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Min. credit score
Funds available in
Min. credit score
Funds available in
When refinancing your auto loan, many lenders require good or better credit. Nationwide’s lending partner Axos sets its minimum credit score at just 500, which falls within the bad credit range. While it’s likely not all borrowers with low credit scores will qualify — and it’s unclear what their rate could be if they do — Axos allows borrowers to prequalify with no impact to their credit score, so finding out is low-risk.
While drivers can benefit from prequalification, there are quite a few vehicle restrictions to be aware of when refinancing through Nationwide.
High maximum loan amount
No prepayment penalty
No rates or fees disclosed
Insurance company Nationwide does not directly provide refinance auto loans to drivers but serves customers through its relationship with Axos Bank. The California-based savings and loan association assists drivers in every U.S. state and can drop monthly loan payments by an average of $99 dollars per month, according to its site.
There are a few restrictions outlined on the Axos application to consider before applying to refinance your vehicle. All applicants — including joint applicants — must have a credit score of at least 500, no open bankruptcies, a verifiable source of income and a combined household gross income of at least $1,500 per month.
Their main requirements for vehicles are that they must be model year 2013 or newer, have less than 125,000 miles (less than 175,000 miles for diesel-powered vehicles) and be valued at $8,500 or more.
Additionally, the following vehicles are ineligible for refinancing.
Like Nationwide, iLending offers refinance loans with a seamless online application process. Borrowers working with the lending platform can benefit from dedicated customer support that Nationwide lacks. Along with this, iLending has a low minimum credit score requirement of 560, making it a solid alternative for bad-credit borrowers.
Caribou offers borrowers the ability to compare refinancing rates online like Nationwide, with the added benefit of bundling add-ons such as gap protection, though not insurance. Both lenders work with a range of funding options and carry varying requirements. But Caribou is not available in every state. The lender doesn’t provide loans to consumers in Maryland, Mississippi, Nebraska, Nevada or West Virginia.
Before you refinance your auto loan with Nationwide and Axos Bank, consider the following benefits and drawbacks.
Axos Bank offers support for auto refinancing by phone. You can reach them at 844-517-5564 Monday through Friday from 8 a.m. to 4:30p.m. PT. The lender also offers support through its virtual financial assistant Evo, which serves users online. Otherwise, the intuitive website and app make for seamless online loan management.
Nationwide Bank does not directly refinance auto loans but instead works with Axos Bank to help drivers save money on their monthly payments through lower interest rates. Before refinancing, try using an auto refinance calculator to understand the best loan terms for your monthly budget.
Typically, the most competitive rates will be offered to those with very good to excellent credit scores of 760 or higher. Terms can extend up to 96 months. Additionally, you can defer your first payment for up to 90 days.
The application process can be done completely online and should only take 15 minutes of your time.
The online process requires no application fee and can be completed in three main steps. Remember that a formal approval requires a hard credit pull, which can drop your credit score a few points for a short time.
To apply, simply fill out the application, create your account and provide details about your vehicle. Decisions are made in less than 24 hours.
Although Nationwide does not offer 24/7 customer service, the website does offer a helpful online assistant that can answer any questions you may have throughout the funding process. Along with this, there is no fee for applying or early loan payoff. And there is no payment required for 90 days after you agree to the loan.
Borrowers should prepare to spend money for the origination of the loan along with fees for late or returned loan payments.
|Nationwide has a high maximum loan amount but carries some vehicle age and mileage restrictions.
|Axos sets a low credit score requirement but doesn’t share an APR range online.
|Axos offers automatic payments and app availability combined with support five days a week.
|Rates and fees are not clearly displayed on site but drivers can apply to prequalify following a soft credit pull.
The Bankrate team assessed more than 35 auto lenders to find the best. To rate lenders specializing in auto refinance loans, Bankrate considers 16 different criteria, including the loan amount, disclosed APR and acceptance criteria. Each lender receives a Bankrate score based on four categories.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.