. After you've gotten that information and selected a lender, you'll complete the full application (which can be done completely online, if you like), which will include a hard pull on your credit. One bonus: RateGenius takes care of transferring your title, which is just one advantage of using a service that's available in all 50 states.

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Glowing reviews

Despite having a little over a hundred complaints filed with the Better Business Bureau over the last three years, RateGenius still earns the BBB's highest rating ("A+" ) and accreditation. That means that they've done an excellent job at responding to all of those complaints. Plus, looking at reviews left on the BBB listing and many other places, you'll soon see thousands of five-star ratings from borrowers who absolutely love what RateGenius offers. Clients appreciate the expertise of RateGenius' loan specialists, noting their genuine commitment to securing lower interest rates rather than just finalizing deals. And, lots of reviewers highlight RateGenius's consistent communication throughout, resulting in a fast and efficient car loan refinancing experience.

A small number of complaints

However, not all feedback is glowing. Some customers express frustration over unexpected hard credit pulls during the full application process and discrepancies between the rates quoted by RateGenius specialists and those eventually offered by lenders, indicating areas for improvement in transparency and initial quote accuracy.

Trustworthy option for refinancing your auto loan

In general, RateGenius comes in at a solid 4-star rating from us. It's pretty reassuring going through the car loan refinancing process with a company that's been around for over 25 years - and with hundreds of thousands of customers, most of whom have given a 5-star score for their overall experience. All it would take to move RateGenius up to our highest rating is some upfront details about their eligibility requirements, and maybe a slightly smoother online application process.

RefiJet Review 4 Star Rating

RefiJet

4 Star Rating
  • Specializes in auto refinance loans
  • Referral service for connecting with multiple lenders
  • Loan amounts from $5,000 to $100,000
  • Loan terms from 24-96 months
  • Eligibility requirements: credit score of 580+, income of at least $2K/month, credit history with at least 2 tradelines for 12+ months
  • Available for vehicles 10 years old or newer
  • No payments for the first three months
  • "A+" rated and accredited by the BBB
  • In business since 2016

RefiJet is one of several online options that specializes strictly in car loan refinancing. In business since 2016, this platform connects people across the credit spectrum (starting at a minimum score of 580) with lenders willing to make them a refi offer.

A few criteria you'll need to meet

In addition to that 580+ credit score, RefiJet's lending partners have a few additional eligibility criteria. Those include an income of at least $2,000/month and a credit history of at least a year with a minimum of 2 tradelines. Also, your car has to be fully insured and have a valid registration, and it can't be more than 10 years old.

Solid range of loan rates and terms

If you meet all of those requirements, you should definitely see what RefiJet can do for you. Their lending partners offer loans from $5,000 to $100,000, for terms of 24-96 months. With such a wide range of lending partners, their interest rates can vary widely, which may or may not be better than what you already have. Check your offers carefully.

Best Car Loan Refinance Providers

No payments required in the first three months

RefiJet also offers a nice perk of not requiring payments for the first three months of your loan. So, if you need a bit of breathing room (over the holidays, maybe?), doing your car loan refinancing here could do that for you.

Soft pull when you confirm your identity

To start the process, you'll answer some basic questions: name, email, phone number address, monthly rent or mortgage, and employment details. RefiJet will try to do a soft credit inquiry to verify your identity; if they're unable to do so, they'll ask for your full SSN to confirm who you are.

Most loans completed in a week or faster

Once your identity has been validated, RefiJet will connect you with several lending partners willing to offer you a refinanced loan. While we wish that they would tell prospective clients more about those partners prior to filling out the preliminary application, it's pretty standard within the industry for referral platforms to be a little hush-hush about it. When you choose the refi option that's best for you, RefiJet helps you fill out the remaining application paperwork (which will require a hard pull on your credit) and they'll submit it to the lender on your behalf. Most customers will see that process completed within a week or less.

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Reputation has improved over the years

The Better Business Bureau has both accredited and "A+" -rated RefiJet. Those designations mean that for the 70+ complaints filed there across the last 3 years, RefiJet has responded quickly and appropriately to all of them. We're also pleased to report that the company's overall feedback (in places like Trustpilot and other verified sources) has improved significantly since our last evaluation. In the comments left from clients within the month or two leading up to this review, it's easy to find compliments for specific representatives, for the overall speed of the process, and the ability to get good rates for individuals across the credit spectrum.

