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The Best Auto Loan Refinance Companies To Reduce Your Interest in 2024

Written By
I. Mitic
Updated
September 08,2023
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

According to the latest car loan statistics, the average current car loan debt in the US amounts to $26,162. If we calculate the interest on that loan amount, we’ll discover that an average American pays over $4,450 in interest for a new car, while the amount paid for a used vehicle is even steeper, coming in at $5,833!

If you’re currently paying off an auto loan, you’re probably wondering if there’s a way to reduce the interest you’ll have to pay. One of the best auto refinance companies may be the solution.

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Best Auto Refinance Rates for March 2024

Best for: quick and easy application

OpenRoad Lending

OpenRoad Lending Logo
OVERVIEW

With OpenRoad Lending, you can rest assured you’ll get the most favorable loan terms, tremendous savings, and award-winning customer service to help you out along the way to refinancing your car loan. Known for its 98% customer satisfaction rate, OpenRoan Lending has a firm spot among reputable auto refinance companies. This lender will deal with your auto loan debt quickly and professionally, without hidden costs. To top things off, the company has an A+ rating with the BBB. Read Review

  • Average monthly savings over $100
  • Swift online application
  • Direct communication with an expert loan care agent
Learn More
On Official Website
APR:
6.29%-29.9%
LOAN AMOUNT:
$10,000-$100,000
LOAN OPTIONS:
Auto loan refinancing
SPEED OF APPROVAL:
Typically, within a few minutes
TERM LENGTH:
36-84 months
APPLICATION FEE:
None
AVAILABILITY:
Not available in all US states
BBB RATING:
A+
Best for: customers with high-mileage or old vehicles

LightStream

LightStream Logo
OVERVIEW

If convenience is one of the things you expect from auto refinancing, LightStream is the right choice for you. With it, you can apply for various types of loans, and the requirements you’ll need to meet are rather basic, making the whole process fast and transparent. There are no hidden fees to worry about, and you can even have the funds in your account the same day you apply. On the flip side, the convenience of this car loan refinance solution comes at the price of a higher APR. Read Review

  • Longer-term loans available
  • No vehicle requirements to refinance a car loan
  • Quick approval and fund depositing times
Learn More
On Official Website
LOWEST APR:
2.49%
LOAN AMOUNT:
$5,000-$100,000
LOAN OPTIONS:
Traditional auto loans, auto refinancing, buyout loans
SPEED OF APPROVAL:
Same day
TERM LENGTH:
36-84 months
APPLICATION FEE:
None
AVAILABILITY:
All states except Alaska and Hawaii
BBB RATING:
A+
Best for: applicants with lower credit scores

RefiJet

RefiJet Logo
OVERVIEW

OVERVIEW RefiJet is an excellent solution for auto loan refinancing, regardless of your credit score. It has partnerships with more than 20 lenders and offers you to prequalify with one of them with just a soft credit check. In addition, RefiJet’s customer support is among the highest-rated, with representatives available every day of the week and ready to guide you through refinancing your current auto loan from start to finish. Read Review

  • Add or remove co-borrowers
  • Auto loan refinance lenders for customers with poor credit scores
  • Soft credit pull for prequalification
Learn More
On Official Website
LOWEST APR:
2.49%
LOAN AMOUNT:
$5,000-$100,000
LOAN OPTIONS:
Traditional auto loans, cash-out refinance loans, lease buyout loans
SPEED OF APPROVAL:
24 hours
TERM LENGTH:
24-96 months
APPLICATION FEE:
$395
AVAILABILITY:
All 50 states
BBB RATING:
A+
Best for: quick approval with multiple lenders

MyAutoLoan.com

MyAutoLoan.com Logo
OVERVIEW

could use to find the best new auto loan terms. It works like a vast marketplace with numerous auto loan refinancing lenders. When you apply to refinance a car via myAutoloan.com, you’ll be presented with four offers within minutes. Customers with fair or even bad credit scores are encouraged to apply, and this lender has no origination fee. Read Review

  • Quick approval even with poor credit
  • No hidden fees
  • Fully online process
Learn More
On Official Website
LOWEST APR:
1.89%
LOAN AMOUNT:
$8,000-$100,000
LOAN OPTIONS:
Auto refinance loans, lease buyout financing, private party loans
SPEED OF APPROVAL:
30 seconds
TERM LENGTH:
24-72 months
APPLICATION FEE:
None
AVAILABILITY:
All states except Alaska and Hawaii
BBB RATING:
A+
Best for: low APR rates

