Loan amount<\/p>\n

$8,000 to no-max<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/span>Pros:<\/span><\/h3>\n
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Aggregates 150+ lenders<\/li>\n
Discounted rate when enrolling in autopay<\/li>\n
All states are eligible<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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<\/span>Cons:<\/span><\/h3>\n
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Potential hard credit pull for pre-qualification (depending on the lender)<\/li>\n
Potential $495 origination fee (depending on the lender)<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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<\/span>Disclosed qualifications:<\/span><\/h3>\n<\/p>\n<\/div>\n
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Debt-to-income ratio: 60% max<\/li>\n
Annual gross income: $30,000 minimum<\/li>\n
Mileage: 150,000 max<\/li>\n
Loan-to-value ratio: 150% max<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
<\/span>Compare the best auto loan refinance rates 2024<\/span><\/h2>\n
Are you familiar with the term \u201canalysis paralysis\u201d? If not, you\u2019ll be well acquainted with it after spending an hour or two researching the best auto loan refinance rates.<\/p>\n
Finding the perfect lender is a tall order. Each presents nuanced offers that, if you choose the wrong one, can result in hundreds (even thousands) of dollars in unnecessary fees and interest payments.<\/p>\n
Here are some choices you may want to consider.<\/p>\n
Now let\u2019s look at some of the details about each option.<\/p>\n
<\/span>Our recommendations for best auto loan refinance lenders<\/span><\/h2>\n
<\/span>RateGenius<\/span><\/h3>\n
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<\/span>RateGenius<\/span><\/h3>\n
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Loan amount<\/p>\n
$8,000 to no-max<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Pros<\/strong>:<\/p>\n
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Aggregates 150+ lenders<\/li>\n
Discounted rate when enrolling in autopay<\/li>\n
All states are eligible<\/li>\n<\/ul>\n
Cons:<\/strong><\/p>\n
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Potential hard credit pull for pre-qualification (depending on the lender)<\/li>\n
Potential $495 origination fee (depending on the lender)<\/li>\n<\/ul>\n
Disclosed qualifications:<\/strong><\/p>\n
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Debt-to-income ratio: 60% max<\/li>\n
Annual gross income: $30,000 minimum<\/li>\n
Mileage: 150,000 max<\/li>\n
Loan-to-value ratio: 150% max<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
A super-easy way to quickly narrow down your options is to use an aggregator such as RateGenius. This company brings more than 150 lenders together and matches you with the optimal choice for your situation. It\u2019s a much easier way to absorb nitty-gritty details than juggling dozens of browser tabs. RateGenius also offers handy loan calculators and daily interest rates based on various credit scores. It\u2019s an excellent tool for someone considering an auto loan refi.<\/p>\n
Because RateGenius works with such a large number of lenders, the approval process and fees you experience may vary. For example, some lenders will perform a soft inquiry on your credit report during pre-qualification\u2014while others will perform a hard inquiry (which can lower your credit score temporarily). Also, you may pay an origination fee as high as $495 when securing a loan. That\u2019s a hefty price tag considering several other options require no origination fee.<\/p>\n
While RateGenius doesn\u2019t specify a minimum credit score, data points online suggest that you\u2019ll need a score in the mid 500s to qualify. You\u2019ll find that to be one of the lower approval standards within the auto loan refinance world.<\/p>\n
<\/span>Caribou<\/span><\/h3>\n
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<\/span>Caribou<\/span><\/h3>\n
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Loan amount<\/p>\n
Up to $125,000<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Pros<\/strong>:<\/p>\n
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Excellent minimum rate<\/li>\n
Ability to prequalify<\/li>\n<\/ul>\n
Cons<\/strong>:<\/p>\n
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Steep processing fee<\/li>\n
Not available in all states<\/li>\n<\/ul>\n
Disclosed qualifications<\/strong>:<\/p>\n
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Debt-to-income ratio: 60% max<\/li>\n
Mileage: 125,000 miles (175,000 if diesel)<\/li>\n
Loan-to-value ratio: 145% max<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Social security number is required should you choose to move forward in the loan application process.<\/p>\n
APR is the Annual Percentage Rate. Your actual APR may be different. Your APR is based on multiple factors including your credit profile and the loan to value of the vehicle. APR ranges from 5.99% to 28.55% and is determined at the time of application. Lowest APR is available up to a 36 month term, to borrowers with excellent credit, and only in Texas. Conditions apply. Advertised rates and fees are valid as of 7\/24\/2023 and are subject to change without notice. Insurance savings will not result from lower APR.<\/p>\n