Definitely a service to look at if your credit is less-than-perfect

We're happy to move RefiJet up to a higher rating among the options for car loan refinancing online. It's great that their customer feedback has improved so dramatically, and we continue to be big fans of referral platforms that are open to a broader range of credit profiles. Plus, what's not to love about having no payments for the first three months? While being a little more open with their lending partners would be appreciated, RefiJet still gets our recommendation as a great place to start looking for auto loan refinancing.

LendingTree Review 3.5 Star Rating

LendingTree

3.5 Star Rating
  • Car loan refinancing available from $5,000 to $500,000 (!)
  • Referral service pairs you with up to five lending partners
  • APRs can vary widely
  • Repayment terms range from 24 to 84+ months
  • Accredited with an "A+" rating by the Better Business Bureau
  • Operating for almost 30 years

LendingTree has been a go-to resource since 1998, connecting people with various financial products, including car loan refinancing. With their extensive network of partners, LendingTree can match you with up to five lenders eager to help you secure a better deal on your auto loan. Whether you're looking to reduce your monthly payments or get a lower interest rate, LendingTree's referral service aims to simplify the process for you.

Check out lenders' reputations even before you apply

Unlike some platforms with limited options, LendingTree gives you access to a diverse network of financial institutions. They prioritize transparency by providing detailed information about each partner's background and customer reviews. This feature allows you to make informed decisions, especially when considering lenders you may not be familiar with prior to LendingTree's introduction.

Do you want a better rate, new term, or new payment?

You've got two ways to get started with LendingTree. At the top of the page, there's a place for indicating why you want to refinance your auto loan: to get a lower interest rate, a new term, or a new monthly payment. From there, you'll be asked a series of questions about yourself, your vehicle, and your current loan. They'll do a soft pull on your credit as they use your information to confirm your identity, only asking for the last four digits of your SSN if they can't do so with what you've provided. From there, you can see which lenders in LendingTree's network have prequalified you for car loan refinancing and choose an offer that suits you.

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Take a peek at specific lenders' pros and cons

Otherwise, you can browse the list of lending options on the main refinancing page. We love how LendingTree breaks out the information even before you start the application process: see which lenders are best suited for which types of loans, get a feel for how much you could refinance and where, and what the current going interest rates and terms are. For example, at the time of this evaluation, DCU had options for large auto loans of up to $500,000 (!) while Consumers Credit Union had options for refinancing loans as small as $250.

Some "lending partners" are another referral service

Just keep in mind that some of the options on LendingTree's list are also referral services, so you may have a couple of extra hops, skips, and jumps if you don't realize that you've been sent to yet another platform offering a lending network (and some of those referral platforms have been reviewed separately on our list).

"A+" from the BBB and lots of 5-star reviews

Your experience from that point forward will depend on which lender you select. Overall, however, LendingTree users are satisfied with their experience of getting connected with financial institutions through this service. The company has an "A+" rating and accreditation from the Better Business Bureau, and thousands of five-star reviews backing the effectiveness of the platform.

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Increased spam risk

But, we don't rank LendingTree higher on our list because of the increased risk of getting spam-type communications after providing information on their website. It's true that most referral platforms include a clause in the fine print that says you're giving permission to their partners to reach out to you. But, when it comes to LendingTree, many site users say that they received an overwhelming number of phone calls (sometimes several times daily) and other contacts with offers that weren't even related to car loan refinancing (or whatever type of lending product they were seeking through LendingTree initially).

Good overall

There are some strong reasons for using LendingTree as a resource for auto loan refinancing, especially being able to access information about and feedback for the lenders they use, well before making any kind of inquiry or application. However, LendingTree has competitors who promise not to sell your information to unrelated third-parties, and we recommend giving those rivals a try before giving your contact details to LendingTree (you could even loop back to LendingTree after getting a preliminary offer somewhere else, to do the research on the lenders you're considering).

