Best Auto Refinance Loans & Rates of 2026

By Kimberlee Leonard

For most, their auto loan is a loan on their biggest asset, next to their home. Depending on your credit and the cost of your car, the loan can be several hundred dollars or more than a thousand dollars. Finding the best rate and refinancing the loan can help significantly save you money on the loan. We’ve looked at the best auto refinance loans and their rates for the year. Here’s what we found.

Best Auto Refinance Loans & Rates of 2026

• LendingTree — Best Overall
• MyAutoLoan — Best Lease Buyout Option
• Gravity Lending — Best for Price Transparency
• Auto Approve — Best for Specialty Refinance
• Caribou — Best Online Loan Documents
• RefiJet — Best for Personalized Service
• OpenRoad Lending — Best for Quick Processing

Best Overall: LendingTree

Highlights

Why we chose it: LendingTree shops rates among its top lender partners, qualifying applicants across a wide range of credit scores for refinancing their auto loans, making it the top choice for auto refinance loans. 

With LendingTree, it takes just minutes to get matched up to five potential lenders where you would qualify for a loan and the rate you would get. It’s free to use the network search, so you don’t need to worry about paying for the options. LendingTree gets paid by the partner. It’s a nationwide network of lenders, giving options to people throughout the country. Though you don’t need to give your Social Security number to do the search, you are required to provide some personal information. LendingTree has a secure network that secures your data and private information, so you can rest assured that nefarious individuals won’t access it. 

LendingTree shows the quotes with rates, lender rating and monthly payment included. This allows you to choose the lender that best meets your needs. Loan terms go out as far as seven years, giving you options to extend your loan to better manage payments over time. LendingTree’s model is widely appreciated by customers who rate it as a 4.5-star rating on Trustpilot with over 15,000 reviews. Customers appreciate the straightforward and efficient process of getting a loan with LendingTree.

Best Lease Buyout Option: MyAutoLoan

Highlights

Why we chose it: MyAutoLoan makes refinancing easy and gives some of the best rates you can find online for updating your loan, making it the best for refinancing existing auto loans.

MyAutoLoan makes getting a quote a simple process. After providing the engine with your key details such as address, Social Security number and car loan information, you get four offers sent to you immediately. It takes minutes to complete the form and while a Social Security number is required, no credit check is performed, preserving your credit from multiple credit check inquiries. MyAutoLoan services those with autos, trucks, and motorcycles and compiles rates for those who are refinancing, showing you the best rate for your vehicle. A calculator helps you determine how much you can afford and keeps you in control of your financial picture. 

MyAutoLoan has mixed reviews online with a 3.6-star rating on Trustpilot over 967 reviews. Those who like the platform say that it provides borrowers with significant support, including assistance with paperwork and timelines, and alleviates the stress of the process. Those criticizing the platform claimed it required too much information at the onset, making it less trustworthy than other platforms. 

Best for Price Transparency: Gravity Lending

Highlights

Why we chose it: Gravity Lending makes you an offer based on your inputted information and guarantees that there are no hidden fees once you finalize your application, making it the best for transparency. 

Gravity Lending is our top-rated provider for auto refinancing price transparency because they make sure there are no hidden fees or markups once you go through the application process. Although the process takes a few minutes to complete and requires all pertinent loan information, it is a thorough process that ensures Gravity Lending can make you valid offers. Most consumers refinancing with Gravity Lending are saving an average of $105 per month. The program allows you to skip the first 90 days of payments, giving you some breathing room after the refinance. 

Gravity Lending earns exceptional ratings on Trustpilot. It has an average score of 4.9 stars out of five. This is out of more than 2,000 reviews. Most customers have a great experience with the company, citing friendly staff, patience in the loan process and good communication skills. Consumers appreciate the value of the loan, saying that they are saving a significant amount after refinancing with the company. 

Best for Specialty Refinance: Auto Approve

Highlights

Why we chose it: Auto Approve makes refinancing your motorcycle, RV, ATV, or boat a breeze, making it the best choice for specialty refinance. 

