Though you may have grown comfortable with your car loan, you can still benefit from major savings by refinancing your loan.
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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 and 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 that may help improve your financial situation easily. By researching how to refinance a car loan, customers may be able to take out extra funds to cover the full amount of existing debt while getting better repayment terms and, in some cases, lower auto refinance interest rates.
Auto Approve is a loan aggregator specializing in car refinance for all types of vehicles, including boats and ATVs. Auto Approve can frequently get you a better auto refinance deal than you could access yourself.
Pros | Cons |
Accepts almost every type of vehicle | Doesn't fit bad credit borrowers |
Wide lender network of financial institutions | Does not offer purchase loans |
There are many reasons why customers might look to auto loan refinance. By improving the terms of your car financing, you can potentially relieve stress, lighten your financial burden, and save money over the long run by avoiding unnecessarily high interest rates.
These are just some of the reasons why customers choose auto refinancing:
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, we suggest continuing to drive 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 might affect their ability to get the most favorable terms possible. Before signing with one of the many auto refinance lenders out there, we suggest considering the following:
Finding a great new auto loan refinance option can be a convenient process if customers are thorough when applying. To find the best refinance car loan, we recommend customers take these steps:
No matter the reason to do so, an auto refinance loan may offer excellent value for borrowers seeking to improve repayment terms and help to fully repay an auto loan without breaking the bank—even if it's the best bank to refinance your car. By refinancing, customers can lower monthly payments, reduce the total amount paid by lowering car loan interest and consolidating 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, it's always a good idea to narrow down the best auto refinance loan lenders with our in-depth reviews, expert research, and fair comparisons.
Auto Approve:
APR and Fees Disclosure: Auto Approve works to find you the best Annual Percentage Rate (APR), which is based on factors like your credit history, vehicle, and desired payment terms. Fees to complete your loan refinance vary by state and lender; they generally include admin fees, doc fees, DMV, and title. Advertised 5.49% APR based on: 2019 model year or newer vehicle, 730 minimum FICO credit score, and loan term up to 72 months. All loans are subject to credit and lender approval.
Caribou:
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 4.64% to 28.55% and is determined at the time of application. The lowest APR is available for a 36-month term to borrowers with excellent credit. Conditions apply. Advertised rates and fees are valid as of 10/7/25 and are subject to change without notice.
¹ This information is estimated based on consumers whose auto refinance loan was funded through Caribou between 7/1/2025 and 9/30/2025, had an existing auto loan on their credit report, and selected a loan offer to reduce their monthly payment. These borrowers saved an average of $151 per month, with annualized savings of $1,812 per year. 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.
Gravity:
Monthly Savings: Average monthly payment savings shown were calculated from all funded loans between August 1, 2023, and August 31, 2023. Payment is a calculation of the approved interest rate, selected term, and amount financed. Your actual savings may differ, more or less, and you can typically customize many aspects of your loan to find the savings you seek.
Upgrade:
Auto refinance loans through the Upgrade feature have 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).
PNC:
Annual Percentage Rates (APRs) for loans amounting to $5,000 to $100,000 with repayment terms of 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. To qualify for the discount, an automated payment must be set up at loan closing. If automated payment is discontinued, you may no longer receive an automated payment discount, and your rate will increase by 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 the first payment.
NOTE: BestMoney.Com established the credit score ranges utilized to define "Excellent," "Good," "Fair," and "Poor" in the "Credit Score" drop-down option 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.