PenFed

PenFed Logo
OVERVIEW

PenFed Credit Union is a credit union and represents another noteworthy way to refinance a car loan. Even though it’s primarily oriented toward serving military personnel, it’s also one of the best car refinance options on the market for civilians who can qualify for its loans by donating to charity or opening a PenFed savings account. Expect to save money, as this credit union has some of the lowest auto loan rates, as well as hardship debt protection and additional discounts with eligible partners. Read Review

  • Lowest APR for loans with three-year repayment terms
  • Debt protection available
  • No origination or prepayment fees
Learn More
On Official Website
LOWEST APR:
1.79%
LOAN AMOUNT:
$500-$150,000
LOAN OPTIONS:
Loans for purchasing new or used cars, auto loan refinancing
SPEED OF APPROVAL:
1-2 days
TERM LENGTH:
36-84 months
APPLICATION FEE:
No
AVAILABILITY:
All 50 states
BBB RATING:
Not accredited
Best for: borrowers who appreciate transparency

RateGenius

RateGenius Logo
OVERVIEW

RateGenius is another optimal solution for your refinancing needs, even though the lowest auto refinance rates it offers apply only to borrowers with a perfect credit score. It’s famous for being very user-friendly and, unlike many other platforms, displays all the auto loan information you need on its website. RateGenius is also notable for having an impressively large network of auto refinance lenders you could connect with to get the best offer possible. Read Review

  • An extensive auto refinance lender network of over 180 candidates
  • Daily rates according to credit scores available on the website
  • Same-day approval and fund-depositing
Learn More
On Official Website
LOWEST APR:
2.99%
LOAN AMOUNT:
$12,000
LOAN OPTIONS:
Car loan refinancing, car lease buyout loans, cash-out refinancing
SPEED OF APPROVAL:
Within minutes
TERM LENGTH:
36-84 months
APPLICATION FEE:
Varies by lender, up to $399
AVAILABILITY:
All 50 states
BBB RATING:
A+
Quick Breakdown

Auto Refinance Companies: Our Top Picks for 2024

  • OpenRoad Lending - For the quick and easy application process

  • RefiJet - For applicants with lower credit scores
  • MyAutoLoan - For fast approval with multiple lenders
  • LightStream - For customers with high-mileage or old vehicles
  • RateGenius - For borrowers who appreciate transparency
  • PenFed - For low APR rates

Detailed Reviews of Auto Refinance Lenders

OpenRoad Lending

Quick Facts
Minimum credit score:
475
APR:
6.29%-29.9%
Loan amount:
$10,000-$100,000
Term length:
36-84 months
BBB rating:
A+

If you’re searching for a way to pay off your car loan with reduced monthly payments, one choice is OpenRoad Lending. This lender reviews your application in minutes and provides impressive average monthly savings of up to $100 per month, flexible repayment terms, and a no-fees option.

Established in 2009, OpenRoad Lending is one of the nation’s best auto refinance companies. OpenRoad’s solution is available in 44 states and is definitely worth considering when looking to refinance a car loan with a trustworthy and dependable provider.

Credit Score and Car Requirements

Even though OpenRoad Lending works with auto refinance borrowers from all financial backgrounds, certain requirements must be met to qualify.

First of all, similar to other car refinance companies, OpenRoad Lending asks its applicants for a minimum gross monthly household income of $2,000, allowing for a co-applicant.

The vehicle this new loan is supposed to finance should preferably meet specific standards set by the company - it can’t be more than eight years old nor have over 160,000 miles on it. Also, OpenRoad Lending won’t finance commercial or older vehicles that are no longer manufactured, such as Oldsmobile or Daewoo.

Even though your credit score isn’t the most important factor when applying to refinance a car loan, OpenRoad Lending asks for a minimum credit score of 475. Borrowers who get to replace their current loan with a new one with lower monthly payments mostly have a FICO score of 560 to 720.

Loan Types and Offers

Although the best auto refinance companies on the market offer loans for buying new or used cars, OpenRoad Lending specializes only in refinancing your current auto loan. It offers excellent conditions, and you can choose the loan term that suits you best, from 36 to 84 months.

