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Refinance Rates The best auto loan refinance rates for March 2023.

Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely taking out loans to purchase a car.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing clear, well-researched facts that break down otherwise complicated topics into bite-sized pieces.







Review by Mark Kantrowtziz. Reviewed by Nationally recognized expert on student financial aid

Mark Kantrowitz is an expert on student financial aid, including the FAFSA as well as 529 plans, scholarships educational tax benefits, student loans.








At the time of this writing, March 24, 2023.


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Bankrate's best refinance auto loans are selected based on interest rates offered by lenders and customer service, as well as the available terms , and transparency. The benefits and drawbacks of each lender are fully outlined to help you figure out is the most appropriate financing option for you. Refinancing an auto loan allows you to replace your existing loan with a fresh one in order to get more favorable terms and less rate. They are available through many lender types, so it's best to shop around to consider the one that best suits your needs. If you are considering refinancing loans be sure to pay focus on eligibility requirements and available terms. By doing this, you will be aware of whether your current loan is eligible, and you can modify your loan to meet your budget for the month.

Read more
How to refinance an auto loan When you have found the perfect refinance auto loan to suit your needs, follow these steps:


1

Examine your current loan. How much are you now paying interest on, the amount you pay each month and the amount you're expected to pay for the term that of the loan and what amount you are able to afford.



2

Examine the credit scores of your. To determine if your credit has improved since your original loan approval. The higher your credit score, the better your rate will be.



3

Find out how much you value your vehicle. Calculate the value to determine if lenders would be willing to refinance.



4

Shop around. Available interest rates vary by lender so shop around with at least three different providers. Make sure you compare the rates that could be offered with the current rate of your loan.



5

You must sign off on your new loan. Gather the necessary documentation and details of the current loan to walk away with better rates and terms.




How to choose the best lender Selecting the most suitable lender will ultimately result in making you money -- either in total or from month to month. It's suggested that you obtain estimates from three lenders prior to deciding on which one you prefer. When you are looking on a car loan, compare APRs (annual percentage rates) across a variety of lenders. Find lenders who reduce fees to a minimum and provide the repayment terms that match your requirements. Be aware of the following points:

1

The requirements for approval of a lender has different to receive approval. Lenders will consider aspects like your credit score, income and debt-to-income ratio. But refinance loans have their own specifications on the vehicle and loan conditions. Look out for conditions for approval based on factors like vehicle age, mileage or time you've held the loan.




2

Current loan The goal of a refinance auto loan is to leave with a more affordable monthly payment or a lower price overall. So be sure to compare the particulars of the new loan with the current rate. Remember that a long-term loan isn't always the best idea because you can be paying more in interest.



3

Repayment options Through refinancing you can extend the term that you have on your loan and reduce the monthly installments or pay off the loan quicker and reduce the total cost. Consider which option fits your budget better when determining which lender offers the best terms.





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Definition of terms

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The loan term is 24 Months and 36 months 48 month 60 Months 72 months 84 Months

Good credit score (750+) Excellent (700-749) Fair (640-699) Needs work (> 600)

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REFINANCE
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Lending partner
APR is available from Hover to know more about apr. APR is the annual percentage rate (APR) comprises the interest rate and any loan fees. It represents the total amount of the loan.



Term Hover to learn more about the definition. The period of time that runs until the loan achieves maturity and is paid off in completion. Terms can be expressed in terms of months, or even years based on the specifics of the loan.



Credit score minimum Hover to learn more about minimum credit scores. A minimum score on credit is is typically needed to be able to get the loan with a given lender. Exact thresholds are not always provided by a lender and in certain cases this is not the most accurate estimate based upon publicly available information. Credit score refers to FICO 9.0 unless stated otherwise.



