The best auto refinance companies for most borrowers are Gravity Lending for strong credit, LendingTree for comparing many lenders at once, Tresl for lease buyouts and credit union offers, AutoPay for long terms and a wide loan range, and Happen Bank for a direct bank lender with published rates and a soft credit check. To choose, compare the APR and total interest on the new loan against what you have left to pay now, not just the monthly payment, and get a quote from your own bank or credit union before you sign.
This guide is for drivers who already have a car loan and want to know whether a new one could cost less. It fits borrowers whose credit has improved since they bought the car, people who financed at the dealer without shopping around, and anyone weighing a lease buyout.
The factors that matter most are the APR, the fees, the term and the type of credit check. A longer term can shrink your payment while raising what you pay overall, and only one of our five picks lends its own money. The rest place your application with partner lenders.
Below you'll find each pick's published rates, loan limits and terms, a simple way to check the math, the situations that make refinancing harder, and the red flags to watch for.
Should you refinance your car loan?
Refinancing replaces your current auto loan with a new one, ideally at a lower APR. It tends to make sense when:
- Your credit score has gone up since you took the original loan.
- Rates have dropped or you financed at the dealer without shopping around.
- You owe less than the car is worth, so the lender is not lending against negative equity.
- You have enough time left on the loan for interest savings to outweigh fees.
It usually does not make sense when your loan is nearly paid off, when you owe more than the car is worth, or when the only way to lower the payment is to stretch the term. The CFPB notes that longer terms raise the overall cost of a loan.
How to check the math
- Find your payoff amount and months remaining from your current lender.
- Multiply your current payment by months left. That is what you will pay if you do nothing.
- Multiply the new payment by the new term and add any fees (origination, title transfer, state fees).
- If the second number is not clearly lower, refinancing is costing you money, even if the monthly payment drops.
Auto refinance rates, terms and fees
Advertised starting rates go to borrowers with top credit, short terms and newer vehicles. As listed October 2026, Gravity Lending advertises 3.89% APR for a FICO score of 740 or higher on 36 months, AutoPay shows 4.67% APR for 750 to 850 credit on 36 months, and Happen Bank lists a range of 4.49% to 24.99% APR.
| Company |
Starting APR |
Loan amounts |
Terms |
Type |
| Gravity Lending |
3.89% |
Not published |
25 to 84 months |
Partner lender network |
| LendingTree |
Varies by partner |
$2,500 to $150,000 |
12 to 96 months |
Marketplace |
| Tresl |
Not published |
Not published |
Not published |
Partner lender network |
| AutoPay |
4.67% (example) |
$2,500 to $100,000 |
24 to 96 months |
Partner lender network |
| Happen Bank |
4.49% |
$4,000 to $100,000 |
24 to 84 months |
Direct bank lender |
Fees to expect
- Origination fees. Happen Bank charges $150 on loans over $7,500.
- Title transfer and state fees. Almost every refinance has them, and they are often rolled into the new loan.
- Add-on products. GAP, service contracts and similar products may be offered. The FTC says these can be declined.
Your actual rate depends on your credit, income, debt-to-income ratio, loan-to-value ratio, vehicle age and mileage, and your state.
Direct lender vs. marketplace: which to use
Only one of our five picks, Happen Bank, lends its own money. The other four connect you with partner lenders:
- LendingTree is a marketplace that shows offers from several lenders.
- Gravity Lending, Tresl and AutoPay take your application and place it with lenders in their networks, often credit unions.
Marketplaces and networks save you time and can reach lenders you would not find alone, especially if your credit is fair. The tradeoff is less visibility up front: the final rate, fees and servicer come from whichever partner approves you, and you may get contact from more than one lender. A direct lender gives you one set of published terms and one company to deal with.
Either way, ask whether the first look is a soft or hard credit pull. Happen Bank uses a soft pull to show your rate. Gravity Lending says it uses a hard pull to produce real offers.
Can you refinance in these situations?