Auto Approve works to get you the lowest possible rate on your auto refinance, but doesn’t advertise its lowest daily rates. Customers appreciate that you can skip up to three payments once you refinance, giving you some time to build up savings that may be used for car repair or other life needs. Auto Approve thinks outside the box, beyond just looking for ways to save you money. It will walk you through life changes, such as retirement, to help you pay off your car before your income changes. Payments can be lowered for consumers who have improved their credit since their first auto loan and you can add or drop a co-borrower to make the process more streamlined. 

Auto Approve has more than 11,600 reviews on Trustpilot with an average rating of 4.6 stars, demonstrating high customer satisfaction. Customers say they had a great experience with the company and praise the staff for professionalism and patience. Customers say that staff are quick to respond to questions and get through the paperwork quickly. 

Best Online Loan Documents: Caribou

Highlights

Why we chose it: Caribou makes the paperwork of a loan easy with just a few simple documents that you can sign online, making it the best for online loan documents. 

Caribou boasts that their more than 100,000 customers have saved an average of $141 per month by refinancing with them. It takes just minutes to qualify and you can have a loan shortly after you decide to accept an offer. Caribou goes beyond the loan and offers other services to protect your vehicle. This includes an extended protection plan, key replacement, and total loss protection. It also offers a cosmetic care package that covers the repair of small dents and scratches resulting from everyday road use and parking lot incidents. This package protects the body, windshields, rims, wheels and more.

Caribou averages excellent customer reviews on Trustpilot with an average of 4.4 stars with more than 1,110 reviews. Customers find the company’s staff to be helpful and friendly, with a professional attitude. Customers appreciate that the staff guides them through the process, making it easy and efficient. 

Best for Personalized Service: RefiJet

Highlights

Why we chose it: RefiJet takes the time to get to know your situation to best serve you. This is often done over the phone, with a representative guiding you through the process after a brief conversation. 

RefiJet is focused on giving you personalized service with a phone call that allows the company to get to know you and your needs. The quick online form gets the bulk of the information needed to give you a competitively priced offer. Please be aware that this offer may exceed the amount of your loan, and you should discuss your lending needs with the representative to finalize your lending needs. Some might find the need to speak with a representative cumbersome and would prefer a totally online experience offered by other vendors, but RefiJet goes through this extra step to ensure it understands your needs explicitly. 

RefiJet doesn’t have a huge Trustpilot profile yet, with only 770 customer reviews noted. But most customers have a great experience with the company, as it averages 4.8 stars on the platform. Customers express satisfaction with the service provided, saying that the process is smooth and efficient. Many note that it is stress-free. 

 Best for Quick Processing: OpenRoad Lending

Highlights

Why we chose it: OpenRoad Lending boasts a quick online process that can have a decision in seconds after completing the online form. 

Whether you are looking to lower your interest rate or save on monthly payments, OpenRoad Lending has you covered. They can tailor the loan terms to suit your needs and either reduce your rate or extend your payments over time to lower your monthly payments. It takes just a few minutes to complete the online form that results in the offer for your loan. From there, approval happens quickly and funding follows shortly. 

OpenRoad Lending has an A+ accreditation with the Better Business Bureau. On Trustpilot, it has more than 1,900 reviews with a 4.3-star rating. Customers appreciate that the representatives made the process easy and stress-free. They found the process quick and easy with just a few questions to answer. 

What Is Auto Refinancing?

Auto refinancing is when you take an existing auto loan and get new terms on it with a new loan. Consumers refinance auto loans for various reasons, including getting lower interest rates and lowering monthly payments. It is even possible to get a cash out refinance to access equity in the vehicle and use for other monetary needs. To qualify for a new loan, you must meet the eligibility requirements of the new lender, which often include meeting credit score and income requirements. 

Can You Refinance a Car Loan?

Not everyone will qualify to refinance their car loan. Consumers must meet the eligibility requirements in order to qualify. Eligibility requirements include meeting credit score levels and having enough income to pay the monthly loan payment. Many auto loan providers work with consumers who have poor credit, though these applicants will pay more because of a higher interest rate. 