3.9
Bankrate Score




APR starting at 4.99-
36.00 %
Time Span 24-60 months
Min credit score Not disclosed
Apply on partner site
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Offer details


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3.5
Bankrate Score




APR as of 5.24-
12.29 %
Time period of 24-72 months
Min credit score 700
Apply through the partner site
Check the rates
Offer details


Apply to partner sites

4.1
Bankrate Score




APR as low as 4.89 %
Term 36-84 mo
Min credit score Not divulged
Apply on partner site
Check the rates
Offer details


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3.9
Bankrate Score




APR starting at 4.49 %
Term 60 mo
Min credit score of 700
Apply through the partner site
Check rates
Offer details


Apply to partner sites

3.6
Score at the Bankrate




APR from 5.34 %
Term 24-84 months
Min credit score of 600
Find the rates
Offer details


4.2
Bankrate Score




APR starting at 2.99 %
Time period 36-60 months
Min credit score of 700
Apply on partner site
Find the rates
Offer details


Apply to partner sites

APR as low as 3.99-
24.99 %
60 months of term
Min credit score of 700
Apply through the partner site
See the rates
Offer details


Apply through the partner site

3.8
Bankrate Score




APR starting at 7.29-
11.54 %
Term 36-72 mo
Min credit score of 700
Apply through the partner site
Find the rates
Offer details


Apply on partner site

3.9
Bankrate Score




APR starting at 3.12 %
The term is 48-60 months
Min credit score 700
Apply to partner sites
See rates
Offer details


Apply on partner site

4.1
Bankrate Score




APR starting at 5.61-
29.99 %
Term 24-84 months
Min credit score of 700
Apply to partner sites
Check rates
Offer details


Apply through the partner site

4.2
Bankrate Score




APR from 9.49APR from 9.49
16.94 percent with AutoPay

Term 24-84 mo
Min credit score of 700
Apply to partner sites
See the rates
Offer details


Apply to partner sites

3.2
Bankrate Score




APR as low as 2.49 %
60-month term
Min credit score of 700
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Find the rates
Offer details


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Compare auto loan refinance lenders in March 2023

Lender
Starting APR
Term
9.49%
From 24 to 84 month
2.99%
From 24 to 96 Months
4.99%
24 to 60 months
5.61%
24 to 84 months
5.24%
Unspecified


The information on loans presented is up-to-date on January 3, 2023. Go to the lender's websites to find more information. These auto loan lenders listed here are selected based on factors such as APRs, loan amounts, fees as well as credit requirements.


Best auto loan refinance lenders of 2023
Best for quick financing LightStream

Apply on partner site

Min. credit score Credit score: 700
Fixed APR from: 9.49%
-16.94%
The loan amount is $0-$100,000.
Term lengths: 2 to 7 years
Min. annual income: Not disclosed
Overview: offers an easy-to-navigate online interface for non-secured loans. You can apply for terms of repayment ranging between 24 and 84 months and a maximum refinancing amount of $100,000.


The reason LightStream is the best choice for fast cash flow If you're in a precarious financial position and require immediate cash, LightStream is a great option. With same-day funding available with no additional origination costs, LightStream offers a quick online application process and a larger maximum loan amount than its competitors.



Pros & Cons Pros Fast financing Mobile application is available for funding High loan amount

Cons Unsecured loans Must refinance at least $5,000. There is no prequalification




The eligibility and more Who is this lender is best for: Someone looking to refinance their vehicle fast and in a substantial amount.
The impact on financial health: With no prequalification offered the applicants will be subject to an unavoidable credit check when they submit their application.
The time to receive the funds: as soon as the same day you apply.
Charges LightStream has no fees.
Additional requirements: Though not publicly disclosed, the highest rates will be provided for those who have a good credit score.
Special features: LightStream offers loan terms that range from 24 to 84 months. The quick-funding timeframe and a range of repayment options gives you the flexibility to reduce your monthly payment.




Best for dedicated customer support AutoPay

Apply to partner sites

Min. credit score: 700
Fixed APR Beginning: 2.99%
Loan amount: $2,500- $100,000
The length of the term is between 3 and 5 years
Min. annual income: Not disclosed
Overview : presents borrowers with a range of loans directly through its network. The process is entirely online and simple, allowing users to get a new loan in just an hour after business hours.


The reason Autopay is the most reliable choice for unwavering customer support: Autopay has a team of loan experts who offer real-time assistance through text messages or a phone to answer any questions about the application or the current loan.