To check the refinance rates and terms you qualify for, we conduct a soft credit pull that will not affect your credit score. However, if you choose a loan product and continue your application, we or one of our lending partners will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.<\/p>\n
Terms and Conditions apply. Caribou reserves the right to modify or discontinue products and benefits at any time without notice. Participating lenders, rates and terms are also subject to change at any time without notice. The information you provide to us is an inquiry to determine whether our lenders can make you a loan offer. If any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. We do not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Offers not available in MD, MS, NE, NV, WI, WV.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
Caribou works with a large number of lenders to get you the best possible deal for up to $125,000 in auto refinancing. Because of this, it\u2019s difficult to pinpoint details such as exact qualification requirements, borrowing costs, and interest rates, as they vary with each lender.<\/p>\n
That said, there are a few things you can know for certain. You\u2019ll need a credit score of at least 620 to be eligible and if you\u2019ve got stellar credit, you can expect to pay as little as 5.99% fixed annual percentage yield (APR). You can also view your pre-qualification offers without entering your Social Security number, which is a rarity among its competitors.<\/p>\n
Caribou has great customer support that is available seven days a week. While it\u2019s got a library of helpful resources, contact via live chat, email and phone is also encouraged. If you\u2019ve still got questions, you can book an appointment with a loan officer.<\/p>\n
Still, there are some things to watch out for. Most notably, you\u2019ll pay a whopping $399 processing fee. And those living in Massachusetts, Maryland, Mississippi, Nebraska, Nevada, West Virginia, and Wisconsin aren\u2019t eligible.<\/p>\n
<\/span>RefiJet<\/span><\/h3>\n
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<\/span>RefiJet<\/span><\/h3>\n
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Loan amount<\/p>\n
Up to $100,000<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Pros<\/strong>:<\/p>\n
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Best in-class customer service<\/li>\n
Offers cash-out refinancing<\/li>\n
Relatively low credit scores are eligible<\/li>\n<\/ul>\n
Cons<\/strong>:<\/p>\n
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Application cannot be completed online<\/li>\n
Large origination fee<\/li>\n
High minimum loan amount<\/li>\n<\/ul>\n
Disclosed qualifications<\/strong>:<\/p>\n
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Debt-to-income ratio: 70% max<\/li>\n
Bankruptcies: None open or discharged within 12 months<\/li>\n
Vehicle age: 10 years or newer<\/li>\n
Loan-to-value ratio: 160% max<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
RefiJet excels in hand-holding. If you\u2019re not quite sure how to find the best option for your situation, RefiJet is a good way to begin your search. Not only does it aggregate more than 20 lenders to help you view options in a digestible way, but you\u2019ll get one-on-one attention from a financial services representative every step of the way\u2014including transfer of ownership with the DMV. Additionally, you can contact them every day but Sunday via live chat, email, phone, text, and an online form.<\/p>\n
RefiJet allows you to include cash-out refinancing as part of your loan. This means that you can effectively cash out the equity you\u2019ve got in your car and add that portion to your new loan. It can be a good idea if you want access to emergency funds, but you can be sure it\u2019ll increase your monthly payments in comparison to what you\u2019d otherwise have paid\u2014or at least extend the term of your loan if you want to keep the same payment.<\/p>\n
RefiJet charges an eye-watering $495 origination fee. And depending on which lender you end up with, you could pay considerably more in fees, too. If you don\u2019t have the money to spot that price tag upfront, RefiJet gives you the ability to skip payment during the first two months of your loan. The catch is that those months will still accrue interest.<\/p>\n
RefiJet gives you the ability to prequalify, but you\u2019ll have to call the company to do it. Similarly, you also can\u2019t complete the refinancing application process online. Not a big deal for many, but it makes RefiJet a slightly less convenient option compared to others.<\/p>\n
<\/span>LendingClub<\/span><\/h3>\n
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Pros<\/strong>:<\/p>\n
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No origination fee<\/li>\n
Choose your own due date<\/li>\n
Instant online loan offer<\/li>\n<\/ul>\n
Cons<\/strong>:<\/p>\n
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Unavailable in many states<\/li>\n
