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Top 10 Auto Refinance Lending Companies Of 2021

Auto Refinance

Updated July 13, 2021

Here is the list of Top 10 Auto Refinance Lending Companies

If you are looking up to free up your cash flow or pay off your loan faster, auto refinance is an option you can consider. It could be a great financial decision as refinancing your auto loan could lower your monthly payments, and reduce the total amount of interest you pay on your car loan. Getting an auto-to-refinance loan is a profitable decision in the long term as it reduces your monthly payment and boosts your total savings on interest over the life of the loan.

As any financial decision should not be made lightly, read along to find the Top 10 Auto Refinance companies which provide the best interest rates, minimum loan amounts, repayment terms, and credit score requirements.

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#1

iLendingDIRECT

iLendingDIRECT

iLendingDIRECT is a leading Marketplace for Refinancing Auto loans from multiple vetted vendors. They offer money-saving services by discovering the lower interest rates, get you custom loan solutions, and have experienced loan consultants to help you. In addition, they also offer GAP Waiver and Vehicle Service Contracts to protect you and your investment.

iLendingDIRECT works with customers who have a bad credit score and help them get qualified for a refinance.

Loan Amount Offered: $7,500 to $80,000

APR Rates: 1.99%

Loan Terms: 12 to 84 months

iLendingDirect Fee charges: none

Credit Score: 560+

  • Selected Based on:
  • $ APR Rates
  • Editor’s Choice

#2

Lending Tree

Lending Tree

Lending Tree is a Marketplace for Refinancing Auto Loans where you can compare rates for just any financial product. It was started way back in 1997 to create a marketplace that made comparison shopping loans easier. Applying for a loan is easy with Lending Tree as you need to submit a short form online, which connects you with up to five different lenders that can help you refinance your auto loan.

The plus of going with Lending Tree is that they have their customer support staff which can help you with any queries about your lender or Lending Tree’s service.

Loan Amount Offered: Varies by lender

APR Rates: Starting at 1.99%

Loan Terms: 36 to 60 months

Lending Tree Fee charges: None

Credit Score: 750+

  • Selected Based on:
  • $ APR Rates
  • Editor’s Choice

#3

PenFed

PenFed Credit Union

Pentagon Federal Credit Union is one of the countries strongest and most stable financial institutions known to offer car loans and home mortgages. It is known to offer some of the lowest auto refinance rates on the market for new as well as used cars. In addition, they also provide GAP protection, Extended Warranty, and Debt protection.

Loan Amount Offered: Up to $100,00

APR Rates: Starting at 1.79%

Loan Terms: 36 to 84 months

PenFed Fee charges: yes

Credit Score: 610

  • Selected Based on:
  • $ Low Credit Score
  • Editor’s Choice

#4

RateGenius

RateGenius

RateGenius is a well-established nationwide vehicle refinance platform which has partnered with more than 150 lenders. It focuses on keeping refinances within your existing term length to help you save, in case you get a better rate with one of their other lenders their lending specialist will work with you directly and help you complete your loan application. RateGenius takes care of the back-end work once you submit your paperwork.

Loan Amount Offered: Varies by lender

APR Rates: Starting at 1.99%

Loan Terms: 36 to 60 months

RateGenius Fee charges: None

Credit Score: 720+

  • Selected Based on:
  • $ APR Rates
  • Editor’s Choice

#5

MyAutoloan

MyAutoloan

MyAutoloan is an online marketplace that connected borrowers with fair credit scores to lenders that provide a wide variety of financing options with competitive rates, low-interest rates. It lets you compare and save from up to 4 offers with no payment for up to 90 days for qualified borrowers. They also offer private party and lease buyouts.

Loan Amount Offered: $5,000 to $99,000

APR Rates: As low as 1.99%

Loan Terms: 24 to 72 months

MyAutoloan Fee charges: None

Credit Score: Min Credit Score 575

  • Selected Based on:
  • $ Low Credit Score
  • Editor’s Choice

#6

Lendingclub

Lendingclub

LendingClub is a marketplace lending platform. It is known for peer-to-peer personal loans but its auto finance loan is direct loans. LendingClub works in a few simple steps where once the consumer gives their details, they receive multiple refinancing options from various lenders. They also offer instant offers.