LendingClub Review 3.5 Star Rating

LendingClub

3.5 Star Rating
  • Refinancing available on vehicles 10 years old or newer, under 120,000 miles, with at least 24 months remaining on the current loan
  • Loan amounts between $4,000 to $55,000
  • Average savings of $78/month on refinanced loans
  • No origination fees or prepayment penalties
  • Available to residents of all states except AK, HI, ME, NH, ND, VT, WV, WY (DC also excluded)
  • Funded $90B+ in loans for over 4 million members since 2007
  • "A+" rated and accredited by the BBB
  • Tens of thousands of 5-star reviews

As implied by its name, LendingClub initially operated as a peer-to-peer lending platform, facilitating loans between individuals. However, since its inception in 2007, LendingClub has evolved into a fully-fledged bank, moving away from its reliance on peer lending. This shift in approach has proven successful, with over 4 million individuals accessing more than $90 billion in funds through the platform.

Not available for every vehicle

You'll have to meet a few criteria to be eligible for car loan refinancing through LendingClub. First, your vehicle has to be 10 years old or newer and under 120,000 miles. Also, your existing loan has to have a balance between $4,000 to $55,000, with at least 24 months of remaining payments. And, there's a list of makes that aren't eligible for refinancing, some you'd expect (like Aston Martin, Maserati) and some that might surprise you (like Isuzu, Daewoo, Suzuki).

Or in every state

Finally, LendingClub isn't available everywhere: at the time of this review, residents of Alaska, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia, and Washington DC were excluded from applying for vehicle refinancing. Wyoming was also on the no-go list, but LendingClub indicated that they were working on expanding their service into the state in the near future.

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You won't have to sort through tons of offers

Now that that's covered, are you ready to start? Because LendingClub funds its auto loan refinancing by itself, you won't have to sift through multiple offers from various lenders. However, you will probably get a couple of options to choose from, once you fill out the initial application (which will involve a soft pull on your credit). That could be a longer loan term to reduce your monthly payments, or a shorter repayment term to drop your total interest paid over the course of the loan.

Up to 15 business days to complete the refi

Once you've accepted a loan offer, expect the process to take up to 15 business days. You can help make the process go more smoothly by uploading any requested documents (like proof of insurance) into your dashboard. You'll also have a few steps to take in order to upload your title, and pay attention to whether or not your state requires you to have the documents notarized.

Rates are just average, but you won't pay origination fees

LendingClub's car loan refinancing saves their customers about $78/month, on average. Of course, whether that's true for you will depend on your circumstances and the loans for which you qualify. On the plus side, LendingClub doesn't charge any origination fees: that will save you some money over some of the alternative sources of refinancing on our list. At the time of our evaluation interest rates were not the highest we've seen, but certainly not the lowest either.

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Enthusiastic feedback from clients

Customers rave about their experiences with LendingClub, with over 4,500 individuals on Trustpilot awarding the service a flawless 5-star rating. Many of these reviewers are repeat customers who have found immense value in LendingClub's hassle-free loans. They compliment the platform for its fast loan funding, easy application process, and competitive rates and terms compared to other lenders. The Better Business Bureau also recognizes LendingClub's excellence, with a perfect "A+" rating and accreditation. LendingClub promotes transparency by displaying all feedback, and yet even their own platform boasts an impressive average rating of 4.83 out of 5 stars across nearly 70,000 unfiltered and authentic reviews. While we couldn't find any that were specific to car loan refinancing, it's easy to see that this company is doing right by its borrowers.

Great for car loan refinancing if you qualify

At the end of the day, LendingClub comes in as above-average for refinancing vehicle loans. There are the obvious drawbacks (like the states whose residents aren't eligible and the 10-year age limit on the vehicle), but they're well-balanced by the upsides (such as the tens of thousands of happy customers). While you might want to look at LendingClub's higher-ranked rivals on our list first, this is still a solid place to get car loan refinancing if you qualify.

Upstart Review 3 Star Rating

Upstart

3 Star Rating
  • Auto refinancing loans from $9,000 to $60,000
  • Loans completed in 1-2 weeks
  • Terms from 24-84 months
  • Available for vehicles less than 10 years old and less than 140,000 miles
  • Auto refi loans available in all states but MD
  • Expect origination fees
  • Upstart handles the title administration process
  • "A+" rated and accredited by the BBB
  • Over 40,000 five-star reviews from clients
  • Over 3 million customers

Upstart wants you to know that you're more than your credit score. When you apply for car loan refinancing through Upstart, they take into consideration your education and your employment, so that you benefit from what you've accomplished (and you're not penalized for not having a well-established credit history). Upstart then connects you with lending partners in their network who are willing to look beyond the numbers and trust in your ability to repay your auto loan based on who you are and the positive direction in which you're headed. Over three million people have successfully borrowed money through Upstart, for car loans and refis, personal loans, and more.