Pros & Cons Pros Large selection of acceptable criteria for cash-back refinancing offered Ability to compare different loans

Cons Lowest APR only for outstanding credit borrowers. Possible down payment Unspecified credit requirements




Eligibility & More Who this lender is best to use it for: Great for anyone seeking to refinance their vehicle all in one go with the help of an experienced loan expert.
The impact on financial health: After submitting a complete loan application that is matched to an lender and a borrower is subjected to a credit pull.
Time to receive funds: Funding via Autopay is available in just one business day.
Fees: Additional charges are determined according to each lender.
Additional requirements There are no specific requirements disclosed. For refinancing, however, details on mileage are likely to be needed.
Special features are available in all 50 states, Autopay is a collection of lenders that have the highest maximum loan amount, which allows borrowers from a range in financial circumstances to refinance.



The best online experience Caribou

Apply through the partner site

Min. credit score: Not disclosed
Fixed APR Starting: 4.99%
-36.00%
Amount of loan: $0- $100,000
Term lengths: Between 2 and 5 years
Min. annual income: Not disclosed
Overview: Through a number of lender partners, considers a driver's credit history to determine if they are prospective lender. The process can be done completely online and simply requires details about the vehicle.



What makes Caribou is the best choice for shopping online: Caribou's application and online experience make it very easy to compare different lender rates side-by-side. Even with its presence online, Caribou encourages drivers to speak with the team members who are able to assist with specific queries 24 hours seven days a week by email, telephone or an appointment.





Pros and Cons Pros Customer service available seven days a week . Insurance bundle option. Prequalification is available.


Cons Not available in all states Processing fees Undisclosed conditions




The eligibility and more What lender is ideal for: Drivers looking to lower their monthly rates and evaluate potential loans directly on the internet.
The impact on your financial wellbeing After your application is approved, a hard credit pull will affect your credit score.
Time for receiving the funds: The timeline for funding is different for each lender.
Fees: Borrowers may expect a processing fee of $399 in addition to lender expectations.
Additional requirements: These comprise personal data about you and details about your vehicle.
Extra features Caribou recommends that drivers combine your brand-new loan with other needs for driving like insurance or extended protection.



The best option for those who have bad credit Upstart

Apply to partner sites

Min. credit score: 300
Fixed APR Starting at 5.61%
-29.99%
The loan amount is $9,000- $60,000
Terms: 2-7 years
Min. annual income: Not disclosed
Overview It is a different lender alternative that makes use of AI technology to match drivers to lenders that are able to make a loan within minutes.



Why Upstart is the best option for people having bad credit: The AI approach also takes into account a customer's risk in a manner which is extremely beneficial for people with less than perfect credit. Upstart's underwriting criteria factors aspects of a driver's history such as education and salary.





Pros and Cons Pros APR caps out at 17.99 percent. Prequalification possible. Acceptance criteria that are flexible

There is no minimum rate stated Minimum loan of $9,000 and no co-borrowers.




Eligibility and More What lender is ideal for someone who has a poor credit history who is looking to evaluate refinance options.
Impact on financial wellness: A hard credit pull will occur following an first loan application.
When funds are due When funds are due: The funds will be accessible within 7 days following loan approval.
Fees: Fees come only if your vehicle undergoes repossession.
Further requirements are that your vehicle must be less than 10 years old and be under 140,000 miles.
Special features: Upstart offers a fully translated Spanish website along with bilingual loan officers on staff.








Refinancing a car loan can be done is basically getting an entirely new car loan and the requirements conditions for applying are generally the same. You'll require your driver's license, Social Security number and proof of the income you earn and your insurance coverage, as well as specifics about your car. If approved, you'll be able to use the money from the new loan for the payment of your old car loan, then begin making monthly payments with the new rate of interest and terms. You receive a new auto loan which replaces the one you have currently. The procedure is the same as when you received your first loan. , you will pay off the original loan using the new one and then start making payments on the new loan.
What is the best time to change the terms of your auto loan? Refinancing your vehicle loan can be summed up as . If you are struggling to or think you could receive more favorable terms, it's a good idea to consider refinancing your current loan. These are three major scenarios where refinance is the best option. Your credit score has improved. The best rates are offered to those with excellent or outstanding credit scores of 740 and higher. If you have a credit rating that has improved since signing your initial loan contract, then you are eligible for monthly installments. You obtained financing through a dealership. Dealer financing might not offer you the most favorable rates and conditions. You may be able to negotiate a better rate if you shop elsewhere and refinance your original car loan. You are unable to pay your monthly payment. If you are having trouble making your monthly car payment and are at danger of losing your vehicle, it's a smart idea of refinancing your loan. In this way, you can increase the terms of your loan to reduce your monthly costs. Remember that you'll need to pay higher interest throughout the term of the loan.