The interest rates start at 6.29% APR, which isn’t the lowest we’ve seen, but it’s still a good deal that should allow you to save money on monthly payments. The amount you can borrow ranges from $10,000 to $100,000. The company boasts that its customers save an average of over $100 on each monthly payment or over $1,200 a year.

Once you refinance your car loan with OpenRoad Lending, you can also benefit from its extended service contract package, which offers a warranty beyond your manufacturer’s warranty.

Furthermore, OpenRoad Lending might be one of the best companies to refinance your auto loan, as it provides Guaranteed Auto Protection (GAP) coverage in case your car is totaled or stolen and you owe more on your car payments than the vehicle’s worth.

Application Process

You’ll need to fill out a short online form to apply for a car refinance loan with OpenRoad Lending. You’ll need to provide personal information, such as your Social Security number, your vehicle’s current mileage, a vehicle identification number (VIN), and your employment information.

An expert loan care agent will review your application, email you the offer’s details, and you’ll get approved within an hour. The good news is that the application is free, and in most cases, you won’t have to make loan payments for the first 45 days.

Company Reputation and Support Availability

OpenRoad Lending is one of the best companies to refinance your auto loan. This tried-and-true lender has been in business since 2009 and is headquartered in Fort Worth, Texas. It’s accredited by the BBB (Better Business Bureau) with an A+ rating and is a member of the American Financial Services Association.

OpenRoad Lending boasts a 98% customer satisfaction rating and offers 24/7 customer support via a toll-free line and email.

You can get your answers about refinancing your existing auto loan, monthly payments, interest rate, or anything else within the FAQ section on the website or talk to a dedicated expert loan care agent who will guide you through the process.

Reasons to Consider:

  • Award-winning customer support
  • Quick auto loan approval and flexible financing options
  • Average monthly savings of more than $100
+ Show more

LightStream Review

Quick Facts
Minimum credit score:
660
APR:
From 2.49%
Minimum loan:
$5,000
Term length:
36-84 months
BBB rating:
A+

LightStream was founded in 2012 and has since become one of the most trusted places to go to for any type of loan. It’s also one of the best companies to refinance auto loans, since here, you’ll be able to find some excellent monthly payment rates without fulfilling overly strict vehicle requirements.

Credit Score and Car Requirements

LightStream doesn’t impose any strict requirements for your car. Its “Lending Uncomplicated” feature enables you to get a loan regardless of how much mileage your car has and the year it was manufactured.

However, it has stricter requirements regarding your credit score: You have to have a minimum credit score of 660, a solid payment history, and a low credit utilization ratio to get approved for a loan by this car refinance company.

Loan Types and Offers

LightStream is the place to go for all types of loans, whether you want to build a pool, fund your wedding, or refinance an auto loan. When it comes to auto loans, you can get one to buy a new or used car (or motorcycle), refinance an existing auto loan, or buy out your lease. The size of the loan varies from $5,000 to $100,000.

Using the rate calculator available on the website, you’ll be able to estimate the changes in your interest rate and monthly payments quickly.

Rates range from 2.49% to 9.49% if you set up AutoPay. Without this feature, auto loan refinance rates will be 0.5% higher. The terms differ slightly, too, as LightStream doesn’t offer short-term lending. The shortest loan term you can apply for is 36 months, while the longest is 84 months.

Application Process

Applying for a loan with LightStream is quite simple, and you can complete the whole process online via your desktop or mobile device. All you have to do is fill out the form available on the site. Be prepared to provide an abundance of personal and financial data upfront, as the online form is very detailed.

Company Reputation and Support Availability

This lender is a division of Truist Bank, an FDIC member. It’s one of the auto loan refinance companies that offer loan experience guarantees, which means you can contact the company if you are unsatisfied with the service and receive a $100 refund after completing and submitting a questionnaire that’ll be sent to you by email.

Customer support is available Monday to Friday from 10 a.m. to 8 p.m. and Saturday from noon till 4 p.m. Eastern Time.

Reasons to Consider:

  • Loan satisfaction guarantee
  • Same-day auto loan payout
  • No car requirements
+ Show more

RefiJet Review

Quick Facts
Minimum credit score:
500
APR:
From 2.49%
Minimum loan:
$5,000
Term length:
24-96 months
BBB rating:
A+

RefiJet was founded in 2016 and has since become a popular car loan refinancing option for customers regardless of their credit history. Thanks to its partnership with more than 20 lenders, RefiJet can provide competitive interest rates for those who want to refinance an auto loan, and its customer support is praised as being top-notch. 