Interest rates vary based on your qualifications

Upstart offers car loan refinancing in 49 states (Maryland being the exception), with loan refinancing amounts ranging from $9,000 to $60,000. Typically, loan terms span 24-84 months. How about interest rates? We weren't able to get a specific range from Upstart, but we do know their rates are typically competitive but can vary based on the qualifications and geography of the applicant.

Lenders may charge origination fees

One area where Upstart can be more costly for auto refinancing is their origination fees. This could climb as high as 5% or your loan. Of course, both your interest rate and origination fees will depend on which Upstart lending partner you ultimately choose to fund your refi, but it's an important detail that you need to be aware of.

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No co-borrowers allowed

Another area where Upstart doesn't quite measure up to some of its rivals is when it comes to co-borrowers. Many platforms allow you to have another person on your loan, whether that person is currently on it or you're adding them (maybe you got married and are adding your spouse to the title, or you want to take advantage of your co-borrower's higher credit score to secure a better interest rate). Unfortunately, Upstart doesn't let you have a co-borrower at all; your only possibility is to remove a co-borrower from your current loan during the refinancing process.

Prequalify in 10 minutes or less

But, if you want to see what Upstart could offer (especially if you're one of those people who might need a lender to look beyond your credit score), the online application can be completed in 10 minutes or less. Upstart will do a soft pull on your credit to verify your identity and get you prequalified. Look through the offers that are made, and choose the car loan refinancing that's the best fit for what you're trying to do, like get a lower interest rate or lower your monthly payments. When you take the step to complete your application, that's the point at which your credit report will reflect the hard inquiry, just FYI.

Handles the title transfer for you

Upstart is known for getting loans funded fast. Auto loan refinancing takes a little bit longer than other types of loans, because Upstart has to verify your registration details and insurance coverage, and make sure that your previous loan is fully paid off by the new one. That can take 1-2 weeks. Once that part's complete, the Upstart team handles the title administration process, with nothing required on your part. That part of the process can take anywhere from 1-2 months.

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Great reputation for most types of loans

With an "A+" BBB rating and accreditation, Upstart maintains a stellar reputation in the loan industry in general. Client reviews on platforms like Trustpilot reflect overwhelmingly positive experiences, with over 40,000 five-star ratings. While some negative comments exist, they often result from borrowers who didn't understand their loan terms and conditions. Many clients are fans of Upstart for their quick funding process and user-friendly interface, with some completing the entire loan process using their mobile phones.

Limited (and not positive) feedback on car loan refinancing

However, the vast majority of those reviews are regarding Upstart's personal loans, not car loan refinancing. When we went looking for feedback specific to refinancing, we only found a handful of reviews (and some were for mortgages, not vehicles). The customer comments for auto refis were not great. Again, it was only a few reviews, but they complained about loans not getting funded, problems with titles, and so on. Naturally, those customers didn't recommend using Upstart for vehicle loan refinancing.

Just okay when it comes to refinancing auto loans

In most lending categories, Upstart earns our enthusiastic recommendation. However, that's not the case for car loan refinancing. With their origination fees you could wind up spending more if you refinance your loan through Upstart (but at least you can check that out with the preliminary application with no impact on your credit). With almost no positive feedback that we could find from clients who used Upstart specifically on auto refinancing, especially with the issues regarding titling, we're not confident that Upstart and its lending partners are going to do right by you. There are several other options on our list that we would recommend first, but keep Upstart in mind as a backup, particularly if you need a lender that will look at more than just your credit score when making a decision on your loan.

My Auto Loan Review 2 Star Rating

My Auto Loan

2 Star Rating
  • Refers you to up to 4 lenders
  • Get a refi offer in minutes
  • Terms ranging from 24-72 months
  • Available in 48 states (not Alaska/Hawaii)
  • "A+" rated and accredited by the BBB
  • In business since 2003

myAutoloan is a service operated by Horizon Digital Finance since 2003. It serves as a platform for referring you to lending partners in their network, and when you complete an initial application here, you can get offers from up to 4 of them in just a few minutes. Just be aware straight out of the gate that if you live in Alaska or Hawaii, you're not eligible to refinance your vehicle through myAutoloan (sorry).

