Refinancing your auto loan can be a smart financial move if you’re looking to lower your monthly payments, reduce your interest rate, or shorten your loan term. Choosing the right refinance company can make all the difference in getting the best deal. Here are some of the best auto loan refinance companies to consider, each offering competitive rates and flexible terms to suit your needs.
1. LightStream
Best For: Borrowers with excellent credit
LightStream, a division of SunTrust Bank, is known for offering some of the lowest rates available for auto loan refinancing, especially for borrowers with good to excellent credit. They offer fast, hassle-free online applications and a simple approval process. Additionally, LightStream doesn’t charge any fees for application, prepayment, or origination, and they offer flexible loan terms ranging from 24 to 84 months.
Key Features:
- Competitive rates (as low as 4.49% APR for new cars)
- Loan terms between 24 and 84 months
- No fees or penalties for early repayment
- Quick approval and funding process
- Available for both new and used cars
2. AutoPay
Best For: Competitive rates and great customer service
AutoPay is a popular choice for refinancing auto loans due to its competitive rates, simple online process, and excellent customer service. They offer loans for new and used vehicles with terms ranging from 24 to 72 months. They also provide refinancing options for high-mileage cars and vehicles that are up to 10 years old.
Key Features:
- Rates as low as 3.99% APR
- Loan terms of 24 to 72 months
- No fees for application, origination, or prepayment
- Available for vehicles up to 10 years old
- Special options for high-mileage vehicles
3. LendingClub
Best For: Borrowers with fair to good credit
LendingClub is a peer-to-peer lender that offers auto loan refinancing for borrowers with fair to good credit. Their application process is quick and easy, and they have a reputation for offering competitive interest rates and flexible terms. LendingClub’s loans are available for both new and used cars, and they allow refinancing of cars up to 6 years old.
Key Features:
- Rates as low as 4.99% APR
- Loan terms between 36 and 72 months
- Available for vehicles up to 6 years old
- Flexible loan amounts with no prepayment penalties
- Easy online application process
4. Bank of America
Best For: Existing Bank of America customers
Bank of America offers auto loan refinancing with competitive rates for customers who already have an existing relationship with the bank. For those with excellent credit, Bank of America provides low rates and the option to customize their loan terms. In addition, Bank of America doesn’t charge fees for origination, and you may qualify for a discount on your rate if you set up automatic payments.
Key Features:
- Rates as low as 5.49% APR
- Loan terms ranging from 36 to 72 months
- No fees for application or prepayment
- Special discounts for customers with automatic payments
- Available for new and used cars
5. Carvana
Best For: Quick and easy refinancing process
Carvana is known for its no-haggle, easy car buying process, but they also offer auto loan refinancing. Carvana’s online platform makes it convenient to refinance your car without ever leaving your home. They offer competitive rates, quick approval, and a simple, transparent refinancing process. Carvana provides refinancing for vehicles up to 7 years old, and their loan terms typically range from 36 to 72 months.
Key Features:
- Rates as low as 4.89% APR
- Loan terms between 36 and 72 months
- Quick and easy online application
- No fees for application or prepayment
- Available for cars up to 7 years old
6. RateGenius
Best For: Customizable loan options
RateGenius is an auto refinance marketplace that connects borrowers with multiple lenders, allowing you to compare rates and terms from various financial institutions. This platform makes it easy to find competitive rates and offers flexible loan options for both new and used vehicles. RateGenius is known for its fast approval process and the ability to refinance cars up to 10 years old.
Key Features:
- Rates starting at 2.99% APR
- Loan terms from 24 to 72 months
- No fees for application, prepayment, or origination
- Available for vehicles up to 10 years old
- Fast approval and easy online application
7. DCU (Digital Federal Credit Union)
Best For: Credit union members looking for personalized service
DCU is a credit union that offers competitive rates on auto loan refinancing, with a focus on personalized customer service. DCU members can benefit from lower rates and flexible loan terms. They offer refinancing for both new and used cars, including vehicles with high mileage, and they have no prepayment penalties.
Key Features:
- Rates starting at 2.49% APR
- Loan terms from 36 to 72 months
- Available for vehicles up to 7 years old
- No fees for application or early repayment
- Member-focused customer service
8. MyAutoLoan
Best For: Quick and easy online application
MyAutoLoan offers auto loan refinancing with the ability to compare rates from multiple lenders. They have a quick and straightforward online process, making it easy to apply for refinancing and choose the best loan offer. MyAutoLoan offers loans for both new and used cars, with terms ranging from 36 to 72 months.
Key Features:
- Rates as low as 3.99% APR
- Loan terms between 36 and 72 months
- Simple online application process
- No fees for application, prepayment, or origination
- Available for cars up to 6 years old
Conclusion
Refinancing your auto loan can help reduce your monthly payments, lower your interest rate, or provide more manageable loan terms. The companies listed above are some of the best options to consider, each offering competitive rates and a range of loan terms. Whether you’re looking for a lender that specializes in excellent credit, offers a quick online process, or allows refinancing for high-mileage vehicles, there’s an option for you. Before making a decision, be sure to compare offers, check for any fees, and consider your long-term financial goals.
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