Top Auto Loan Refinancing Lenders - NerdWallet (2024)

Key facts

Best for applicants wanting a loan representative’s help with the refinancing process from beginning to end.

Pros

• Offers pre-qualification with a soft credit check.
• Fully online application available for applicants who prefer it.
• Some network lenders offer rate discount with automatic payment.
• Customer service available on Saturday.
• Provides Spanish version of website.

Cons

• Charges an origination fee of up to $495.

Qualifications

• Minimum annual gross income: No minimum.
• Maximum debt-to-income ratio: 70%.
• No open or discharged bankruptcies in last 12 months.
• Maximum mileage: 150,000.
• Maximum loan to value ratio: 160%.

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Pros

• Applicants can receive up to four lender matches with a soft credit check.
• Most lenders can provide approval within 30 seconds of application submission.
• Provides lowest daily rates on site, including auto refinance loans.
• Funds to pay off previous lender usually available within 24 hours.
• Allows co-signers.

Cons

• May result in multiple contacts from different lenders.
• Social Security number required to submit initial application.
• myAutoloan.com offers limited customer service support.
• Not available in a few states.

Qualifications

• Minimum annual gross income: $21,600.
• Maximum debt-to-income ratio: Not provided.
• Bankruptcy-related restrictions: Bankruptcy must be discharged or dismissed.
• Maximum mileage: 125,000.
• Maximum loan to value ratio: Not provided.

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Pros

• Applicants can pre-qualify with a soft credit check.
• Application process 100% online including document upload.
• Social Security number not required to see pre-qualified offers.
• Works with a network of lenders to show multiple offers.

Cons

• Charges an origination/processing fee of $399.
• Not available in all states.
• Customer support not available on weekends.

Qualifications

• Minimum annual gross income: Has minimum. Amount not disclosed.
• Maximum debt-to-income ratio: 60%.
• Bankruptcy restrictions: Has restrictions. Details not disclosed.
• Maximum mileage: 125,000 miles gas/175,000 diesel.
• Maximum loan to value ratio: 145%.

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Pros

• Majority of lending partners offer rate discount with automatic payment.
• Social Security number not required to pre-qualify.
• No origination or application fees.
• Applicants can delay payment for up to 90 days after approval.

Cons

• Applicant does not see pre-qualified rates. If applicant is matched to a lender, application is automatically sent to partner for approval via a hard credit check.
• No special programs or flexible requirements for first-time car buyers.

Qualifications

• Minimum annual gross income: $24,000.
• Maximum debt-to-income ratio: 60%.
• Bankruptcy restrictions: Minimum 2-year discharge.
• Maximum loan-to-value ratio: 150%.

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Pros

• Applicants work with a dedicated advisor throughout the refinancing process.
• Most lending partners pre-qualify using a soft credit check.
• Applicants typically receive multiple pre-qualification offers.
• Network lenders offer a rate discount with automatic payment.
• A Social Security number is not required to see pre-qualified offers.

Cons

• Most lenders charge an origination fee of up to $495.
• A few network lenders may use a hard credit inquiry for pre-qualification.
• Borrowers aren’t able to choose their payment due date.

Qualifications

• Minimum annual gross income: All network lenders have a minimum. The lowest is $30,000.
• Maximum debt-to-income ratio: 60%.
• Bankruptcy restrictions: Nearly all network lenders have bankruptcy restrictions, but details were not disclosed.
• Maximum mileage: 150,000.
• Maximum loan-to-value ratio: 150%.

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Pros

• Offers pre-qualification with a soft credit check.
• Some network lenders offer a rate discount with automatic payment.
• Available in all states.
• Co-borrowers or co-signers are allowed in nearly all cases.

Cons

• Charges an origination fee of up to $550.
• Application is not fully online. Some verification done by phone.

Qualifications

• Minimum annual gross income: All network lenders have a minimum. The lowest is $24,000.
• Maximum debt-to-income ratio: 50%.
• Bankruptcy restrictions: Has restrictions. Details not disclosed.
• Maximum mileage: Varies by lender, but all allow at least 100,000 miles.
• Maximum loan-to-value ratio: 140%.

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Pros

• Borrowers work with Loan Care Agents who receive extensive training in auto refinancing.
• Applicants receive a single pre-qualification offer (or decline), which limits borrower contact from network lenders.
• Most lenders pre-qualify using a soft credit check.
• Applicants have the option to apply by phone or online.
• Website provides accessibility tools.
• Allows co-signers and co-borrowers.

Cons

• Most network lenders charge an origination fee up to $199.
• Provides only one pre-qualified offer.
• A few network lenders may use a hard credit inquiry for pre-qualification.
• Social Security number required to submit initial application.
• Not available in some states.

Qualifications

• Minimum annual gross income: There is a minimum income requirement in nearly all cases; the lowest among all lending partners with a minimum is $24,000.
• Maximum debt-to-income ratio: Did not disclose.
• Bankruptcy restrictions: A few network lenders have bankruptcy restrictions. OpenRoad Lending did not disclose what the restrictions are.
• Maximum mileage: 150,000 miles.
• Maximum loan-to-value ratio: 160%.

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Pros

• Offers pre-qualification with a soft credit check.
• Application process is 100% online, including document upload.
• Customer service is available on Saturday and Sunday.
• Some of the network's lenders offer a rate discount with automatic payment.

Cons

• Charges an origination/application fee of $449.
• Borrowers aren’t able to choose the loan payment due date.