Relatively low loan cap<\/li>\n
Some cars are ineligible<\/li>\n<\/ul>\n
Disclosed qualifications<\/strong>:<\/p>\n
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Debt-to-income ratio: 80% max<\/li>\n
Bankruptcy: Must have posted more than 12 months ago<\/li>\n
Mileage: 120,000 miles max<\/li>\n
Loan-to-value ratio: 165% max<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
Unlike several other options, you can complete a LendingClub application entirely online. To boot, you can get an offer within minutes of applying. There is no origination fee, which can amount to many hundreds of dollars with competing companies. LendingClub also lets you choose your payment due date, which gives you the freedom to sync payments with your payday to help you ensure you\u2019ve always got the money for your bill.<\/p>\n
LendingClub has its drawbacks. The most you can borrow is $55,000. That is still a lot of money, but markedly below average. Also, those living in Alaska, Hawaii, Maine, Mississippi, New Hampshire, North Dakota, Vermont, West Virginia, and Wyoming are ineligible.<\/p>\n
<\/span>Upstart<\/span><\/h3>\n
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Pros<\/strong>:<\/p>\n
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Above-average loan-to-value ratio<\/li>\n
Poor credit scores are eligible<\/li>\n
No application fee<\/li>\n<\/ul>\n
Cons<\/strong>:<\/p>\n
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High starting APR<\/li>\n
Relatively low loan cap<\/li>\n<\/ul>\n
Disclosed qualifications<\/strong>:<\/p>\n
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Annual gross income: $12,000 minimum<\/li>\n
Mileage: 140,000 miles max<\/li>\n
Loan-to-value ratio: 185% max<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
With a credit score of just 510, you can qualify for an auto refinance with Upstart. That\u2019s really generous. As a reminder, FICO considers scores up to 579 \u201cPoor.\u201d That means if you\u2019ve abused your credit in the past, you might still have a shot at an auto refinance through Upstart.<\/p>\n
Those without a credit score may even be eligible. Upstart looks at other factors\u2014such as your level of education and your employment\u2014to decide if you\u2019re a worthy candidate. You may pay a high APR, but at least you might get an offer.<\/p>\n
Upstart offers a relatively low loan cap of $60,000. And while that may sound like a good chunk of change, competing lenders offer double this figure.<\/p>\n
<\/span>LightStream<\/span><\/h3>\n
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<\/span>Lightstream<\/span><\/h3>\n
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Loan amount<\/p>\n
Up to $100,000<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Pros<\/strong>:<\/p>\n
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No vehicle restrictions<\/li>\n
No origination fee<\/li>\n
All states are eligible<\/li>\n<\/ul>\n
Cons<\/strong>:<\/p>\n
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Relatively high credit score requirements<\/li>\n
No prequalification<\/li>\n<\/ul>\n
Disclosed qualifications<\/strong>:<\/p>\n
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No exact qualifications disclosed<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
LightStream is, for several reasons, likely the best option for anyone with credit scores of 670 or above. It provides the ability to borrow up to $100,000 and doesn\u2019t require a down payment or charge an origination fee.<\/p>\n
Also, other sites demand that your car be under a certain age or have a specific number of miles on the odometer to qualify for a loan. Not LightStream. The company claims it will refinance a loan regardless.<\/p>\n
When LightStream is deciding your interest rate, it examines factors such as your income-to-debt ratio and assets. In other words, someone with a high-600s credit score may fare better than someone with a credit score in the mid-700s.<\/p>\n
<\/span>Penfed<\/span><\/h3>\n
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<\/span>PenFed<\/span><\/h3>\n
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Loan amount<\/p>\n
Up to $150,000<\/p>\n<\/div>\n
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Min. credit score<\/p>\n
Undisclosed<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Pros<\/strong>:<\/p>\n
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Extremely high loan cap<\/li>\n
Extremely low minimum loan amount<\/li>\n
All states are eligible<\/li>\n<\/ul>\n
Cons<\/strong>:<\/p>\n
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Only members can apply<\/li>\n
Credit score requirement may be relatively high<\/li>\n<\/ul>\n
Disclosed qualifications<\/strong>:<\/p>\n
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Debt-to-income ratio: Undisclosed<\/li>\n
Bankruptcy: Must have posted more than 24 months ago<\/li>\n
Mileage: 125,000 miles max<\/li>\n
Loan-to-value ratio: 125% max<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
Penfed (Pentagon Federal Credit Union) specializes in serving the military, but it\u2019s open to anyone in all 50 states. It\u2019s worth noting, though, that you must be a member of the credit union to receive auto refinancing. You can join by depositing at least $5 into a PenFed savings account.<\/p>\n