"Today's rate" may be a month out of date

Just don't get too excited by the "today's rate" posted on myAutoloan. The fine print says that they're "the lowest rates participating lenders have recently offered" , but we found a company rep responding to a complaint about exactly that - namely, feeling like it was a bait-and-switch compared with the rate they were actually offered - saying that myAutoloan uses the lowest rate within the last 30 days.

Focuses mostly on new loans, not refis

Truth be told, there's a lot we're not super excited about with respect to myAutoloan for car refinancing. You can tell right away that the site is geared towards purchases and not refis. For instance, even on the main Refinancing page, it still talks about how you can "use your check to buy the car you want" . Fortunately, if you actually dig into the site, you'll see that the refi process will include the lender you choose doing the underwriting process on your behalf, taking care of paying off your current loan and putting the new one in place.

Best Car Loan Refinance Providers

Don't get misled into signing up for credit monitoring

You'll have to give myAutoloan a lot of information before they give you any details on who your refinancing offers might come from, and that includes your full SSN. But wait, that's not all! To get your quotes, myAutoloan requires you to get your credit score verified, and they take you to a third-party site to do it. AND it starts you on a credit monitoring plan. That is, of course, unless you realize you can scroll a little further and enter your score on your own, but it even took us a minute to notice that.

Not transparent with lenders ahead of time

From there, assuming that myAutoloan was able to verify your information, you can log in and see your car loan refinancing offers from their lending partners. But, again, you won't know anything about which partners they use until you're "introduced" to them and their financing options.

Customers rate it slightly above average

myAutoloan continues to have an "A+" rating and accreditation from the Better Business Bureau, which is always a reassuring sign that a site isn't a scam. There were only 11 complaints filed about this service over the last three years, which is another positive. But, we had to chuckle when we saw how myAutoloan proudly proclaims that customers love them... based on a 3.8-star average on Trustpilot. For us, anything under a 4-star average doesn't exactly scream "beloved by customers" , but it's still not so bad considering it stems from nearly 900 ratings.

Best Car Loan Refinance Providers

Expect to get unrelated offers

Still, we saw some comments that were extremely current to our review that referenced getting lots of unwanted communications after filling out the quote form here, especially from local car dealerships trying to offer vehicles for purchase instead of a loan. Others said they had issues with getting the loan offers they were promised. However, we were reassured somewhat by seeing the detailed (and usually apologetic) responses to all complaints, showing that myAutoloan takes them seriously.

Not our favorite option for car loan refinancing

We just don't have a lot to say about myAutoloan that would make you want to apply for your car refinancing there. Is it a scam? Not really, but some of the processes they make applicants wade through sure start leaning in that direction (like not making it easy to see that you don't have to sign up for monitoring or for a third-party credit score report). And we're never excited about referral platforms that don't tell you well in advance who they work with. myAutoloan isn't the worst option we've seen for your refi, but there are lots of better choices on our list.

Open Road Lending Review 2 Star Rating

Open Road Lending

2 Star Rating
  • Specializes in car loan refinancing
  • No minimum or maximum credit score
  • Eligibility varies by state and financial situation
  • "A+" rated and accredited by the BBB
  • In business since 2009

OpenRoad Lending specializes in car loan refinancing. In business since 2009, they're proud of the fact that they've helped hundreds of thousands of people to save an average of $100/month through their refi service.

Website is missing crucial details

Our big annoyance with OpenRoad Lending is the website itself. It could definitely use some TLC, especially in the FAQ section. When we clicked where it said, "what are the basic requirements for refinancing" , it dead-ended with "We do not offer refinancing for:" and then that was it. We had to call the toll-free number where, fortunately, we were able to get some quick answers (shout out to Courtney!).

No minimum credit score required

Those answers provided some critical information about who OpenRoad Lending works with. On the positive side, the company doesn't have any minimum or maximum credit score requirement because they try to serve the broadest possible range of applicants. They do, however, look at your debt-to-income ratio and your overall credit report history, and you won't qualify for car loan refinancing here if you have any accounts in bankruptcy.

