Investopedia found LendingClub to be the best auto refinance lender for most borrowers. LendingClub’s extra-low rates and accommodating terms make it a great first place to pre-qualify, especially if you have good🦄 credit.
If yoꦉur credit has improved or rates have dropped since you first took out a car loan, it may be a good time to refinance. Investopedia’s full-time research and editorial teams collected close to 1,000 data points on 16 auto lenders from November 2024 into February 2025. Each lender was scored and ranked based on APRs, terms, borrower/vehicle requirements, and more. The auto lenders below are the best options for people in a variety of circumstances.🐼
Best Auto Refinance Loans for June 2025
- Best Overall, Best for Low Rates: 澳洲幸运5官方开奖结果体彩网: LendingClub
- Best for Bad Credit, Best for Cash-Out Refinancing: Ally
- Best Big Bank: 澳洲幸运5官方开奖结果体彩网: Bank of America
- Best for Flexible Loan Terms: 澳洲幸运5官方开奖结果体彩网: First Tech FCU
- Best for Fast Funding: 澳洲幸运5官方开奖结果体彩网: Consumers Credit Union
- Also Great for Cash-Out Refinancing: 澳洲幸运5官方开奖结果体彩网: NASA Federal Credit Union
Best Overall, Best for Low Rates : LendingClub
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LendingClub
- Refinance APR Range: 4.99%–22.99%
- Refinance Loan Amounts: $4,000–$55,000
- Refinance Loan Terms: 36–84 months
Extra-low auto refinance loan rates
Loan amounts as low as $4,000
Will pay your cur🅷rent creditor directly when refinancing
Maximum loan amount is somewhat low ($55,000)
No weekend phone customer support
If you’ve got great credit, it makes sense to look for the best rate you can get. LendingClub advertises the lowest minimum APR among lenders included in our research, aside from military-affiliate lenders. A rate �♑�that is two or three percentage points lower can make a big difference in your total repayment amount over the course of a multi-year loan.
You can refinance loans as small as $4,000, which is useful if you’ve been paying off your car♕ for a while and now qualify for better rates. That’s about average among lenders we researched. But the maximum loan amount is fairly small too, at just $55,000. That’ll be enough for most borrowers, but most lenders offer a much higher ceiling. But old cars won’t be a problem: You can refinance vehicles up to 10 years old wಞith up to 120,000 miles.
If you ow🐠e more than your car is worth, LendingClub will lend up to 140% of your vehicle’s value. That’s as high a loan-to-value (LTV) ratio as any lender wಌe researched. And LendingClub will send the loan funds directly to your current creditor, saving you a bit of time and hassle.
- Membership requirement: None
- Minimum credit score: 600
- Minimum credit history: 3 tradelines
- Minimum income requirement: $1,000
- Maximum debt-to-income ratio: 70%
- Loan options: Refinance
- Maximum loan-to-value ratio: 140%
- Maximum accepted mileage: 120,000
- Maximum accepted age: 10 years
Best for Bad Credit, Best for Cash-Out Refinancing : Ally
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Ally Bank
- Refinance APR Range: 5.49%–23.49%
- Refinance Loan Amounts: $7,500–$99,999
- Refinance Loan Terms: 36–84 months
Low minimum recommended credit score of 520
Highest-rated company t🐬o offer cash-out refinancing
Low rates for qualified borrowers
Must borrow at least $7,500
Repayment terms start atꦫ 36 months (relatively high)
Minimum loan disbursement time is not disclosed
Ge🍷tting a loan with poor credit can be difficult. Not only do you need to deal with worse rates and terms, but it’s hard to know which lenders are willing to work with you in the first place. But Ally willꦰ lend to borrowers with credit scores as low as 520, according to a media representative, so you may want to put it first on your list. Keep in mind that other factors aside from credit score are also involved in loan qualification.
Ally offers lease buyout loans and cash-out refinancing as well, if you need it. Cash-out refinancing allows you to borrow more than your current auto loan and receive the remainder in cash. This can be useful if you want to refinance and you also have some expenses that you would’ve otherwise used a 澳洲幸运5官方开奖结果体彩网:personal loan for—but in this case, remem𒉰ber that the loan is secured by your vehicle.
You’ll ౠneed to borrow at least $7,500 for a refinance loan. That’s more than most lenders in our research, and it may be too much for some borrowers. The minimum repayment term is three years, which is also relatively high. But this isn’t a big problem because there’s no prepayment fee, so it won’t cost extra to pay off your loan early.