Credit Score and Car Requirements

RefiJet is one of the best auto refinance companies for bad credit. You can apply and get an offer with a credit score as low as 500 - although you shouldn’t expect a great interest rate if your credit history lands you in that range.

As for the vehicle requirements your car needs to fulfill, the list is pretty standard: It shouldn’t be older than 10 years or have a mileage higher than 150,000 miles.

Loan Types and Offers

RefiJet provides traditional auto loans, refinancing auto loans, cash-out refinance, and lease buyout loans.

Most offers depend on the specific lender you partner with via RefiJet. Some offer fee-free loans, while others have application fees. With RefiJet, you can borrow anywhere between $5,000 and $100,000. You can also choose the loan term length - from 24 to 96 months.    

Interest rates vary depending on your credit score and the financial institution you’re refinancing an auto loan with. RefiJet will perform a soft check on your credit score and match you with various auto refinance loan companies.

Refinancing options at RefiJet are not limited to cars - you can apply to refinance your SUV, truck, or motorcycle loan as well.

Application Process

If you’re unsure which new loan would be right for you, giving the customer support team a call is probably the best first step. RefiJet is famous for its knowledgeable customer care agents, who’ll guide you through the whole process.

You can also apply using the form available on the website and complete the entire process online. You’ll be asked to provide your address, phone number, email, and birthdate. This info will be used to perform a soft credit check and determine your eligibility. 

Once you’ve been matched with the lenders providing auto loan refinance, you’ll receive their offers and monthly payment estimates. You’ll have 30 days to choose one of the proposals. Once you’ve submitted all the documents, it’ll take about 24 hours for you to get approved, and funding will be in your account the following day.

Company Reputation and Support Availability

As mentioned, RefiJet’s customer support is among the best in the market. You can always count on the company’s financial services representatives to help you with questions about refinancing auto loans. They’re available Monday to Saturday via phone, email, SMS, and social media accounts. 

The company has an A+ rating on BBB, and it’s worth noting that none of the customer complaints on that site were left unresolved. Most of the complaints were about the company’s marketing tactics, which could be less invasive.

Reasons to Consider:

  • Excellent customer representative team
  • 100% online auto loan application process
  • Loan terms as long as 96 months
+ Show more

MyAutoLoan Review

Quick Facts
Minimum credit score:
575
APR:
From 1.99%
Minimum loan:
$5,000
Term length:
24-72 months
BBB rating:
A+

myAutoloan.com is another reputable provider that’ll help you connect with lenders with the best APR rates for refinancing your car loan. Founded in 2003, the company has established a vast network of partnerships, so once you apply for an auto loan, it’ll provide you with not one but four offers within minutes.

Credit Score and Car Requirements

At 575, the recommended credit score for myAutoloan.com is slightly higher than the one required by RefiJet. Additionally, you have to earn at least $18,000 per year to prequalify for refinancing your auto loan.

Other requirements - such as a down payment - might vary among the companies that refinance auto loans and work with myAutoloan.com.

As for your car, it must be 10 years old or newer and have less than 125,000 miles on it. Overall, these are standard requirements, and you’ll likely find similar ones with other lenders as well.

Loan Types and Offers

Currently, myAutoloan.com offers new-car loans, used-car loans, refinance loans, lease buyout financing, and private party loans. The suite of auto refinancing loans on offer makes it an excellent choice, not only for refinancing your original loan but also for taking out a new one for purchasing a new car.

The loan amount ranges from $5,000 for refinancing or $8,000 for a new car to the maximum of $100,000.

Depending on the auto refinancing loan you’d like to take and your credit score, you could be eligible for some of the lowest interest rates on the market, with APR starting at 1.99%. The loan term can range from 24 to 72 months.

Application Process

Applying to refinance your auto loan with myAutoloan.com is relatively simple, and with some of its partner lenders, it can be completed entirely online. You start by filling out the form available on the site, which typically takes just a few minutes. You’ll be asked to provide your personal and financial information and permission for a credit score pull.

Note that multiple reviews of myAutoloan.com and its network of online auto refinance companies complain of lenders making multiple hard credit checks, so this is definitely something to be mindful of when applying.

