At a glance

- Availability
- Affordability
- Customer Experience
- Transparency
About Nationwide
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Loan amount
$10,000-$100,000
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Min. credit score
680
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APR from
4.55-8.55 percent
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Funds available in
48 hours
Loan amount
$10,000-$100,000
Min. credit score
680
APR from
4.55-8.55 percent
Funds available in
48 hours
When refinancing your auto loan, many lenders require vehicles to be 10 or fewer years old. But Nationwide does not carry this restriction, making it a perfect loan for drivers that have an older vehicle that still carries value. Keep in mind that the lender does have rules regarding vehicle mileage and value.
While drivers can benefit from prequalification, there are quite a few vehicle restrictions to be aware of when refinancing through Nationwide.
Prequalification available
High maximum loan amount
No prepayment penalty
Vehicle restrictions
No rates or fees disclosed
Limited products
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. These specifications are required for both parties if applying to a joint application.
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 lower minimum credit score requirement of 560 compared to Nationwide’s minimum of 680 — making iLending a better option for borrowers with lower credit.
Caribou offers borrowers the ability to compare refinancing rates online like Nationwide with the added benefit of bundling insurance. Both lenders work with a range of funding options and carry varying requirements. But Caribou is not available in every state, which you should consider ahead of applying.
Before you refinance your auto loan with Nationwide and Axos Bank, consider the following benefits and drawbacks.
Axos Bank offers support by phone Monday through Friday from 8 a.m. to 5 p.m. PT, along with its virtual financial assistant Evo, which serves users online. Otherwise, the intuitive website and app make for seamless online loan management.
Nationwide Bank doesn’t offer auto loans to help with the initial purchase of a vehicle at this time.
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.
Overall score | 4 | |
---|---|---|
Availability | 4.3 | Nationwide has a high maximum loan amount but carries some vehicle restrictions. |
Affordability | 3.5 | Nationwide’s maximum APR is lower than competitors’. But its fees and high starting APR mean a middling score. |
Customer experience | 4.4 | Axos offers automatic payments and app availability combined with support five days a week. |
Transparency | 4 | Rates and fees are not clearly displayed on site but drivers can apply to prequalify following a soft credit pull. |
To rate lenders that specialize in auto refinance 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.