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Best auto loan refinance rates for November 2022

As of November 26, 2022
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Bankrate’s best refinance auto loans are chosen based on lenders' interest rates, customer experience, available terms and transparency. Lender benefits and drawbacks are fully outlined to help you determine what the best financing option is for you. 

Refinancing your auto loan allows you to replace your current loan with a new one in order to get more favorable terms and lower rates. They are available through a variety of lender types, so it is wise to shop around to consider which fits best for your needs.

When it comes to refinance loans, pay special attention to eligibility requirements and available terms. Doing so allows you to know whether your current loan qualifies, and you can adjust your loan to fit your monthly budget.

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3.9

Bankrate Score
APR from

2.32%

Term

24-60mo

Min credit

Not disclosed

Apply on partner site

3.5

Bankrate Score
APR from

3.19%

Term

48-60mo

Min credit

700

Apply on partner site
APR from

6.30- 6.80%

w/0.25% autopay discount
Term

24-72mo

Min credit

700

Apply on partner site

3.7

Bankrate Score
APR from

7.14- 11.39%

Term

36-72mo

Min credit

Not disclosed

Apply on partner site
APR from

3.24- 14.99%

Term

24-84mo

Min credit

Not disclosed

4.2

Bankrate Score
APR from

3.24%

Term

36-60mo

Min credit

Not disclosed

Apply on partner site

3.9

Bankrate Score
APR from

2.69%

Term

60mo

Min credit

700

Apply on partner site

3.2

Bankrate Score
APR from

2.49%

Term

60mo

Min credit

700

Apply on partner site
APR from

2.99- 24.99%

Term

60mo

Min credit

Not disclosed

Apply on partner site

3.6

Bankrate Score
APR from

3.12%

Term

48-60mo

Min credit

700

Apply on partner site

4.2

Bankrate Score
APR from

6.49- 12.49%

with AutoPay
Term

24-84mo

Min credit

700

Apply on partner site

4.1

Bankrate Score
APR from

2.20- 29.99%

Term

24-84mo

Min credit

Not disclosed

Apply on partner site

Compare auto loan refinance rates in November 2022

Lender Starting APR Term
LightStream 6.49% 24 to 84 months
Autopay 3.24% 36 to 60 months
Caribou 2.32% 24 to 60 months
Upstart 5.61% 24 to 84 months
RefiJet 3.74% 48 to 60 months

Loan details presented are current as of November 7, 2022. Check the lenders’ websites for more current information. The auto loan lenders listed here are selected based on factors such as APR, loan amounts, fees, credit requirements and more.

Best auto loan refinance rates of November 2022

Best for fast funding

Min. credit score:
700
Fixed APR From:
6.49% –12.49%
Loan amount:
$0– $100,000
Term lengths:
2 to 7 years
Min. annual income:
$0
Overview: LightStream offers an easy-to-navigate online interface for unsecured loans. You can apply for repayment terms from 24 to 84 months and a high maximum refinancing amount of $100,000.
 
Why LightStream is the best for fast funding: If you are in a precarious financial position and need funding right away, LightStream is a great option. With same-day funding available and no additional origination fees, LightStream offers a quick online application process and a higher maximum loan amount than competitors. 

Best for dedicated customer support

Min. credit score:
Not disclosed
Fixed APR From:
3.24%
Loan amount:
$2,500– $100,000
Term lengths:
3 to 5 years
Min. annual income:
$0
Overview: Autopay presents borrowers with a range of loans directly from its network. The process is completely online and streamlined, empowering drivers to walk away with a new loan as soon as one business day.  
 
Why Autopay is the best for dedicated customer support: Autopay has a team of loan experts who provide real-time support via text message or phone call on questions regarding the application or current loan.

Best online experience

Min. credit score:
Not disclosed
Fixed APR From:
2.32%
Loan amount:
$0– $100,000
Term lengths:
2 to 5 years
Min. annual income:
$0
Overview: Through a number of lender partners, Caribou considers a driver's credit history to match them with a potential lender. The process can be done completely online and simply requires vehicle information.
 
