The 8 Best Car Loan Refinance Providers
Where's the Best Place to Refinance Your Car Loan?
With interest rates dropping like crazy, you're smart to think you might be able to save some money with a new loan. Whether you choose to keep your monthly payments the same and shorten your loan term or lower your payments and spend your cash on other necessities, it's almost a guarantee that refinancing will be a good decision.
In the past, most people would go to their bank or credit union to get a car loan refi. After all, it's comfortable, familiar, and easy to set up with checking or bank accounts that are already established there. But, that's not the best idea if you want the nation's top rates and terms for car loan refinancing. Your hometown bank doesn't need to compete with other lenders for your business: they already have it!
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2023 Car Loan Refinance Reviews
LendingTree
LendingTree is a popular referral service for all types of borrowing, from credit cards to car loans and more. There's no site that makes it easier to see rate quotes for auto refinancing in your area, without even having to fill in a form first! You'll get plenty of information about each lender they use, so that you wind up with a car refinancing loan that you love. LendingTree is the place to start to get the auto refi you need.
Upstart
Upstart is a very good option if you want an auto refinancing lender that looks at your whole financial picture. Their artificial intelligence system looks at many factors beyond just your credit score when you apply for a loan. You can get a quote without entering your Social Security Number, a big plus compared with most of Upstart's rivals. They're a solid choice for auto refinance loans.
LendingClub
LendingClub no longer funds auto refinancing loans through a peer-to-peer system, opting in recent years to provide money directly to borrowers. That means that there are still a few changes waiting to be implemented after their restructuring - and you'll see that in their more limited service area of just 35 states and a few glitchy aspects of their online rate quote application. However, recent customer feedback is very positive, and you won't have to provide your SSN to get a quote if you're interested.
Open Road Lending
Open Road Lending, based in the DFW metro area, has been offering auto loans and refinancing for over a decade. You'll find higher mileage allowances here, but your car will have to be newer than with some lenders. You're also out of luck if you're self-employed! This referral service gets praise from some customers, but there are better options out there.
SuperMoney
SuperMoney is one of several auto refi options that lets you see offers from multiple lenders at once. Which lenders? You won't know until you apply. This company is committed to protecting your privacy and won't sell your information to numerous third-party services, but they could do more to disclose details about their own network, rates and fees. Initial customer responses are positive, however, and we look forward to seeing continued improvements from SuperMoney when it comes to auto refinancing.
RefiJet
RefiJet has been around for a few years and only offers car loan refinancing. This service is one of several referral options if you want to look at offers from more than one lender at a time, but it's not our favorite: you won't get a quote immediately, and RefiJet is close-lipped about who they use to fund loans. The BBB gives the company an "A+" rating, but we think you'll have a better overall experience with a higher-ranked referral service if you're comparison shopping for your car loan refi.
My Auto Loan
My Auto Loan offers refinancing of $5,000 or more for vehicles in the contiguous United States. Their online application is basic and straightforward, and requesting a loan quote will match you with offers from up to four of their partner lenders. Despite having a good reputation with customers and the BBB, My Auto Loan winds up low in our rankings because many people report having multiple hard pulls on their credit report after applying for an auto refi loan quote here.
MotoRefi
MotoRefi is the auto refinancing service we want to love. They offer very competitive interest rates for well-qualified applicants, and you don't have to enter your Social Security Number to get an initial quote. But with a steep fee of $399 on all refi loans and not nearly enough information about the lenders they use for funding, MotoRefi is not a provider we can recommend for your car refinancing.
Continued from above...
Money-wise consumers look to the internet for the best deals, and car loan refinancing is no different. There's no need to accept the first loan offer you see if you can get quotes from several financial institutions at once. Most online lenders have rates and terms that will easily beat anything you find locally, with all the convenience of a completely-online application and approval process. Save money while sipping coffee at home in your pajamas? Why not!
Looking at the available options for car loan refinancing online, it can be hard to tell different lenders apart. Which one should you use, not just to get an initial rate quote but ultimately to finalize your new loan? Here are several ways you can evaluate each choice to find the car loan refinancing that's right for you:
- Vehicle Eligibility. Most lenders won't refinance a loan on a car that is more than 10 years old or over a certain mileage, usually between 120,000 and 150,000. Some even have make/model restrictions that may prevent your car from qualifying. Fortunately, most cars will be eligible for loan refinancing with the majority of lenders on the market today.
- Personal Eligibility. What is required of you as a borrower to qualify for a refinanced car loan? You may need a certain minimum credit score or monthly income amount.
- Referral Service or Direct Lender. You'll find two approaches to car loan refinancing: get a new loan right from the financial institution, or work with a platform that lets you get quotes from more than one lender at a time. Either option is good, but referral services give you access to smaller banks and credit unions that often offer more competitive rates on refinanced loans.
- Reputation. What have other car owners said about their experience when refinancing their car loans with a given lender? Was the process smooth or aggravating? Were there any surprises? Has the Better Business Bureau rated the company?
TopConsumerReviews.com has evaluated and ranked the best providers of car loan refinancing available today. We're confident that this information will help you get the rates and terms you're looking for to save money on your car payments!
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