Qualifications

• Minimum annual gross income: All network lenders have a minimum. The lowest is $21,600.
• Maximum debt-to-income ratio: 50%.
• Bankruptcy restrictions: Nearly all of iLending's partners have bankruptcy-related restrictions. The bankruptcy must have been discharged. Any waiting period after a bankruptcy varies by lender, from zero to 24 months.
• Maximum loan-to-value ratio: 160%.

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Pros

• Offers pre-qualification with a soft credit check with most lenders.
• Fully online application available.
• Allows co-borrowers and co-signers.
• Some lenders offer rate discount with automatic payment.
• Available in all states.Customer service available on weekends.

Cons

• Most lenders charge an origination fee of up to $495.
• A few network lenders may use a hard credit inquiry for pre-qualification.
• Borrowers aren’t able to choose their payment due date.

Qualifications

• Minimum annual gross income: Varies by lender.
• Maximum debt-to-income ratio: 50%.
• Bankruptcy restrictions: Most lenders have restrictions, but they vary by lender.
• Maximum mileage: 150,000.
• Maximum loan to value ratio: 150%.

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Pros

• Provides average daily rates by credit score on website.
• Network lenders offer a rate discount with automatic payment.
• Most lending partners pre-qualify using a soft credit check.
• Customer service available on Saturday.
• A Social Security number is not required to see pre-qualified offers.

Cons

• Most lenders charge an origination fee of up to $495.
• A few network lenders may use a hard credit inquiry for pre-qualification.
• Borrowers aren’t able to choose their payment due date.

Qualifications

• Minimum annual gross income: All network lenders have a minimum. The lowest is $30,000.
• Maximum debt-to-income ratio: 60%.
• Bankruptcy restrictions: Nearly all network lenders have bankruptcy restrictions, but details were not disclosed.
• Maximum mileage: 150,000.
• Maximum loan-to-value ratio: 150%.

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Pros

• Offers pre-qualification with a soft credit check.
• Works with a network of lenders to find the best offer.
• Does not charge an origination fee.
• Bases loan approval on a wider range of criteria.
• Fully online application.
• Customer service available on Saturdays
• Provides Spanish version of website.

Cons

• Not available in all states.
• No co-borrowers or co-signers allowed.
• No APR rate discount with automatic payment.

Qualifications

• Minimum annual gross income: $12,000.
• Maximum debt-to-income ratio: Did not disclose.
• No bankruptcy-related restrictions.
• Maximum mileage: 140,000.
• Maximum loan to value ratio: 185%.

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Pros

• Offers pre-qualification with a soft credit check.
• Application process 100% online including document upload.
• Charges no origination/processing fee.
• Provides immediate loan decision in most cases.
• Borrowers can choose loan payment due date.

Cons

• No mobile app to make payments and manage the loan.
• Maximum refinance amount lower than other lenders.
• Doesn’t offer loan terms below 36 months.
• Not available in all states.

Qualifications

• Minimum credit score: 660.
• Minimum credit history: None.
• Maximum debt-to-income ratio: 70%.
• Minimum gross annual income: None.
• Bankruptcy restrictions: No public record of bankruptcy in the past 24 months.
• Must be 18 years or older and a U.S. citizen or permanent resident.

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Pros

• Offers rate discount with automatic payment.
• No vehicle restrictions.
• Application process can be completed 100% online, including document upload.
• Offers a loan experience guarantee and rate beat program.

Cons

• Doesn’t offer prequalification or preapproval.

Qualifications

• Minimum credit score: 660.
• Minimum credit history: None.
• Maximum debt-to-income ratio: Did not disclose.
• Minimum annual gross income: None.
• Bankruptcy restrictions: Borrowers cannot have a bankruptcy record within the last 3 years.
• Must be 18 years or older and a U.S. citizen or permanent resident.

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Pros

• Has no maximum restrictions on vehicle age or mileage. No minimum loan amount.
• Vehicles from previous two model years qualify for the new car rate.
• Offers 0.25-percentage-point rate discount with automatic payment. (Rate shown reflects this discount.)
• Will refinance as soon as title can be transferred.
• Has flexible loan terms outside of typical 12-month increments.
• Provides Spanish version of website and Spanish-speaking agents.

Cons

• Credit union membership required to apply for a loan.

Qualifications

• Minimum credit score: None.
• Minimum credit history: None, but prefers past history of paying an auto loan.
• Maximum debt-to-income ratio: Prefers below 50%.
• Minimum annual gross income: None.
• Bankruptcy restrictions: No open bankruptcies.
• Must be 18 years or older.
• Need ITIN if not a U.S. citizen.
• Must establish membership by joining the Consumers Cooperative Association for a one-time fee of $5.

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Pros

• Offers pre-qualification with a soft credit check.
• Application process 100% online including document upload.
• Social Security number not required to see pre-qualified offers.
• Borrowers can choose loan payment due date.

Cons

• No rate discount offered.
• Has vehicle restrictions.
• Not available in all states.

Qualifications

• Minimum credit score: 620.
• Minimum credit history: None.
• Maximum debt-to-income ratio: Did not disclose.
• Minimum gross annual income: 24,000.
• Bankruptcy restrictions: No currently open bankruptcies.
• Must be at least 18 years or older, except in Alabama where borrowers must be at least 19 years or older. Borrowers must be U.S. citizens, permanent residents, or non-permanent residents who live in the U.S.

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