Best Car Loan Refinance Providers

Not easy to find out if you meet the requirements

Further eligibility will depend on where you live. For example, for applicants in the state of Florida, your vehicle must have less than 160,000 miles and be under 14 years old. How do you find out what the requirements are where you live? You'll either have to go trial-and-error mode on the online application, or make a phone call like we did. That's not the smoothest process we've seen for car loan refis.

Online application process isn't smooth

Another big issue is that the online application here seems to result in a hard pull on your credit profile. At least, that's what the fine print seems to indicate. But, when we entered a sample client profile (with made-up information, of course), we didn't get the usual "sorry, we can't confirm your identity" screen we see with other car loan refinancing websites. Instead, we got a cut-off image for a "non-affiliated third party website" whose link took us to a site offering savings on auto, renters, home, and umbrella insurance. (??) There was nothing saying we had been declined, accepted, or that our form had even been processed.

Do you have access to a fax machine?

There's also a lot of paperwork involved when you refinance your car loan through OpenRoad Lending. The FAQs do go into detail about what you'll have to do after your new loan is approved, and that includes downloading a package of paperwork, filling it out, and faxing it to their toll-free number (who even uses a fax machine these days?).

Best Car Loan Refinance Providers

Still receives an "A+" and accreditation from the BBB

We're genuinely mystified by the fact that this company manages to still get an "A+" rating and accreditation from the Better Business Bureau. It seems that most of the people leaving feedback (positive or negative, on the BBB and elsewhere) access OpenRoad Lending in response to a prequalification letter and by making a phone call, so maybe that bypasses all of the dysfunctional things we've noted in this review.

Not recommended for your refi

Despite some of the positive feedback we found among customer comments, we can't get excited about what OpenRoad Lending brings to the table. The website does a terrible job of communicating what prospective borrowers need to know in advance, and the fact that their initial inquiry form potentially results in a hard pull on people's credit is a huge no-no compared with their rivals on our list. If, for some reason, you feel like OpenRoad Lending is a service you absolutely need to consider, we'd recommend reaching out by phone first (and, in that way, avoiding giving them the information they'd need to make that hard inquiry before you find out if you're even eligible and if you like what they can offer for your refi).

Compare the Best Reviews

Continued from above...

Like anything in life, there are pros and cons to consider. On the upside, refinancing could mean lower monthly payments, which can free up some cash in your budget for other things, like saving up for a rainy day or treating yourself to a fancy coffee every now and then. Plus, if you can get a lower interest rate, you'll pay less in interest over the life of your loan, which means more money in your pocket.

But there are downsides too. Refinancing usually means extending the length of your loan, which could mean paying more in the long run, even if your monthly payments are lower. And if your credit score has taken a hit since you first got your loan, you might not qualify for a better rate anyway. Plus, there are often fees involved with refinancing, so you'll want to make sure the potential savings outweigh the costs.

All pluses and minuses aside, it's a smart idea to start your car loan refinancing online. Instead of driving down to your local bank or credit union, you can compare rates and apply for refinancing right from the comfort of your couch. Plus, online lenders often have lower overhead costs than traditional brick-and-mortar banks, which means they can sometimes offer better rates and terms.

When it comes to comparing different sites for auto loan refinancing, there are a few criteria you'll want to keep in mind:

  • Interest rates and terms. The whole point of refinancing is usually to get a better rate than you currently have. But don't stop there - be sure to look at the terms of the loan as well. How long will you have to pay it off? Are there any fees involved? And don't forget to read the fine print - you'll want to make sure there are no sneaky clauses that could come back to bite you later on.
  • Referral platform or direct lender. Some sites you'll visit serve as a referral platform, helping you check out your options with different banks and credit unions all in one shot. Others will offer to lend you the money directly. Make sure you know what you're getting before you start entering your SSN and other sensitive data.
  • Reputation. Is it a trustworthy service? Has it been rated by the Better Business Bureau? Are car owners like you getting good refi rates and excellent customer service?

Ultimately, the decision of which site to use for auto loan refinancing will depend on your individual circumstances. Maybe one lender offers a slightly lower interest rate, but another has better customer service or more flexible repayment options. To help you do your homework and crunch the numbers, the experts here at Top Consumer Reviews have rated and ranked some of today's most popular options for car loan refinancing. At the end of the day, those car payments are your hard-earned money, so why not make it go a little farther with a better loan?