- Membership requirement: No
- Minimum credit score: 520
- Minimum credit history: Not disclosed
- Minimum income requirement: $2,000
- Maximum debt-to-income ratio: Not disclosed
- Loan options: New, used, refinance, cash-out refinance, lease buyout
- Maximum loan-to-value ratio: 140%
- Maximum accepted mileage: 121,000
- Maximum accepted age: Not disclosed
Best Big Bank : Bank of America
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- Refinance APR Range: 6.49%–28.00%
- Refinance Loan Amounts: Minimum of $7,500
- Refinance Loan Terms: 48–72 months
Will pay your cur𝓀rent creditor directly whenꦓ refinancing
Relatively fast loan disbursement, within 1 day
Rate discounts for BofA Preferred Rewards members
Must borrow at least $7,500
Cash-out refinancing is not available
Pre-qualification requires a Bank of 𓃲America login
Auto loans involve thousands of dollars and are secured by one of your most important assets. It makes sense to feel uncomfortable borr♐owing from a startup fintech you’ve never heard of; you may want to go with an established name in banking instead.
Bank of America, with roots in 1904, might have what you’re looking for. You won’t have to sacrifice a good rate by going with a brick-and-mortar bank—its minimum refinance APR is on the high side but close to average. Its maximum APR is higher than any other lender in our research, which could be good news if you don’t have the best credit and expect to get a higher rate; lenders with lo꧂wer maximum rates may not be as willing to lend to you.
Regardless of your credit level, you can get a rate discount of 0.25% to 0.50% for being a Bank of America Preferred Rewards member (member tier depends on the amount of money you have with the bank). You must have a Bank of America online account to pre-qualify for a loan, but anyone can sꦡubmit an application to check their rates.
- Membership requirement: None
- Minimum credit score: Not disclosed
- Minimum credit history: Not disclosed
- Minimum income requirement: Not disclosed
- Maximum debt-to-income ratio: Not disclosed
- Loan options: New, used, refinance, lease buyout
- Maximum loan-to-value ratio: Not disclosed
- Maximum accepted mileage: 125,000
- Maximum accepted age: 10 years
Best for Flexible Loan Terms : First Tech FCU
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First Tech Federal Credit Union
- Refinance APR Range: 6.09%–18.00%
- Refinance Loan Amounts: $1,000–$300,000
- Refinance Loan Terms: 12–84 months
Borrow as little as $1,000
Wide repayment terms of 1 to 7 years
Lenient maximum debt-to-income ratio of 50%
Must join credit union to get a loan
Cash-out refinancing not available
Depending on your vehiᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚcle and your loan, you may⛦ need an extra-small or an extra-large loan. Maybe you want to shorten your loan term to pay it off sooner and save money on interest. On the other hand, maybe you want to lengthen your loan term to lower your monthly payment and take some stress out of your budget.
First Tech Federal Credit Union might be able to offer the perfect loan. Its minimum loan amount is just $1,000, lower thaღn most lenders, so you can refinance even a small loan. And you can choose from a wide range of repayme🌄nt terms, giving you a chance at a much shorter or much longer loan, depending on your needs.
First Tech’s rates aren’t terrible, but they’re higher than average among lenders we researched. The best rates only go to people with the best credit, so if that’s you it m๊ay make sense to look elsewhere. Still, if you’re looking for certain loan terms, it may be worth pre-qualifying to see what you’d get.
- Membership requirement: Yes; can join First Tech by joining the Financial Fitness Association for $8
- Minimum credit score: Not disclosed
- Minimum credit history: Not disclosed
- Minimum income requirement: Not disclosed
- Maximum debt-to-income ratio: 50%
- Loan options: New, used, refinance, lease buyout
- Maximum loan-to-value ratio: Not disclosed
- Maximum accepted mileage: 150,000
- Maximum accepted age: 10 years
Best for Fast Funding : Consumers Credit Union
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- Refinance APR Range: 4.99%–22.25%
- Refinance Loan Amounts: $2,000–$55,000
- Refinance Loan Terms: 36–84 months
Same-day financing for eligible borrowers
Low rates
Allows cash-out refinancing
Low fee to join credit union ($5)
Minimum loan repayment term of 3 years
Minimum recommended credit score of 681
Must join credit union to get a loan
Loans only up to $55,000
Need a loan today? Maybe you’ve got a payment coming up, or you just want to get it over with. No matter why you want it, Consumers Credi﷽t Union can offer same-day funding for your auto refinance loan. Be aware that same-day funding is not guaranteed and may depend on a variety of factors, like applying before a certain cut-off ꦇtime.