You have fair or bad credit
Possibly, but the savings shrink. AutoPay’s rate table includes a tier below 640, and LendingTree lists partners with minimums as low as 460. If your score has not improved since the original loan, a new rate may not beat what you have.
You owe more than the car is worth
This is negative equity. Many lenders cap loan-to-value, so you may be declined or offered a higher rate. The FTC warns that rolling negative equity into a new loan increases what you borrow, the length of the loan or the payment.
Your car is older or has high-mileage
Happen Bank generally limits refinancing to vehicles 10 years old or newer with 120,000 miles or fewer, and AutoPay’s rate example uses the same limits. Older cars narrow your options.
Your loan is less than a year old
AutoPay’s rate example requires the loan to have been funded at least one month ago. Some lenders also wait until the title has transferred, which can take a few months.
You want to buy out your lease
Tresl and AutoPay both offer lease buyout loans.
You want cash out
AutoPay offers cash-out refinancing. Borrowing against your car raises your balance and the chance of owing more than it is worth.
Red flags and warnings
- A lower payment from a longer term. The FTC says that with 72- or 84-month loans, the longer the loan, the more expensive the deal is overall. Compare total cost, not the monthly payment.
- Add-ons bundled into the loan. GAP, extended warranties and service contracts are optional. Ask for the price of each and say no if you do not need them.
- Rolling in negative equity. You keep paying for value the car no longer has.
- Guaranteed approval promises. No legitimate lender can promise approval or a rate before reviewing your credit.
- Upfront fees before approval. Be cautious with any company that wants payment before you have a loan offer in writing.
- Government claims. There is no federal auto refinance program. A company that implies a government connection is a warning sign.
None of the companies on this page is affiliated with any government agency, and approval and rates are never guaranteed.
Free alternatives and what to do if refinancing won't save money
Before you apply through any company on this list, get two free quotes:
- Your credit union. The CFPB suggests comparing offers from banks, credit unions and dealers.
- Your current lender. Ask whether it will lower your rate or change the payment date. It costs nothing to ask.
The CFPB offers a free Auto Loan Shopping Sheet for comparing loans side by side.
If the numbers don’t work
- Pay extra toward principal to cut interest without new fees. Confirm your loan has no prepayment penalty.
- Improve your credit for 6 to 12 months by paying on time and lowering card balances, then check rates again.
- Talk to your lender early if you are struggling to make payments. Ask about deferment or a modified schedule before you fall behind.
- Get free help from a nonprofit credit counselor if your car loan is one of several debts.
Other auto refinance companies we reviewed
RefiJet is a phone-based auto refinance broker, not a lender: a named consultant shops a network of banks and credit unions and handles the payoff and title work. It lists APRs of 4.29% to 21.99% (current as of June 2026), loans of $5,000 to $150,000 over 24 to 96 months, and a 560 minimum credit score with $1,900 in monthly income, and it also handles lease buyouts and motorcycles. It is BBB accredited since 2016 with an A+ and scores 4.7 on Trustpilot from 1,158 reviews. It is not in the ranked picks because the processing fee is not published anywhere on refijet.com (one-star reviews in 2026 cite $495, financed into the loan), you cannot see offers without a phone call, and recent complaints describe a hard credit inquiry when a soft pull was expected. If your credit is strong, a credit union or a no-fee lender will usually beat it on total cost. Read our RefiJet review.
Terms to know
- APR
- Annual percentage rate, the yearly cost of the loan including interest and certain fees.
- Loan-to-value (LTV)
- Your loan balance divided by the car's value; lenders use it to decide approval and rate.
- Negative equity
- Owing more on the car than it is worth, also called being upside down.
- Origination fee
- A one-time fee a lender charges to set up a new loan.
- Soft credit pull
- A credit check that does not affect your credit score, often used to show estimated rates.
- Hard credit pull
- A credit check made when you apply for credit that can lower your score slightly.
- GAP coverage
- Optional coverage that pays the difference between what you owe and the car's value if it is totaled or stolen.
- Cash-out refinance
- A refinance that lends you more than your payoff and gives you the difference in cash.