The Best Car Loan Refinance Providers Compare Car Loan Refinance Providers Compare Car Loan Refinance Reviews What are the best Car Loan Refinance Providers Best Car Loan Refinance Reviews

Car Loan Refinance FAQ

Unless you got a really great deal when you bought your car, you're probably paying a high interest rate on your loan. Refinancing is a great idea if interest rates have dropped since the time you made your purchase, saving you hundreds (or thousands!) of dollars over the lifetime of your loan.
Eligibility requirements vary based on the lender and your state of residence. Most financial institutions require that your car be 10 years old or newer and have less than 150,000 miles - though you may find that some lenders have more stringent requirements. Some vehicle makes, such as Hummer, Saab and Isuzu, may be excluded from refinancing offers as well.
That depends. If you can get a new loan at a lower interest rate, chances are good that you'll save money on your monthly payments. But, if you refinance into a loan with a much longer repayment term, do the math to make sure you're not paying more in the long run. Also factor in any fees that may be charged for your new loan, because they will cut into your savings.
Probably not at your local bank! While it's tempting to go with the simplicity of refinancing through the financial institution you've always used, they're not going to compete for your business: they already have it! A better method is to look at your options online, where it's easy to get car loan refinancing offers from several lenders at once. Plus, internet-based lenders often have less overhead, which translates into lower rates for your refi.
Absolutely. For many smaller banks and credit unions, online lending lets them reach customers they might not find otherwise - which equals greater savings for you. Of course, it's important to do your homework and make sure that any service you use for your car loan refinancing is reputable and will protect your personal information, especially if you are required to enter your Social Security Number for identity verification. A strong rating from the Better Business Bureau is a solid way to establish that a service is legitimate.
Sometimes. Beyond the interest you'll pay on any loan, you may find origination fees or other costs for processing your application, updating your title, and so forth. Read the fine print before you commit to a lender for your auto refinancing.
Not necessarily, but it helps. As with any type of borrowing, higher credit scores usually translate into lower interest rates. And, some lenders have a minimum credit score of 580 (give or take) to be eligible to apply for auto refinancing loans.
Instead of applying directly with a single financial institution, you can use a referral platform to get quotes from multiple lenders at once. These services use vetted partners in their network, using your application to match you with banks and credit unions willing and able to fund your auto refinance loan. From there, the experience varies: some referral providers require you to re-enter all of your initial application information directly with the lender you select, while others streamline the process and transfer your details to the lender you've chosen. Be aware that you may get multiple emails, texts and phone calls from interested lenders when you provide your information to a referral platform!

Is It Difficult to Refinance a Car Loan?

If you're looking to refinance a car loan you'll find it's much easier to execute than in years past. Fortunately, car owners in 2021 have the option to go online to refinance a car loan. Even more, the online process makes it much easier than shopping in person. For those looking to refinance to perhaps lower their payment or even take advantage of a better interest rate, online car refinance can be as simple as a few clicks.

Benefiting from the Advantages of Online Car Loan Refinancing

Aside from preventing the hassle of finding a local finance company, driving there and finding a place to park, the online process offers conveniences that many people prefer. You simply input your personal data and car information to find a lender - no need to divulge your details to anyone, and it takes only a few minutes.

  • Stating the Amount You Need. You can click on the amount you want to borrow anywhere from zero dollars to several thousands.
  • Keeping Your Credit Score Private. The best part about not stating embarrassing information to another person occurs when you click on your credit score. Almost no one has a score they like, and most people do not want to talk about it. With an online application, you click on a range of scores that includes yours.
  • Choosing a Term. Lenders may offer you an option to take up to seven years to repay a loan. This is where a lower interest rate or longer loan term can significantly decrease your monthly car payment.
  • Viewing the Results. From the convenience of your home or office computer, you can instantly see the lenders who want to refinance your loan. The ability to allow multiple banks to compete for your loan means you'll receive more favorable interest rates to choose from.

Avoiding Dings on Your Credit Report

Until you find the lender you want to work with you, nothing affects your credit score. With the information that you provide on your credit rating, a lender knows what to expect from your report. For example, each lender who offers refinancing for your car loan shows you a rate online, and you can accept it or keep shopping. True, your lender may inquire about your credit report to approve you at the beginning of your application, but it does not affect your score until you actually apply for a car loan.