Loan Amount Offered: $5,000 to $55,000

APR Rates: 2.24%

Loan Terms: 12 to 60 months

Lendingclub Fee charges: None

Credit Score: 640

  • Selected Based on:
  • $ No Fee Charges
  • Editor’s Choice

#7

AutoPay

AutoPay

AutoPay is a marketplace that offers a multitude of options for refinancing your car. It offers traditional refinancing, cashback refinancing, and lease pay-off refinance. It is a credit score-friendly company that provides loans to borrowers with low credit scores and helps them find suitable rates. AutoPay allows you to apply for a loan with co-applicants which is a rarity.

Loan Amount Offered: $2,500 to $100,00

APR Rates: Starts at 1.99%

Loan Terms: 24 to 84 months

AutoPay Fee charges: None

Credit Score: Min Credit Score 600

  • Selected Based on:
  • $ Low Credit Score
  • Editor’s Choice

#8

Auto Credit Express

Auto Credit Express

Auto Credit Express is a leading marketplace to connect lenders and dealers to people who need car loans or buy a new car. They specialize in helping people with bad credit scores, low credit scores, no credit scores or even the have been turned down in the past due to bankruptcy. They have specialized financing companies to help people with bad credit scores, they also offer military auto loans.

Loan Amount Offered: Not Provided

APR Rates: 3.99% – 29.99%

Loan Terms: Not Provided

Auto Credit Express Fee charges: None

Credit Score: Min Credit Score 580

  • Selected Based on:
  • $ No Fees
  • Editor’s Choice

#9

Lightstream

Lightstream

Lightstream is an online loan provider previously known as SunTrustBank. The one-of-a-kind lender has no restrictions on car mileage or age which lets consumers apply for refinancing of new cars, classic cars, and used cars. Consumers with a good credit score can enjoy low-interest rates, fixed-rate loans, and same-day funding.

Loan Amount Offered: $5,000 to $100,000

APR Rates: From 2.49%

Loan Terms: 24 to 84 months

Lightstream Fee charges: None

Credit Score: Min Credit Score 660

  • Selected Based on:
  • $ APR Rates
  • Editor’s Choice

#10

Auto Approve

Auto Approve

Auto Approve is a marketplace lender that offers auto refinancing for car owners with higher interest rates. It allows you to add, or drop a co-applicant which is a rare feature. Auto Approve makes sure its customers discover the lowest rate possible within minutes. It also offers cash-out refinance and lease buyouts.

Loan Amount Offered: $7,500 to $150,000

APR Rates: From 2.24%

Loan Terms: 12 to 84 months

Auto Approve Fee charges: None

Credit Score: Min Credit Score of 580

  • Selected Based on:
  • $ Low Credit Score
  • Editor’s Choice

Auto Refinance Lending FAQs

What is an Auto Refinance loan?

An auto refinance loan is a secured loan used to pay the existing balance on a current auto loan, better terms, or better interest. Refinancing your auto loan could lower your monthly payments, it will also give you a chance to apply for cash-out refinance and earn extra cash, or buy out the lease on your car.

What are the best auto refinance companies?

The best auto refinance companies are the ones that offer comfortable interest rates and work with reliability and transparency. They should also have multiple refinancing options, educational resources, and customer service. Make sure to research the lender before committing to the loan.

How many times can you refinance a car?

You can refinance your car as many times as you want to provide you find a lender willing to extend a new loan. Having said that, you might find it a bit difficult to find a lender as they may be a bit apprehensive if they see past multiple refinancing on your vehicle.

How to refinance a car?

To refinance an auto loan gather all your documents, evaluate your credit profile, determine if refinancing is beneficial for you and if you qualify.

Documents you need for auto refinance?

You would need your social security number, employment information, residence information, driver’s license, car registration and mileage, and proof of insurance.

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