Should You Refinance Your Car Loan?

Refinancing is a good opportunity to get more favorable loan terms on your vehicle. With a auto refinance, you are able to lower the monthly payments by extending the term of your loan out for more time. Paying the same amount over extended periods will reduce the amount owed every month. Additionally, if interest rates have gone down or you didn’t get favorable terms with an auto loan provider, you can lower your interest rate. This is especially true if your credit score has improved since you got the auto loan. Some people will also refinance if they want to shorten the loan payoff period. This can happen in situations like when a person is about to retire and doesn’t want to have the loan to pay during retirement; they might refinance to pay it off earlier. 

What Is the Process for Refinancing a Car Loan?

The process for refinancing a car loan is pretty straightforward. Learn more about refinancing:

1. Consider your existing loan terms. Review what interest rate you currently have and what your monthly payment is on your existing loan. Ask what your payoff amount is. 
2. Get the estimated car value. Use a source such as Edmond’s or Kelly Blue Book to get a current valuation for your car. If the equity is lower than the payoff, refinancing may be difficult. 
3. Apply with a lender for pre-approval. The lender will run a credit check to determine not just eligibility, but the probable interest rate for your new loan. The better your credit score is, the better your rate will be. 
4. Compare pre-approval offers. Compare loan terms for several loan providers so that you can see who has the best rates for your specific situation. Select the lender with the more favorable terms. 
5. Decide on the length of the loan term. Determine if you want a longer or shorter loan term. Make sure you can afford the payments based on the term of the loan. 
6. Finalize the loan. Complete the paperwork and finalize the loan. The new lender will pay off the old lender and transfer the car’s title with the new lienholder on it. 

How Soon Can You Refinance a Car Loan?

While you can refinance a loan immediately, it may be wise to wait for interest rates to drop or to have six to 12 months of better credit history to refinance. This will give you the best shot of getting better loan terms. Remember, the goal is to lower interest so you pay less for the loan or extend the term to reduce the monthly payment. This may not be possible if you refinance immediately. 

Auto Refinance Loans FAQs

Can you refinance a loan with bad credit?

Many lenders have a program for those with bad credit with a FICO score as low as 500. Keep in mind, poor credit will result in a higher interest rate. This can affect your monthly payment as well as the total amount paid on the loan over time. 

What will it cost to refinance my car loan?

Generally speaking, there are usually no prepayment penalties to payoff an existing loan. You will only have to pay the loan application fee for a new loan (for certain lenders) which will generally be less than $100. Keep in mind, if you have to reregister the car in your state, you’ll have this fee to pay as well. 

Can I refinance if I owe more than my car is worth?

Because the vehicle is the collateral for the loan, the lender wants to ensure it has enough value to cover the loan amount. Getting a loan for more than the value of the car is difficult and generally not possible. 

Can I get cash back when I refinance my car?

It is possible to get a cash out refinance. This can happen when you owe much less than the car is worth. If this is the case, your lender might allow you to increase the loan amount to the value and pay off the existing loan and take the balane out as cash to pay other bills. 

Will I pay prepayment penalties to pay off my loan early?

Prepaying penalties are not as common as they once were. Most lenders today don’t have them but do ask your existing lender if there are any before you finalize any new loan terms. This penalty should be factored into your new loan terms. 

How We Chose the Best Auto Refinance Loans

We evaluated the best auto refinance companies and compared them to make it easier for you to choose the best one for your situation. It’s not always about who has the best rate; you may choose a lender based on its other loan terms or its reputation in the industry. Here’s how we evaluated the best lenders for you: 

• Rates: We looked for lenders that were transparent in pricing and gave offers after a short online application. Not every lender was completely transparent and those that were fared better than those who didn’t. 
• Credit score: Our review considered lenders who approved loans with a wide range of credit scores so that those with poor and bad credit could be serviced with new loans. 
• Customer satisfaction: We read online reviews to see what real customers had to say about the lenders. Those with positive reviews fared better than those with negative reviews.