The privacy that shopping online affords you lets you protect your credit rating. A personal visit to a local lender potentially means a ding on your report. When you go to a banks local office, it becomes clear that you want to decide on the spot what you plan to do. You can avoid getting pushed into a decision too early in the process by checking various offers online without agreeing to proceed with anything.

Comparing Offers

Your access to online refinancing for your car loan gives you an advantage that you do not have in a face-to-face meeting with a lender. When you can see the offers that refinance lenders make online, you can pick the one you like the best. Whereas at a bank or finance office, you may feel required to make an important financial decision immediately.

Without a friend or relative to discuss the decision with you, the chance of accepting an offer too soon increases. In the quiet of your home, you have time to think about it and talk it over. Rushing into a deal you live with for years when you visit a loan company's office rarely provides the best outcome. Online shopping lets you choose an option your most comfortable with.

Busy schedules make it challenging to meet appointments, frequently wasting time when almost no one has the time to spare. When you shop for your car loan online, you can do it at the most convenient time of the day or night. Even better, it does not require an appointment. You can start or stop searching at any time, and you can apply as often as you like.

Getting the Best Deal

When shopping online to refinance your current car loan, many people do not realize they'll find a better interest rate than at a local credit union or bank. Without the expense of overhead costs of physical branches, lenders can afford to offer better rates. You can benefit from the difference between companies with low operating costs and banks with branches in many locations. When your lender has fewer expenses, it makes money available to attract customers like you. Online refinance gives you opportunities that do not happen otherwise.

Your chance of approval improves with online refinancing too. Traditional lending institutions tend to rely on your FICO score as proof of your creditworthiness. When you have a good or better score, they make it easy to get a loan. Online lenders take a more reasonable approach and may approve a lower score. In addition, they can look at many other things in your financial history that make you a good candidate that they can trust, such as regular payments of utility bills.

Taking Advantage of Available Options

Knowing that you can refinance your car loan puts you at an advantage financially. Industry experts say that less than half of people who buy motor vehicles know they refinancing is an option. In addition, only a small percentage of car buyers ever use refinancing. For those that are looking for ways to make ends meet, car loan refinancing can provide an excellent option to reduce monthly car loan expenses.

Choosing an Online Unsecured Loan

In the world of online finance, you can find loans that do not require any collateral to qualify for approval. Most online loans fit into the unsecured category, and it works for your benefit. Instead of borrowing against your assets, you have another option borrow. Lenders count on you to repay the money you borrow, but failure does not let them repossess your car. Whether you have assets that can secure a loan or not, you do not need them when you go online to refinance your vehicle. Of course, the consequences of failure exist as a practice that does not help you in the long run.

Uploading Minimal Documentation

When you choose an online lender, you can expect to provide some paperwork as part of an application. A few minutes of locating and uploading necessary documents seems much better than handing your private papers to someone in an office.

  • First, your lender must meet a federal requirement to confirm your identity. Most people use a driver's license or a passport, but you may use any government-issued ID.
  • Second, proof of your income shows lenders that you have the money to repay the loan. Then, when they assess it against some other factors, they can reach a decision. Some things they consider include your monthly expenses and employment situation, along with a credit check and a review of your credit card accounts.
  • Next, lenders need access to your credit and banking history, a task that requires your name and address, birthdate and Social Security number. You can understand their need for some reassurance when they entrust a large sum of money to you.
  • Then, you can expect to provide documentation to confirm your current residence. An up-to-date driver's license can provide it, but so can several other documents. For example, your property tax bill or a lease agreement can work equally well. In addition, a utility bill may serve as the verification lenders need.
  • Finally, a lender who agrees to give you a loan for a vehicle needs to know that you carry a viable insurance policy on it.

Getting Approval Faster

A quick approval is another reason that many prefer shopping and securing refinance loans online. When you apply electronically instead of personally, you can complete an application in a few minutes. Lenders who approve you ahead of time can respond immediately instead of making you wait to receive a letter in the mail. You most likely need the money when you ask for it, and online refinance lenders respond promptly to your application.

The Best Reviews of Car Loan Refinance Providers