Auto Loan Refinance Rates

Auto Loan Refinance Rates November 2022

November 29, 2022

Compare the latest auto loan refinance rates from all lenders nationwide. Our data for auto loan refinance rates comes directly from the bank and or lender, our data is provided in the utmost unbiased methods. A auto loan refinance is a financial option for your vehicle. Click here or scroll down to see the rate comparison table.


Refinancing your car is not something that most people think about until they need to do it. Refinancing your car isn't cheap or easy, but it can help you save money and pay off your loan faster. Refinancing your car can be a great option if you meet the lender's eligibility requirements, have good credit, and can lock in a lower interest rate on your loan. Here we will look at some of the considerations and steps involved when refinancing your car. If you own a car loan and are interested in refinancing it for a new loan with different terms, you may want to consider refinancing it instead of continuing with your current lender. Refining is almost always cheaper than extending the term of an old loan, but it won't always be worth the hassle to switch lenders and go through all the documentation again. This article covers everything you need to know about refinanceing a car loan – from eligibility criteria to hidden costs associated with this process, as well as tips on how to get the best deal possible out there!

What is refinancing?

Refinancing is essentially a way to get a new loan (with new terms) to pay off your current loan. Usually, a refinanced loan will have a lower interest rate and shorter term than your old loan. The lower interest rate and shorter term can help you save money in the long run. However, refinancing does come with a few pitfalls, so you'll want to make sure it is worth it for your situation.

Why would you refinance your car?

There are a few reasons why you may want to refinance your car. One is if you're not able to pay off your car loan within the term (length of loan). By refinancing your vehicle, you may be able to get a lower interest rate and extend the length of the loan to give yourself more time to pay it off. Another possible reason would be to get a lower interest rate on your loan if you've refinanced with the same company several times. If you've been paying on your car loan for a while and have good credit, refinancing your car loan may help you get a lower interest rate and save money on the loan over the long term.

Who can refinance a car loan?

Anyone who has a car loan can refinance it to get a lower interest rate and possibly a longer term. You'll want to make sure you are eligible for refinancing, though, otherwise you may be unable to find a company that will refinance your loan. Make sure you have good credit, have been making on-time payments for the length of your current loan, and have the cash for a down payment if required.

How to refinance your car?

If you've decided to refinance your car loan, you'll want to make sure you do it as soon as possible. The sooner you refinance your car, the sooner you can start benefiting from the lower interest rate and shorter length of the loan. You'll need to find a company that offers car refinance loans. You can start by searching for “car refinance” or “refinance car” online. You can also speak with a representative at a local auto dealer or financial institution. Once you've found a few options, you'll want to compare their rates and terms to decide which one is the best fit for you.

Pros and cons of refinancing a car loan

Pros - Lower interest rate - Shorter term - Save money in the long run - Keep your car - Get a boost in your credit score Cons - Have to find a new lender - Have to pay a down payment - May have to find a different way to make your monthly payments - Have to wait for the new loan to go into effect

Final thoughts: Is refinancing worth it?

Refinancing your car loan is almost always worth it if you can find a lower interest rate and possibly a longer term. However, you should be careful about who you refinance with because you don't want to go through the hassle of switching lenders again in the future. It's generally a good idea to shop around and compare rates from a few different lenders before choosing the one that is best for you.



Auto loan refinance rates comparison table

Lender

Est. Payment

Starting APR

Term

Est. Fees

Sun Trust

Sun Trust

$891

6.49%

24

$1,384

Apply Now

Sun Trust

Sun Trust

$613

6.49%

36

$2,068

Apply Now

US Bank

US Bank

$625

7.79%

36

$2,500

Apply Now

MyAutoLoan.com

MyAutoLoan.com

$577

2.49%

36

$772

Apply Now

Sun Trust

Sun Trust

$474

6.49%

48

$2,752

Apply Now

Bank of America

Bank of America

$388

6.19%

60

$3,280

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Sun Trust

Sun Trust

$397

7.09%

60

$3,820

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MyAutoLoan.com

MyAutoLoan.com

$355

2.49%

60

$1,300

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Sun Trust

Sun Trust

$352

8.09%

72

$5,344

Apply Now

MyAutoLoan.com

MyAutoLoan.com

$301

2.69%

72

$1,672

Apply Now

MyAutoLoan.com

MyAutoLoan.com

$267

3.25%

84

$2,428

Apply Now



* Rates and fees are based on an average $20,000 loan with good credit.