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For many customers, an auto loan company can be an added stressor on top of an already complex situation. Making a major spending decision on a car can be difficult, and entering long-term debt is a choice customers should always make after careful consideration. In many cases, borrowers do not receive the most favorable terms for their loans due to a variety of factors. These can include existing debt levels, poor credit, or even signing for a loan at the same place where an you purchased your car.
While the situation may seem challenging for customers saddled with high interest rates and unrealistic payment schedules, there is a mechanism available to improve your financial situation easily. With the best auto refinancing rates and good car refinance companies, customers can take out an extra funds to cover the full amount of your existing debt while getting better repayment terms and the lowest auto refinance interest rates you can qualify for.
RateGenius is a middleman that connects you with relevant lending companies. It offers a streamlined application process and boasts a network of 150 lending institutions, giving you a good chance of finding the best auto refinancing loan to suit your current situation.
Professionals help find the best refi rates
No new or pre-owned loans
Straightforward and quick application
Focuses exclusively on refinance
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Auto Approve is a loan aggregator specializing in auto loan refinancing for all types of vehicles, including boats and ATVs. Auto Approve can frequently get you a better auto loan refinancing deal than you could access yourself.
Accepts almost every type of vehicle
Doesn't fit bad credit borrowers
Wide lender network of financial institutions
Does not offer purchase loans
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There are many reasons why customers can and should look to refinance your existing auto loans. By improving the terms of your car financing, you can relieve stress, lighten your financial burden, and save money over the long run by avoiding paying unnecessary high interest rates. These are just some of the reasons customers can refinance their car loans:
Cars depreciate quickly, as much as 20% or even more when you drive them off the lot. When someone is “upside down” on a loan, it means they owe more on the car than the vehicle is worth. This is also known as a negative equity car loan. Having an auto loan with negative equity means that you can’t recoup what you owe on the loan by selling the car (although with depreciation you may be in this position anyway). One way to avoid an upside down loan is to pay a bigger down payment, which will also result in lower monthly payments. If possible, you should try to keep driving the car long after you’ve finished paying it off, to make up for the negative equity.
Before choosing to refinance your car, it is important for borrowers to take stock of their current loan and determine the various factors that can affect their ability to get the most favorable terms possible. Before signing on a refinancing loan, customers should always contemplate the following:
Finding a great auto refinancing loan can be an incredibly easy process if customers are thorough when applying for this option. To find the best auto refinance loan, customers should always take these steps:
No matter the reason to do so, an auto refinance loan can offer excellent value for borrowers seeking to improve your repayment terms and guarantee you can fully repay your auto loan without breaking the bank—even if it's the best bank to refinance your car. By refinancing, customers can lower your monthly payments, reduce the total amount you pay by lowering car loan interest and consolidation debt from other loans, or adjust the duration of the loan repayment period. This can be especially true if you're aiming at refinancing with negative equity on your auto loan. For any situation, narrow down the best auto refinance loan lenders with our in-depth reviews, expert research, and fair comparisons.
* APR is the Annual Percentage Rate. Your actual APR may be different. Your APR is based on multiple factors including your credit profile and the loan to value of the vehicle. APR ranges from 3.49% to 36.00% and is determined at the time of application. Lowest APR is available to borrowers with excellent credit and only in certain states. Advertised rates and fees are valid as of 7/21/2022 and are subject to change without notice. Lowest rate of 3.49% APR only available with up to 36-month repayment term. Insurance savings will not result from lower APR.
¹ This information is estimated based on consumers who were approved for an auto refinance loan through Caribou on or after 8/1/2021, had an existing auto loan on their credit report, and accepted their final terms. As of 08/01/2022, these borrowers saved an average of 6.1% on their interest rate. There is no guarantee of savings. Your actual savings, if any, may vary.
² This information is estimated based on consumers who were approved for an auto refinance loan through Caribou on or after 5/1/2022, had an existing auto loan on their credit report, and accepted their final terms. As of 9/27/2022, borrowers who refinance save an average of $111.16 per month. Refinance savings may result from a lower interest rate, longer term, or both. There is no guarantee of savings. Your actual savings, if any, may vary based on interest rates, the repayment term, the amount financed, and other factors.
Auto refinance loans through Upgrade feature Annual Percentage Rates (APRs) of 5.24%-17.94%. Lowest rates require Autopay. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Eligible vehicles must be 10 years old or newer and have less than 130,000 miles (or less than 150,000 for trucks).
Annual Percentage Rates (APRs) for loans amounts from $5,000 to $100,000 with repayment terms from 12 to 72 months currently range from 5.89% to 23.04%. Available rates within this range may vary by loan amount, repayment term and model year.
The lowest rates are available to well-qualified applicants. Your actual APR may be higher than the lowest available rate and will be based upon multiple factors such as credit qualifications, loan amount, repayment term, model year, automated payment from a PNC checking account and number of days to first payment.
APRs include a 0.25% discount for automated payment from a PNC checking account. Automated payment must be set up at loan closing to qualify for the 0.25% discount. If automated payment is discontinued, you may no longer receive an automated payment discount and your rate will increase 0.25%.
Model Years: Auto Loans to be secured by a 2014-2023 model year non-commercial vehicle with up to 100,000 miles. Repayment term restrictions apply for vehicles with model years 2014-2017. Certain restrictions apply for mileage from 80,000 to 100,000.
Credit is subject to approval. Certain restrictions and conditions apply. Rates are effective as of 11/13/2022 . Rates, terms and conditions are subject to change at any time. For more information, visit pnc.com/(URL for auto refinance?}.
Loan Payment Example: The monthly payment per $1,000 borrowed at 5.89% APR for a term of 72 months would require 72 monthly payments of $16.52 based on 30 days to first payment. The monthly payment per $1,000 borrowed at 5.89% APR for a term of 12 months would require 12 monthly payments of $86.02 based on 30 days to first payment.
NOTE: The credit score ranges utilized to define "Excellent", "Good", "Fair" and "Poor" in the "Credit Score" drop down option are established by BestMoney.Com as a guideline. Standards for rating credit scores and associated available rates may vary by lender.
Refinance Loan: Refinancing at a longer repayment term may lower your car payment but may also increase the total interest paid over the life of the loan. Refinancing at a shorter repayment term may increase your car payment but may lower the total interest paid over the life of the loan.