Once you complete your application, you’ll receive up to four offers from various lenders. After you choose one and fill out the paperwork, you should have the funds to refinance your current auto loan in your account within 24 hours.

Company Reputation and Support Availability

myAutoloan.com has been on the market for nearly two decades and has an A+ rating on its BBB profile. Some customers on the BBB site have complained about the company’s aggressive marketing tactics, but this is a relatively common issue even with the top-rated auto refinance companies.

Before opting for myAutoloan.com, note that the customer support team is available only via the online form. It’s not always easy to contact the agents and get help if something goes south, so double-check whether you’d be comfortable with this before you apply for an auto loan.

Reasons to Consider:

  • Excellent refinancing APR
  • The loan application process can be completed online
  • Get four offers in minutes
+ Show more

PenFed Review

Quick Facts
Minimum credit score:
550
APR:
From 1.79%
Minimum loan:
$500
Term length:
36-84 months
BBB rating:
A+

The Pentagon Federal Credit Union or PenFed is a federal credit union that can offer you some excellent auto refinance loan rates, provided you become its member. It stands out from other lenders as the best auto refinance option for customers who value transparency above all.  

Credit Score and Car Requirements

The basic requirement for taking out a loan at PenFed Credit Union is being military personnel or a member of associations such as the American Red Cross or Marine Corps League.

Alternatively, you can also become a member of PenFed Credit Union by donating to an eligible charity or opening a ​​$5 PenFed Credit Union savings account.

Apart from becoming a member, the applicant should have a credit score of at least 550. The website doesn’t disclose any other requirements for applying.

Loan Types and Offers

PenFed Credit Union offers a range of loans for different purposes, including personal loans, student loan refinancing, and home equity loans. The reason it got featured on this list, however, is its excellent rates for auto loans and auto loan refinancing.

The interest rates for auto loan refinancing with PenFed Credit Union start at 1.79%.

Your interest rate will depend on whether your car gets classified as “new” (models made in 2021 or newer, and those with less than 7,501 miles), or “used” (preowned cars and those with a mileage exceeding 7,501 miles); your loan term (can be 36, 48, 60, 72, or 84 months), and the loan amount (from as low as $500 up to $150,000).

Application Process

The application process can be completed online. The procedure is more complicated if you’re not already a member. In that case, as mentioned, you’ll first need to open a savings account. 

To extend you an offer, PenFed Credit Union will first perform a soft pull that won’t impact your credit score. If, after reviewing the proposal, you decide to proceed with the loan payments, you’ll have to authorize a hard credit check that may harm your score.

Company Reputation and Support Availability

PenFed Credit Union is the nation’s third-largest federal credit union that’s been in business for 86 years, so its reputation is unquestionable. 

However, when we checked its standing on BBB, as we did with other refinance companies for auto loans, we discovered that, despite having an A+ rating, the business is not accredited and has a poor customer satisfaction score. 

Most of the complaints are aimed at PenFed Credit Union’s fraud department, which doesn’t seem effective in solving clients’ problems related to identity theft. Some customers have also complained about the slow process of loan approval and customer support being difficult to reach.

Reasons to Consider:

  • Excellent APR
  • Transparent interest rate and requirements
  • Small loan amounts available
+ Show more

RateGenius Review

Quick Facts
Minimum credit score:
500
APR:
From 2.99%
Minimum loan:
$12,000
Term length:
36-84 months
BBB rating:
A+

RateGenius has an impressive track record among auto refinance companies, having been founded in 1999. Over the years, it has built an extensive network of more than 180 lender partners to provide its clients with competitive rates and loan terms.

Catering to both those with perfect and less-excellent credit scores, RateGenius is an excellent option for refinancing your car loan.

Credit Score and Car Requirements

Apart from checking your credit score, which is a standard procedure, RateGenius will also look at your credit report, and your credit history will need to be at least 12 months long to satisfy the requirements of most of its partner car refinance companies.

Your minimum annual gross income is also significant and shouldn’t be below $24,000. Applicants should also have a debt-to-income ratio lower than 65%.

There is also a set of requirements for your vehicle. If you’re looking to refinance your car, it can’t be older than 10 years. For lease buyout, the limit is five years. The maximum mileage is 150,000 miles for refinancing your auto loan and 100,000 miles for a lease buyout. 