Consumers’ rates are a bit lower than most lenders in our research, so if your credit is solid you may benefit from a fast loan and a good rate, too. You can pre-qualify without being a credit union membe🐠r, and cash-out refinancing is available if you need it.
On the downside, you’ll need to join Consumers if you decide to take out a loan. It costs $5 to join, plus $5 to open a savings account. And take note that Consumers’ minimum recommended credit score is 681, within the typical 澳洲幸运5官方开奖结果体彩网:good score range, which may be a challenge for some borrowers.
- Membership requirement: Yes, $10 in total; must pay a $5 fee and open a new savings account with $5
- Minimum credit score: 681
- Minimum credit history: 5 years
- Minimum income requirement: $3,000
- Maximum debt-to-income ratio: 45%
- Loan options: New, used, refinance, cash-out refinance
- Maximum loan-to-value ratio: 115%
- Maximum accepted mileage: 100,000
- Maximum accepted age: 6 years
Also Great for Cash-Out Refinancing : NASA Federal Credit Union
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NASA Federal Credit Union
- Refinance APR Range: 5.49%–18.00%
- Refinance Loan Amounts: $5,000–$200,000
- Refinance Loan Terms: 36–84 months
Relatively low minimum APR for refinance loans
Highest overall Investopedia customer satisfaction rating (4.9🤪 out of 5)
No fee to join the credit union
Relatively low maximum loan amount of $200,000
Minimum loan repayment term of 3 years
Credit requirements are not disclosed
NASA Federal Credit Union is one of only a few lenders we found to offer cash-out refinancing, and it earned a relatively high score as well. If you need to borrow more than your caꦫr is worth, you may want to pre-qualify.
NASA FCU is a good pick if you have good credit, too. Its minimum rate is on the low side, though it’s not the lowest found in our research. It offer🌱s cash-out refinancing and lease buyout loans, if you’d like to keep a car you’re leasing with a new loan. And it has many happy customers, earning the highest Investopedia customer satisfaction score of any lender in our research, at 4.9 out of 5. This score aggregates customer ratings from a variety of sources.
Anyone can join NASA FCU. Unlike most 🌱credit unions, you won’t even need to pay to join an organization—you’ll just ℱneed $5 to open a savings account.
- Membership requirement: Yes; no fee to join, but you must hold $5 in a savings account
- Minimum credit score: Not disclosed
- Minimum credit history: Not disclosed
- Minimum income requirement: Not disclosed
- Maximum debt-to-income ratio: Not disclosed
- Loan options: New, used, refinance, cash-out refinance, lease buyout
- Maximum loan-to-value ratio: 100%
- Maximum accepted mileage: 100,000
- Maximum accepted age: Not disclosed
Why You Can Trust Us
Investopedia was founded in 1999 and has been helping readers find the best auto refinance loans since 2020. Investopedia’s research and editorial teams conducted independent, unbiased research into the auto loan industry, collecting nearly 1,000 data points on 16 auto loan lenders. Each lender was objectively scored and ranked on criteria like APRs, terms𝔉, requirements, and availability to provide the best picks above.
Milit🧔ary Members and Families Can 🦩Get Extra-Low Rates
If you’re in t𒅌he military or a veteran, or you have a family member who is, you may qualify for exceptionally low 🐽rates and good terms from a military-affiliate bank or credit union.
USAA, Navy Federal, and PenFed are some of the most popular, and they tend to offer lower rates than other lenders. If you’re eligible, they’re often worth pre-qualifying with to see what you can get. PenFed membership is open to anyone, but in general, you can usually only join a military-affiliate institution if you fit into any of these categories.
- Active duty, guard, reserve, or veteran military servicemember
- Officer candidate in ROTC
- Department of Defense civilian employee, contractor, or retiree
- Have family members who are either in the military or a member of the credit union
How We Find the Best Auto Loans
Investopedia’s full-time research and editorial teams conducted independent, comprehensive research into auto loan lenders from November 2024 into February 2025. 16 popular auto loan lenders were in🍌cluded, and each one was evalꦅuated on 63 criteria. Information was collected from lender websites, customer support, and media representatives. Each lender was scored and ranked objectively. Information not used for scoring was collected for background.
Evaluation criteria were broken down into the following categories and given the 𒊎accompanying weights:
- Cost of Loans: 34.0%
- Loan Terms: 28.0%
- Borrowing Requirements: 22.0%
- Customer Satisfaction: 10.0%
- Additional Features: 6.0%
꧟Investopedia’s full-time compliance team maintains the accuracy of information on this page to ensure our recommendations remain the best choices for their respect💫ive categories.
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Cavan Images / Getty Images
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