Penfed offers a whopping $150,000 loan maximum. That\u2019s tens of thousands of dollars more than you\u2019ll find with the vast majority of lenders. At the same time, you can take a loan for as little as $500\u2014many thousands of dollars less than what is stipulated by most other lenders. In other words, PenFed is useful for just about any loan amount.<\/p>\n
Penfed doesn\u2019t stipulate its credit score requirements, but data points suggest you\u2019ll have the best shot at an approval if your score is at least in the mid-600s.<\/p>\n
<\/span>Bank of America<\/span><\/h3>\n
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<\/span>Bank of America<\/span><\/h3>\n
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Loan amount<\/p>\n
Up to $100,000<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Pros<\/strong>:<\/p>\n
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Offers are immediate<\/li>\n
All states are eligible<\/li>\n
Discounts for prior relationship<\/li>\n<\/ul>\n
Cons<\/strong>:<\/p>\n
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High minimum loan amount<\/li>\n
No prequalification<\/li>\n<\/ul>\n
Disclosed qualifications<\/strong>:<\/p>\n
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Vehicle age: 10 years or newer<\/li>\n
Mileage: 125,000 miles max<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
Bank of America provides discounts for some borrowers who have an existing relationship with the bank. You can score an interest rate discount of between 0.25% and 0.5%. That\u2019s nothing to sneeze at, and could quite easily translate into many hundreds of dollars in savings over the term of your loan.<\/p>\n
Here\u2019s the catch: You\u2019ll need at least $20,000 in daily deposit balances to achieve 0.25% savings and $100,000 in daily deposit balances to save 0.5%. Probably not doable for many, but a solid benefit for those who can swing it.<\/p>\n
A big downside with Bank of America is its minimum loan amount. The smallest loan you can take out is $7,500. If you\u2019re looking to refinance a smaller loan, you\u2019re out of luck.<\/p>\n
<\/span>Consumers Credit Union<\/span><\/h3>\n
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<\/span>Consumers Credit Union<\/span><\/h3>\n
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Lender<\/p>\n
Consumers Credit Union<\/p>\n<\/div>\n
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Loan amount<\/p>\n
Up to $150,000<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Pros<\/strong>:<\/p>\n
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Optional cash-out refinancing<\/li>\n
No vehicle restrictions<\/li>\n
Rate discounts for setting up autopay<\/li>\n<\/ul>\n
Cons<\/strong>:<\/p>\n
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Only members can apply<\/li>\n
Not available in Alaska or Hawaii<\/li>\n<\/ul>\n
Disclosecd qualifications<\/strong>:<\/p>\n
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Bankruptcy: None open<\/li>\n
Loan-to-value ratio: 125%<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
To receive an auto refinance with Consumers Credit Union, you must be a member. You can open an account by paying a $5 fee to the Consumers Cooperative Association and maintaining a balance of $5 in either a share or savings account.<\/p>\n
Consumers Credit Union offers a 0.25% interest rate discount simply for setting up automatic loan payments. Depending on the term of your loan, this could save you hundreds of dollars.<\/p>\n
Similar to RefiJet, you can opt for cash-out refinancing\u2014that is, you can use the equity you\u2019ve built in your vehicle to get a lump sum of money as part of your loan. This is good if you need money for large expenses like medical bills. Just realize that doing this can increase your monthly payments or extend the term of your loan. Consumers Credit Union doesn\u2019t prohibit you from taking a loan despite the age and mileage of the vehicle.<\/p>\n
<\/span>OpenRoad<\/span><\/h3>\n
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<\/span>OpenRoad<\/span><\/h3>\n
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Loan amount<\/p>\n
Up to $100,000<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Pros<\/strong>:<\/p>\n
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Poor credit scores are eligible<\/li>\n
Limits propagation of contact information<\/li>\n
Above-average customer service<\/li>\n<\/ul>\n
Cons<\/strong>:<\/p>\n
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Origination fee is common<\/li>\n
Not available in every state<\/li>\n
Possible hard credit pull for prequalification<\/li>\n<\/ul>\n
Disclosed qualifications<\/strong>:<\/p>\n
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Annual gross income: $24,000<\/li>\n
Mileage: 150,000 miles max<\/li>\n
Loan-to-value ratio: 160%<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
OpenRoad is an all-around great choice for someone who needs a lot of help with the auto refinancing process. Because the company exclusively offers auto refinance loans, its agents are experts in the field. It\u2019s also worth mentioning that the site has accessibility tools for those that need it.<\/p>\n