Loan Types and Offers

At RateGenius, you’ll be able to choose between car refinancing and lease buyouts. Unlike some other lenders on our list, it doesn’t offer loans for purchasing new or used cars. 

As for the interest rate, the lowest APR advertised on the website is 2.99%, but your rate will always depend on your credit score and other requirements. The loan amount range with this lender is $12,000-$100,000, while loan terms vary from 36 to 84 months for auto refinance.

Application Process

Applying for a loan with RateGenius is similar to what we’ve seen with other auto refinance companies and can be done via the website. After you complete the step-by-step online procedure, you’ll receive offers from lenders willing to provide you with a loan. 

Once you decide to go with a particular lender and submit the necessary paperwork, it’ll take approximately one to two days for the funds to reach your account.

Company Reputation and Support Availability

RateGenius is a BBB-accredited business and boasts an A+ score on that website. For a company that’s been on the car refinance market for as long as this one, that is quite an achievement.

Customer support can be reached via phone, email, or live chat, available on the site. You’ll also find heaps of helpful information in the FAQ section, which is exceptionally well-organized and easy to search.

Reasons to Consider:

  • Superb customer support
  • Refinance company with a long history
  • Extensive lender network
+ Show more

How To Find the Best Auto Refinance Loans

When choosing an auto refinance loan, many factors need to be considered.

You’ll need to consider your current loan and financial situation, the loan term options and interest rates offered by each lender for a new auto loan, as well as other aspects like credit score requirements for auto refinancing and the current state of your car.

After all, you’re looking to get the lowest interest rate for your new car loan, and save money in the long run.

Get Familiar With Your Credit Score

Before applying for auto refinancing, the first thing you should do is check your credit score. If your credit score has improved since the time you took out your original loan, you may be eligible for a new car loan with more favorable terms.

If it’s low, you’ll be unlikely to get good enough rates to make the whole car loan refinancing process worth your while.

Consider Your Car

If your car is old and/or has high mileage, it may be worth less when sold than what you owe on your existing loan. That usually means you won’t be able to secure more favorable terms on future car payments, so upgrading your vehicle may make more sense in this situation.

Compare Your Old Loan With the New One

The whole point of car loan refinancing is to replace your existing loan from a previous lender with one that’s got better terms. To determine if the new auto loan is more favorable than the old one, you need to compare the interest rates, term lengths, and your loan balance.

You don’t have to do this manually - you can find an auto loan refinance calculator on the internet that can help you determine whether refinancing with a particular lender will pay off. 

The best auto refinance companies will offer competitive interest rates and terms for your new loan, in addition to quick approval times.

However, depending on your credit score and the car you’d like to refinance, they might not be competitive enough. It’s essential to research and compare multiple lenders’ rates and terms before deciding to switch from your current lender.

Another vital thing to check is whether your current loan has a prepayment penalty. Some lenders will charge you extra if you pay off your loan early, which could offset any savings from auto refinancing.

Check the Lender’s Credibility and Track Record

Finally, it’s crucial to deal with a reputable auto refinancing company. That way, you’ll avoid being scammed or paying more interest than on your current loan due to hidden costs and fees.

Furthermore, if you choose one of the car loan refinance companies that work as an auto loan marketplace, know that the partner lenders will perform their own credit checks on you before extending an offer and may have varying minimum credit score requirements.

If they do a hard pull with one of the credit bureaus, it could damage your credit, so it’s another thing to pay attention to. We advise you to do your research and read reviews by past customers to get an idea of what to expect.

FAQ

Which credit union has the lowest auto refinance rates?

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Many credit unions offer auto refinance loans. One of the best is PenFed Credit Union, which offers auto refinancing with the lowest interest rate of 1.79%. This financial service provider has been in business for over 80 years and provides loans with transparent terms and no hidden fees.

Is it reasonable to refinance an automobile?

+

Yes, but only in certain situations. Refinancing your auto loan can save you money by reducing your loan balance. To achieve this, you need to find and get approved for an auto refinance loan with an interest rate lower than the loan you’re looking to refinance. However, this is practically only possible if your credit score is now higher than when you took out the original car loan.

What is a good APR for refinancing a car?

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It depends on several factors, most notably, your credit score. Statistics from two years ago tell us that the average interest rate for an excellent credit score was 4.36%, while for bad credit scores, it was 16.27%. Therefore, any APR lower than that would be considered more favorable than the average.