To find the best auto refinance companies, we sorted through several thousand successful refinance applications made in the second 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 2023.
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.
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.
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.
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.
Use LendingTree’s auto refinance calculator to crunch the numbers and decide if refinancing is right for you.