You can receive a prequalification with OpenRoad, but be aware that a handful of lenders will perform a hard credit pull which will cause your credit score to temporarily dip. If you prequalify, you will get one offer and rate estimate. This is fewer offers than you\u2019ll get from other sites, but its purpose is to keep you from being hounded by follow-ups from multiple lenders.<\/p>\n
Even with a credit score of 500, you can still be approved for a loan. While that\u2019s incredibly generous, scores as low as that may yield an interest rate north of 29%. <\/p>\n
Most of the lenders that work with OpenRoad charge an origination fee of up to $199. That\u2019s not as offensive as some competitors, but note that some lenders don\u2019t charge any fee at all.<\/p>\n
<\/span>myAutoloan<\/span><\/h3>\n
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<\/span>myAutoloan<\/span><\/h3>\n
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Loan amount<\/p>\n
From $8,000 ($5,000 for refinance) and up, with no set maximum<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Pros:<\/p>\n
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Seemingly willing to approve those with less than perfect scores<\/li>\n
No firm ceiling on the amount of money you can borrow<\/li>\n
No fees for applying<\/li>\n<\/ul>\n
Cons<\/strong>:<\/p>\n
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Subpar customer service<\/li>\n
Not available in every state<\/li>\n<\/ul>\n
Disclosed qualifications<\/strong>:<\/p>\n
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Bankruptcy: Must be discharged or dismissed<\/li>\n
Annual gross income: $18,000<\/li>\n
Vehicle age: 10 years or newer<\/li>\n
Mileage: 125,000 miles max<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
Another powerful auto loan refinance aggregator is myAutoloan. It boasts of its ability to provide assistance to those with less-than-perfect credit, though its general qualifications list a credit score of 600 to be approved. But because it works with lots of different lenders, each will have its own specific approval requirements.<\/p>\n
Approval from one (or more) lenders often takes mere seconds. myAutoloan will return up to four matches for your credit profile without performing a hard credit pull on your account. You\u2019ll only receive a hard inquiry if you decide to formally apply for the loan. While this is a good feature, it also means that you\u2019ll likely be contacted by multiple lenders as they vie for your business\u2014which can be annoying.<\/p>\n
Once you\u2019re approved, you can receive the money to pay off your current auto loan within 24 hours. That\u2019s not standard with other options, so this is a welcome feature.<\/p>\n
<\/span>Auto Approve<\/span><\/h3>\n
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<\/span>Auto Approve<\/span><\/h3>\n
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Loan amount<\/p>\n
Up to $150,000<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Pros:<\/p>\n
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Handles paperwork so you don\u2019t have to<\/li>\n
Prequalify with a soft credit pull<\/li>\n
All states are eligible<\/li>\n<\/ul>\n
Cons<\/strong>:<\/p>\n
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You must call to complete your application<\/li>\n
Origination fee of up to $488<\/li>\n<\/ul>\n
Disclosed qualifications<\/strong>:<\/p>\n
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Annual gross income: $24,000<\/li>\n
Debt-to-income ratio: 50%<\/li>\n
Vehicle age: 10 years or newer<\/li>\n
Mileage: Just above 200,000 miles max<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
Auto Approve is another service that works to find a lender that best fits your situation\u2014it doesn\u2019t itself issue your loan.<\/p>\n
One of its most lauded features is that it manually handles a lot of the details to guarantee you\u2019re getting exactly what you want. For example, instead of blasting your application to tons of lenders, a loan consultant will help you to figure out which Auto Approve partners are your best fit. Then, they\u2019ll submit your application to the lender that you choose. You\u2019ll then be sent an agreement that simply requires an e-signature. Auto Approve will take care of anything else\u2014including getting the title from the DMV. Also, Auto Approve allows you to add cosigners (or co-borrowers) during your refinancing process (with a few exceptions).<\/p>\n
<\/span>Gravity Lending<\/span><\/h3>\n
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<\/span>Gravity Lending<\/span><\/h3>\n
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Min. credit score<\/p>\n
Undisclosed<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Pros:<\/p>\n
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No payment necessary for up to 90 days after approval<\/li>\n
All states are eligible<\/li>\n
No origination fees<\/li>\n<\/ul>\n
Cons<\/strong>:<\/p>\n
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Prequalified rates are not revealed before a hard pull<\/li>\n
