Best Car Refinance Companies

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.

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, 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

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.

You can also benefit from its extended service contract package, which offers a warranty beyond your manufacturer’s warranty.

OpenRoad Lending 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. 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

This 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

LightStream was founded in 2012 and has since become one of the most trusted places to go to for any type of loan, such as auto refinancing.

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.

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 7.49% to 15.44% if you set up AutoPay. Without this feature, 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 24 months, while the longest is 240 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 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

RefiJet was founded in 2016 and has since become a popular 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

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 lenders.

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, 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 representatives to help you out with any questions you might have.

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

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 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 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 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 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 partners 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 with other firms on the market as well.

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 a loan.

Reasons to Consider:

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

The Pentagon Federal Credit Union or PenFed is a federal credit union that can offer you some excellent rates, provided you become its member.

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.

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” 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 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

RateGenius has an impressive track record, 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 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 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 refinancing loan terms vary from 36 to 84 months.

Application Process

Applying for a loan with RateGenius is similar to what we’ve seen with other 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 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