10 best auto refinance loans of 2020

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In a Nutshell

Auto loan refinancing – if right for you – may help you save money and adjust your repayment terms to fit your budget. We’ve analyzed some of the best auto refinance loan options for a range of credit profiles with features such as competitive starting rates, a variety of loan amounts and the ability to get cash back.

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Refinancing your auto loan could help you snag a lower interest rate, reduce your monthly payment or get access to some much-needed cash.

We’ve rounded up some of the best auto refinance loans for a range of needs to help you find one that could be right for your situation.



Best for people who need help with the refinance process: RateGenius and RefiJet

Why RateGenius and RefiJet stand out: RateGenius and RefiJet streamline the auto-refinancing process by not only helping you find the best auto loan for your needs, but also by handling the paperwork, title transfer and current loan payoff.

Both also make it easy to see and compare estimated loan rates and terms from multiple lenders if you prequalify. Just keep in mind that prequalification isn’t a guarantee of approval or loan terms — you won’t receive final loan terms until after you submit a formal loan application.

Here are some more details about RateGenius.

  • Multiple loan offers — RateGenius is an online platform that partners with more than 150 lenders to provide competitive offers to people who qualify for a loan.
  • Vehicle and loan requirements — Your vehicle must be less than 10 years old and have fewer than 120,000 miles. Plus, your existing auto loan must have been opened for at least one month, have a balance of $10,000 to $55,000, and have at least 24 months of payments left. Keep in mind the lender may offer different terms on Credit Karma.

Read our full review of RateGenius.  

Here are some more details about RefiJet.

  • Multiple offers — RefiJet connects people with a national network of financial institutions, giving you a chance to receive loan offers from multiple lenders.
  • Loan requirements — To apply for prequalification, you need a history of more than six months of on-time auto loan payments, and your vehicle can be no more than 10 years old.

Best for people with bad credit: Innovative Funding Services and New Roads

Why Innovative Funding Services and New Roads stand out: Your refinancing options can be limited if you have less-than-perfect credit, but Innovative Funding Services and New Roads consider applicants with lower credit scores.

Here are some more details about Innovative Funding Services.

  • Access to multiple lenders — If you complete Innovative Funding Services’ prequalification application, you have the potential to get offers from multiple lenders across the country.
  • Eligibility requirements — Innovative Funding Services says it considers applicants with credit scores as low as 500. And it will refinance auto loans on cars that are model year 2010 or newer with as many as 150,000 miles.
  • Ability to apply for prequalification — Applying for prequalification allows you to check estimated auto loan rates and terms without affecting your credit scores.  

Read our full review of Innovative Funding Services.

Here are some more details about New Roads.

  • Availability — New Roads auto loans are available in 29 states.
  • Bankruptcy and repossession — New Roads considers applications from people who have a bankruptcy, charge-off or repossession on their credit reports.
  • Eligibility requirements — To refinance with New Roads, you generally must have made at least 12 monthly payments on your auto loan, and your current loan balance can’t be more than 120% of your car’s wholesale value.
  • Low maximum mileage — Your vehicle must be a 2009 or newer model with less than 80,000 miles. This mileage requirement is lower than what many other lenders require.

Read our full review of New Roads.

Best for people who qualify for a starting interest rate: LightStream and MotoRefi

Why LightStream and MotoRefi stand out: For qualifying applicants who have excellent credit, LightStream and MotoRefi offer low starting interest rates.

Here are some more details about LightStream.

  • Vehicle requirements — There are no restrictions on the age or mileage of the vehicles LightStream will refinance.
  • No ability to prequalify — Without the ability to prequalify, you’ll only be able to see your loan terms if you submit an application and are approved for a loan. This will involve a hard credit inquiry, which may lower your credit scores.
  • Rate beat program — LightStream promises to beat competitor interest rates by 0.1 of a percentage point if certain conditions are met.

Read our full review of LightStream.

Here are some more details about MotoRefi.