Why Caribou is the best for shopping online: Caribou’s app and online experience make it very easy to compare different lender rates side by side. Even with its online presence Caribou encourages drivers to speak with its team members who can assist with specific questions seven days a week via phone, email or appointment.

Best for people with bad credit

Min. credit score:
Not disclosed
Fixed APR From:
2.2% –29.99%
Loan amount:
$9,000– $60,000
Term lengths:
2 to 7 years
Min. annual income:
$0
Overview: Upstart is a less traditional lender option that takes advantage of AI technology to match drivers with potential lenders in minutes.
Why Upstart is the best for people with bad credit: The AI approach also considers a customer's risk in a way that greatly benefits those with less than perfect credit. Upstart’s underwriting criteria factors aspects of a driver's history such as education and salary. 

Best for loan comparison

Min. credit score:
700
Fixed APR From:
3.19%
Loan amount:
$0– $1,000,000
Term lengths:
4 to 5 years
Min. annual income:
$0
Overview: RefiJet, while not a direct lender, matches borrowers with improved rates and terms for their loan. Funding becomes available as soon as one business day and rates start at 2.49 percent APR. 
Why RefiJet is the best for loan comparison: The key to finding the perfect loan comes down to comparison. RefiJet enables you to use its prequalification tool to view and compare available quotes, all without impacting your credit score. 

How refinancing a car loan works

Refinancing a car loan is essentially just taking out a new car loan — so the steps for applying are mostly the same. You'll need your driver's license, Social Security number and proof of income and insurance, as well as details about your car. If approved, you'll use the funds from your new loan to pay off your old car loan, then begin making monthly payments with your new interest rate and terms.

When you refinance your car loan you receive a new auto loan that replaces your current one. The process is similar to that of getting your initial loan. Following application and approval, you will pay off the initial loan with your new one, then begin making payments on your new loan. 

 

When should you refinance your car loan?

Refinancing your car loan comes down to saving you money. If you are struggling to afford your vehicle payments or think you could receive more favorable terms, it’s a good idea to consider refinancing your current loan. Here are the three main scenarios where refinance is the right choice.

  1. Your credit has improved. Competitive rates are reserved for drivers with very good or excellent credit — scores of 740 and above. So, if your credit score has risen since you signed off on your initial loan agreement, refinancing could save you money on your monthly payments.
  2. You financed through a dealership. Dealer financing likely did not present you with the best available rates and terms. You might be able to get a better deal if you shop elsewhere and refinance your initial vehicle loan.
  3. You can’t afford your monthly payments. If you are struggling to make your monthly vehicle payments and are at the risk of losing your vehicle it is a good idea to refinance your loan. This way you can extend your terms to lower your monthly costs. Keep in mind that you will have to pay more interest over the life of the loan. 

What to know before applying for a refinance auto loan

As with any loan, it is best to shop around to different lenders before making your final decision. Each lender has its own methodology when determining your interest rates and terms — so compare to see which best fits your needs. 

While every lender measures risk differently, interest rates depend greatly on your credit. Do your homework ahead of time to understand your credit history to get a clear picture of what lenders are looking for and what type of terms you will be offered. 

FAQs about refinance

Methodology

To select the top refinance car loans, Bankrate considers 16 different factors. These factors range in consideration from the loan amount, disclosed APR and acceptance criteria. Each lender holds a score based on four categories. 

  • Availability: This accounts for loan amounts, vehicle restrictions and availability in each state.
  • Affordability: Primarily, this section covers expected APR, acceptance criteria, discounts for autopay and the number of fees. 
  • Customer experience: This category includes online access, support availability, funding timeline, option for automatic payment and app availability.
  • Transparency: Here prequalification and disclosure of rates and fees are accounted for.

Why trust Bankrate?

At Bankrate, our mission is to empower you to make smarter financial decisions. We’ve been comparing and surveying financial institutions for more than 40 years to help you find the right products for your situation. Our award-winning editorial team follows strict guidelines to ensure the content is not influenced by advertisers. Additionally, our content is thoroughly reported and vigorously edited to ensure accuracy.