Pros and cons of refinancing an auto loan
Pros
Potential to decrease monthly cost.
Possibility to sign off on higher interest rates.
Chance of paying off the auto loan earlier.

Cons
If you extend the loan too long can result in an increase in expenditure over the long run.
Headaches caused by paperwork and loan application.
Increased risk of becoming upside down on loan.




What to know before applying for refinance auto loan Like any loan you can get, it's best to shop around to various lenders prior to making your final decision. Each lender has its own methodology for determining your rate of interest and the termstherefore, compare them to determine which best fits your needs. While every lender assesses risk differently interest rates depend greatly on your credit. Make sure you do your research before time to be aware of your credit history to get the full picture of what lenders are looking for and what terms you will be offered.

Questions and answers about refinancing

Is a 72-month car loan a bad idea? The main issue is that it is common to end up "underwater" in the form of " " in the course of your loan. This is due to the fact that cars tend to depreciate faster than you are able to pay off your loan. A 72- or 84 month car loan means you're paying off your loan more slowly and have the potential to owe more than the car is worth. But, longer loans let you secure a more affordable monthly payment, which is likely an important aspect for your budget.



Can refinancing my vehicle hurt my credit score? The process of refinancing can . If you are applying for an loan and you submit a hard inquiry your credit score could drop just a few points. Following approval, a new loan account will decrease the average age your credit score holds which could result in an lower score. But these two aspects make up a tiny portion of your credit score. Sticking to a monthly repayment you are unable to afford can lead to larger credit issues in the future.


Should I refinance if I'm way behind on my initial loan's payment? It is best to in the initial stages that you are in the early stages of your loan. The interest gradually declines throughout the duration of your loan, so your potential to save money is higher at the start the term of your loan. Be mindful that you likely won't be able to refinance within your first 6 months.



Do refinances make your car loan over? Yes, refinancing can , but it's not a clean slate. It will be a sign-off on new, better rates in order to save money on your monthly payment. This will make the process of repayment of the loan simpler, but it's not the same as a reset. The amount of installments for the prior loan will not carry over to the new one. While the amount is still paid off, you will not have the same mark as these payments in the new loan.


Do I require money to refinance? Certain lenders will require drivers with bad credit to pay down a large amount to secure the loan. Therefore, having money to refinance could help in cutting down the cost you'll have to pay to finance the car. While the down payment isn't always required, -- the difference between the value of the vehicle and the amount you owe is.


Can you get money back when refinancing a car loan? Refinancing doesn't mean you are handed a check with more cash however, you may get a benefit from the equity in your vehicle. With , you essentially finance more than you owe to take that extra money in cash, and an upgraded car loan.


Is refinancing a car worth the effort? To decide if refinancing is worth it for you, you must consider if you will truly save money with new loan terms. For many people this can be worthwhile when their credit score has increased since they first took out their auto loan or borrowed through a dealer. Take advantage of an to determine whether you can save money with an upgrade to your loan.


What are the negatives to refinancing an auto loan? Refinancing your vehicle loan comes with risks that may include higher charges and interest rates. Due to the potential for higher interest rates, you'll pay more than normal interest rates. A new loan comes with additional costs, such as the application, transfer and origination costs. In addition, if you prolong your loan time frame, you're more susceptible to becoming dependent on your loan and paying higher interest.


Can you refinance a car loan even with bad credit? It is technically possible . However, unless your score improved since you initially signed, you will likely not be offered better conditions. Consider instead .


How can I refinance my auto loan? It is possible to refinance your car loan at a lower cost through the current lender. Consider starting there and then exploring options with online banks, lenders and credit unions.



Methodology To select the top refinance car loans, Bankrate considers 16 different factors. These variables range to the loan amount, the APR disclosed and the acceptance conditions. Each lender holds a score which is based on . Availability: This includes loan amount, restrictions on vehicle and their availability in every state. Affordability: This section covers the expected APR, acceptance criteria, discounts for autopay and the number of fees. Experience with customers: This category includes accessibility to online services, availability of support, funding timeline, option for automatic payment and app accessibility. Transparency: Here prequalification and the disclosure of fees and rates are recorded.







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