Best Auto Loan Refinance Rates

PNC Bank doesn't offer auto loan refinancing in all 50 states—you need to close at a physical branch, and the bank only has branches in 29 states. However, the lender does offer a lot of flexibility with its loan amounts and repayment terms. 

If you're a PNC checking customer, you can get a 0.25% discount on your interest rate when you set up automatic payments from the account.

The lender doesn't disclose its credit requirements upfront, and with no way to get prequalified, you'll need to submit an official application and undergo a hard inquiry to see your rates. However, you can use the "Get Rates" feature to get a rough idea of what to expect based on how much you want to borrow and your desired loan term. 

As an auto loan marketplace, AUTOPAY works with credit unions and other lending institutions to offer a range of refinance options. It works with borrowers with bad credit, but if you have excellent credit, you may qualify for one of the lowest interest rates on the market.

That said, AUTOPAY doesn't disclose a maximum APR. Fortunately, you can go through the prequalification process to view your potential offers without a hard credit check. You can also add a co-signer to your application to improve your odds of getting favorable terms. 

Because AUTOPAY partners with several lenders, it offers a lot of flexibility with loan amounts and repayment terms. Funding times can vary by lender.

Consumers Credit Union offers very low and very high loan amounts, giving borrowers a lot of flexibility. What's more, the lender doesn't have limits for vehicle age or mileage—restrictions that are common among other auto lenders. Cash-out refinance loans are available.

While you can get a 0.25% interest rate discount for being a member of the credit union—it only costs $5 to join—you're not required to become a member to get approved for a loan. Unfortunately, the lender only discloses its starting APR, and it doesn't provide minimum eligibility requirements either. However, you can view rate offers with just a soft credit check with its prequalification process. If approved, you can get your loan in as little as one day.

PenFed Credit Union offers competitive interest rates and a lot of flexibility with its loan amounts, offering loans as low as $500. If you get approved, the lender may cut you a check on the same day—it'll be made out to your existing lender and sent directly to you. You can also request a cash-out refinance loan if you have enough equity, though the maximum LTV is 125% in most markets.

While there is a mileage limit on vehicles you can refinance, PenFed doesn't have an age limit. And although it doesn't disclose a minimum credit score requirement, you can get prequalified and view potential offers without an impact on your credit score.

You will need to become a PenFed member to get approved, but the process is easy and requires just a small deposit (which PenFed will actually pay for you, if you’re approved for a loan).

LightStream's auto refinance loan is somewhat unique in that it's not a secured loan—you don't need to use your vehicle as collateral. As a result, there are no vehicle restrictions, and you don't have to worry about losing your car if you can't make payments. 

That said, since LightStream's loans are unsecured, that also means that the lender's interest rates are higher than other auto lenders, even if your credit history is great. You can qualify for a 0.50% interest rate discount if you set up automatic payments, and the lender does offer to beat competitor rates by 0.10%, but that may not matter if you can get a rate lower than LightStream’s minimum APR.

Unfortunately, the lender doesn't offer prequalification to let you check eligibility with no impact on your credit score. However, its loans are available primarily to borrowers with good and excellent credit. 

If you have excellent credit, OpenRoad Lending offers one of the lowest interest rates on the market, with the chance to get up to $5,000 cash with the lender's cash-out option. OpenRoad's minimum loan amount is high compared to the other options on our list, and its minimum repayment term is a bit long as well. 

The lender works with borrowers with bad credit, but it doesn't disclose a maximum interest rate. What's more, there's no way to get prequalified with no impact on your credit score unless you receive an offer in the mail. That said, the lender does accept co-borrowers, if you have trouble getting approved for a low interest rate on your own.