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Auto refinance loan rates and terms

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

CompanyStarting APRTerms (months)Loan AmountsBest for
2.14%36 to 84Starting at $7,500Most popular choice
RefiJet2.49%24 to 84Starting at $5,000Subprime auto refinance
Caribou2.83%48 to 84$10,000 to $100,000Lowest average rates
Auto Approve2.94%12 to 84$5,000 to $85,000Low average rates
Gravity Lending3.24%24 to 96$10,000 to $150,000Prime auto refinance

How we chose the auto refinance companies

To find the best auto refinance companies, we sorted through several thousand successful refinance applications made in the first half of 2022 on the LendingTree platform. Basing our selections on loan closing volume and average APR received, we were left with five top providers for 2022.

Top lenders for auto refinancing

  • Starting APR: 2.14%
  • Terms: 36 to 84 months
  • Amounts: Starting at $7,500

iLending was by far the most popular refinance auto lender on the LendingTree platform in the first half of 2022. iLending doesn’t charge an application fee, allows joint applicants and can qualify cars with as many as 200,000 miles for refinancing.


When you apply, a personal consultant will guide you through the auto refinance process, going over all of your options and assisting you with the paperwork.


  • Starting APR: 2.49%
  • Terms: 24 to 84 months
  • Amounts: Starting at $5,000

RefiJet was the most popular subprime auto refinance lender on the LendingTree platform. Like others on this list, RefiJet matches borrowers with lenders in its network. After you fill out an online form, a loan consultant will guide you through your options and the auto refinance process. RefiJet also offers prequalification and the possibility of no payments for the first two months of your refinance loan.


RefiJet does charge a $395 origination fee, though it can be rolled into your new auto loan. However, here are more lenders that specialize in bad credit car loans, if you’re curious.


  • Starting APR: 2.83%
  • Terms: 48 to 84 months
  • Amounts: $10,000 to $100,000

Caribou had the lowest average APR for auto refinance loans on the LendingTree platform. Caribou matches borrowers with a network of regional and national lenders — these include many credit unions, which tend to offer lower interest rates than banks.


There are a couple of downsides, however: For one, Caribou charges a $399 fee, which can be rolled into your new refinance car loan. In addition, its loans aren’t available to borrowers in Maryland, Massachusetts, Mississippi, Nebraska, Nevada, West Virginia and Wisconsin.

Auto Approve

  • Starting APR: 2.94%
  • Terms: 12 to 84 months
  • Amounts: $5,000 to $85,000

Auto Approve had the second-lowest average APR overall in the first half of 2022 on the LendingTree platform — plus, it was also one of the most popular auto refinance companies. Auto Approve doesn’t charge an application fee and only performs a soft credit pull when you apply.


Once you submit your application, Auto Approve will show you potential refinance offers from lenders. Once you choose an offer, that lender will do a hard credit pull to provide an official offer for your approval.

Gravity Lending

  • Starting APR: 3.24%
  • Terms: 24 to 96 months
  • Amounts: $10,000 to $150,000

For prime-credit borrowers, Gravity Lending was the most popular choice, with several hundred more successful borrowers and a much lower average rate than the next-most popular prime lender. The company doesn’t charge any fees for its auto refinancing service, and the process from application to funding can take as little as a few minutes.


To qualify for the lowest rates, you’ll need a minimum credit score of 760 and the vehicle you’re refinancing will need to be a 2021 or newer model.

How does an auto loan refinance work?

Refinancing replaces your current vehicle loan with a new auto loan, one with a different payment, interest rate or term.

  • Check your credit score

    A lower-than-expected score might mean there are mistakes on your credit report. Double-check that everything is right and take care of any discrepancies before you apply for auto refinancing. You can view your credit score for free with LendingTree.

  • Apply online

    Fill out one form on LendingTree and get up to five auto refinance offers from lenders based on your credit. Have your current auto loan information on hand, including your monthly payment amount, APR, loan term and payoff.

  • Compare offers

    When lenders compete for your business, you win. Compare the different rates, payments and terms you qualify for and see which one’s best for your budget. Don’t forget to use a car loan refinance calculator to help run the numbers.

  • Save money

    Success! Enjoy your lower payment, lower APR or ability to pay the loan off faster. It feels great to meet your goals.

Is refinancing right for you?

Use our car refinance calculator to compare your refinance offer with your current loan to see how much you could save.

When should you refinance your car loan?

  • If your credit score has improved
  • If interest rates have gone down
  • If you want to pay your loan off faster
  • If you want to reduce your monthly payment
  • If it’s been two years since you purchased your car
  • If you didn’t shop around for your loan when you first purchased your car

Frequently asked questions

Refinancing your auto loan is worth doing if it can save you money or create room in your monthly budget.


Every car payment you make at a higher interest rate than you deserve is a waste of money. Even if you stay at the same rate but refinance to a longer term, a lower monthly car payment could help alleviate budget pressure.


It’s important to understand that if you do lengthen your loan term, you may end up paying a lot more in interest in the long run. Read about the common refinance mistakes that people make so you can avoid them.

Not at all, if it benefits you. The refinance company may try to sell you add-on products like guaranteed auto protection (GAP) insurance or an extended warranty, which can tack on thousands to your car loan. They can be helpful in the right situation, but don’t feel pressured into buying them if you don’t want them.

Applying for any type of auto loan means submitting to a credit inquiry. When a lender performs a hard credit pull, your credit score will most likely take a temporary dip. However, it’s unlikely to be a severe drop and the impact should be short-lived.

Yes, it’s possible to be approved for a refinance loan with bad credit — but again, you want to make sure refinancing with a bad-credit refinance company is to your benefit. Like you would with any loan, apply to several lenders, not just one. That way, you know what you qualify for and can select the best deal for you — plus, it may even be possible to refinance after bankruptcy.

You might secure a lower APR if:


  • Your credit score has improved since you first got your auto loan. Making your auto loan payments on time and in full for six months to a year may further prove your creditworthiness.
  • Interest rates have dropped since you took out your original loan or you received a bad rate with your original loan.
  • Your car is worth more than your loan.


If you haven’t been able to make on-time payments, refinancing may still be a way to lower your monthly bill. An alternative is to ask your current lender to modify your monthly payment.

A cash-out auto refinance is similar to a traditional auto refinance loan with one major twist: The new loan exceeds the total needed to pay off your existing car loan and you pocket the difference. This only works if your car is worth more than the remaining balance. However, it also means that you’re taking on more debt and risking becoming upside down on your car loan.

It should cost you less than $100 and possibly nothing at all. Most auto loans don’t have a prepayment penalty attached, while the majority of lenders don’t charge an origination fee. The only thing that may cost money out-of-pocket is the fee to change the lienholder on the title, depending on your state’s rules. Given that refinancing could potentially save you a lot of money, any upfront cost is probably worth it.

Trading in your car and buying another (less expensive) one is an alternative to refinancing. But it’s not your only choice — you could sell your car or simply pay it off faster.