Potentially high APR<\/li>\n<\/ul>\n
Disclosed qualifications<\/strong>:<\/p>\n
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Bankruptcy: Must be discharged at least two years ago<\/li>\n
Debt-to-income ratio: 60%<\/li>\n
Loan-to-value ratio: 150%<\/li>\n
Vehicle age: 10 years or newer<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
Another auto loan aggregator is Gravity Lending, which works with over 70 lenders to find the perfect match for your situation.<\/p>\n
Again, each lender comes with its own specific requirements and terms. Unfortunately, you won\u2019t be able to see the exact details of your loan before your application is submitted. When you\u2019re matched with a lender, it will perform a hard credit inquiry to approve you for the loan.<\/p>\n
Beyond that, Gravity Lending is very customer friendly. The application process can be completed entirely online; it charges no origination fees; it\u2019s available in every state; the majority of its partners offer a discount when you enroll in autopay. You\u2019ll also be put in contact with a loan officer to give you intimate assistance when you want it.<\/p>\n
<\/span>Methodology<\/span><\/h2>\n
When deciding on the lenders offering the best auto loan refinance rates, we took into account things like accessibility, available discounts for completing various tasks, initial fees, and loan amount restrictions. We also included options that tout white glove customer service to help those that aren\u2019t confident enough to make such a weighty decision by themselves.<\/p>\n
<\/span>How to select the best auto loan refinance lender<\/span><\/h2>\n
<\/span>Don\u2019t apply out of your league<\/span><\/h3>\n
Many (but not all) lenders are transparent about the qualifications necessary to receive a loan offer. Whether your annual income would likely prohibit you from an approval, your debt-to-income ratio is sky high, or your credit score is lower than most lenders would like, it\u2019s important to research the details of each before you submit an application. Many allow you to prequalify so that you don\u2019t receive a hard credit inquiry for a doomed-from-the-start application.<\/p>\n
<\/span>Analyze your current auto loan<\/span><\/h3>\n
Remember why you\u2019re refinancing in the first place: To lower your monthly payments and\/or interest rate. Make sure you know your goals. Is a smaller monthly payment the single most important thing? You can look for a lender that offers a longer loan term. Though you\u2019ll likely pay more in interest in the long run, it can free up some money for now.<\/p>\n
<\/span>Minimize fees<\/span><\/h3>\n
You may think you\u2019re getting a good deal on an auto loan refi, but if you\u2019re paying high fees, the loan might hardly be worth the hassle. Some common fees to watch out for are origination fees, prepayment penalties, and processing fees. Choosing the wrong lender could result in hundreds and hundreds of dollars in unnecessary expenses.<\/p>\n
<\/span>TIME Stamp: The best auto refinancing depends on your needs and credit<\/span><\/h2>\n
Some lenders are wildly generous with issuing loans to those with bad credit. Others specialize in walking you through the entire refinancing process with a professional. There are also lenders that provide discounts for maintaining sizable deposits at the bank.<\/p>\n
Your best choice is the one that complements your current life situation. If you\u2019re just beginning in the world of credit and don\u2019t have much money in the bank, there\u2019s still a loan for you.<\/p>\n
<\/span>Frequently asked questions (FAQs)<\/span><\/h2>\n
<\/span>What affects your auto refinance rates?<\/span><\/h3>\n
Many factors play into the auto refinance rates you get. Elements such as your credit score, the age and mileage of your vehicle, and the length of your loan are common examples.<\/p>\n
<\/span>When is a good time to refinance your auto loan?<\/span><\/h3>\n
If you see an opportunity to save money, auto loan refinancing can be a good idea. If your credit score has increased significantly and you know you can get lower interest rates\u2014or if you\u2019d like to lower your monthly payments by increasing the term of your loan\u2014consider a refi. Additionally, if you\u2019d like to pocket some of the equity you\u2019ve built in your car for an emergency, you can opt for a cash-out refinance.<\/p>\n
Just keep in mind the associated fees, such as processing and origination fees, which can offset a lot of your savings.<\/p>\n
<\/span>How does loan refinancing work?<\/span><\/h3>\n
Auto loan refinancing is a brand new loan on your car with all new terms. The refinancing lender will usually send you a check to pay off your current loan. You\u2019ll then make monthly payments toward your new loan.<\/p>\n
<\/span>Can you refinance a car loan if you have bad credit?<\/span><\/h3>\n
Yes. Some lenders accept applicants with poor credit. However, the interest rates will likely be astronomical, making an auto loan refi a last resort.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
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