  • Multiple offers — MotoRefi has partnered with multiple lenders, giving you an opportunity to receive more than one offer with a single application if you prequalify.
  • Loan fee — MotoRefi charges a $399 loan fee to cover costs associated with retitling your car and processing paperwork.

Read our full review of MotoRefi.

Best for people who want a cash-out option: RoadLoans and Auto Credit Express

Why RoadLoans and Auto Credit Express stand out: Not all lenders offer cash-out refinancing, but RoadLoans and Auto Credit Express have cash-out options for qualified applicants. Before you get this type of loan, consider the risks.

Getting cash back will likely increase the amount you have to repay, which can make it difficult for you to keep up with your payments. And if you default on your loan, the lender may repossess your vehicle. Plus, when you get cash back, your loan-to-value ratio increases, and you might end up owing more than the vehicle is worth, making it difficult to sell or trade in.

Here are some more details about RoadLoans.

  • Limited availability — Cash-back refinancing is not available in all states.
  • Refinancing limitations — RoadLoans doesn’t refinance Santander Consumer USA or Chrysler Capital auto loans.
  • Credit requirements — RoadLoans considers people of all credit types, including those who have filed for bankruptcy — as long as the bankruptcy has been discharged.

Read our full review of RoadLoans.

Here are some more details about Auto Credit Express.

  • Lender network — Auto Credit Express isn’t a lender. Instead, it connects people with a network of lenders that offer auto financing.
  • Credit requirements — If you have credit scores below 600, you may have difficulty getting approved for an auto refinance loan with Auto Credit Express.
  • Existing loan requirements — To get a cash-out refinance with Auto Credit Express, you must have equity in your vehicle. Your vehicle must be less than five years old and have no more than 75,000 miles on it. And you must have at least two years left on your current auto loan and owe a minimum of $7,500.

Read our full review of Auto Credit Express.

Best for people with a low car loan balance: AutoPay and U.S. Bank

Why AutoPay and U.S. Bank stand out: Many auto lenders have minimum loan amounts of $5,000 or more, making it difficult to refinance an existing loan with a low balance. But the minimum loan amounts at AutoPay and U.S. Bank are $2,500 and $3,000, respectively.

Here are some more details about AutoPay.

  • Range of refinancing options — Lenders in AutoPay’s network offer traditional, cash back and lease buyout refinancing to qualified applicants.
  • Wide range of loan amounts — AutoPay offers loans from $2,500 to $100,000 — though the lender may offer different terms on Credit Karma.
  • Considers all credit types — Lenders in AutoPay’s network consider people across the credit spectrum.

Read our full review of AutoPay.  

Here are some more details about U.S. Bank.

  • Availability — U.S. Bank auto loans are available in 25 states.
  • Good credit required — The weighted average FICO® score of people who got auto loans directly from U.S. Bank is 748, according to the bank’s third-quarter 2019 earnings presentation.
  • Early loan closure fee — You’ll be charged a minimum fee of $50 and a maximum fee of $100 if you close your account within a year of opening it.

Read our full review of U.S. Bank.


How we picked these lenders

We selected these lenders based on factors that may be important to people who want to refinance their auto loan. Here are a few.

  • Competitive starting interest rates
  • Range of loan types and amounts
  • Whether the lender is willing to consider a range of credit profiles
  • Ability to apply for prequalification to see estimated rates and loan terms without affecting credit scores
  • Other perks, like step-by-step guidance throughout the refinancing process

What to consider with auto refinance loans

Whether you should refinance your auto loan depends on a range of factors, including whether your credit health has improved since you took out your current auto loan. If you’re looking to refinance your auto loan, it’s important to shop around and compare loan offers to find the best loan for your financial goals and budget.

If your current monthly payment doesn’t fit into your budget, watch out for lenders that reduce your car payments by extending your loan term instead of offering a lower rate. With a longer loan term, you may have lower monthly payments, but you’ll end up paying more in interest over the life of the loan. Plus, a longer loan term increases the odds that you’ll become upside down on your loan.

To learn more about whether an auto loan refinance is right for you, check out our guide to refinancing your auto loan.