Fri. Dec 1st, 2023

Top 10 Auto Loan Refinancing Lenders Of 2022

Refinancing your auto loan might be a wonderful method to save costs while keeping your car. But before applying, it’s crucial to understand the procedure and compare rates. The option of refinancing is particularly advantageous if you have good credit. Even with less-than-perfect credit, you might benefit from lower rates by financing through a lender. Find out the top lenders that will help you refinance your car in amazing ways. 

1. RefiJet

Established in 2016, RefiJet is an auto loan aggregator that partners with a network of 20-plus lenders to provide auto loan refinancing, car lease buyout loans and cash-out refinancing. It does not offer auto purchase loans. RefiJet may be a good fit for individuals who; Want to compare loan options, Prefer assistance with the loan process and are Spanish-speaking applicants. Additional features include; an origination fee of $395, availability of pre-qualified offers, approval speed of 24 hours after all information is submitted and funding is given one day or less after closing.

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2. RateGenius

The auto refinance specialist RateGenius is the flagship brand of The Savings Group, which includes auto finance companies Autopay and Tresl. Its 200-lender marketplace includes credit unions, national banks, regional banks and non-depository financial institutions.

The abundance and variety of options makes it more likely you’ll find your best auto refinance rate. RateGenius is best for a prime borrower, meaning someone with a credit score ranging from 640 to 740. However, co-applicants are allowed, which could help boost your chances of being offered the lowest rates. Loan amount starts from $8,000 with terms of 24 months to 36 months.

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3. Ally Clearlane

This is a direct lender that offers loans for refinancing your existing auto loan as well as buying out your leased vehicle. It does not offer auto purchase loans. It has an easy application process that’s 100% online. Applicants are able to receive pre-qualified offers based on a soft credit check, which won’t affect their credit scores. Unlike some lenders, Ally Clearlane does not require a Social Security number with the initial application.

It has a seamless application process; such as a $0 origination fee, borrowers can pre-qualify with a soft credit check and has a two or more days in funding speed. Although, the maximum vehicle age qualified for this loan needs to be 10 model years, a maximum vehicle mileage of 121,001 and does not refinance commercial vehicles.

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4. Tresl

Tresl, formerly Innovative Funding Services, is an auto loan aggregator that has been in business since 2007. It partners with 20-plus lenders to provide auto loan refinancing and car lease buyout loans. It does not offer dealer purchase loans but applicants can receive pre-qualification offers and rates based on a soft credit inquiry, which will not affect their credit scores.

A Social Security number is not required to see pre-qualified offers. According to Tresl, applicants see offers for various auto term lengths and can select the one that fits their needs. It allows co-borrowers and co-signers, and makes available automatic payment, although this is not required.

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5. Upstart

Upstart considers over 1,000 data points for a more comprehensive view of a borrower’s creditworthiness. It combines this process with an artificial intelligence platform and predictive modeling, to result in approvals for more applicants. It works with a network of lenders to match applicants to the best possible loan rate for which a borrower may qualify.

To obtain these estimated rates, it does a soft credit check which does not affect an applicant’s credit scores. When an applicant selects an offer and applies, a hard credit check is then made. It has no origination fee, offers an online process, in-person or both.

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6. Consumers Credit Union

Consumers Credit Union, also known as CCU, offers new and used car purchase loans and refinance loans. It also offers lease buyout loans, but only if initiated by a member at a dealership. It is especially flexible among auto lenders, with no restrictions on vehicle age or mileage.

It also works with members who need short-term auto loans of less than 12 months. This also has no origination fee, offers an online process, in-person or both.

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7. Autopay

Auto Approve doesn’t finance new car purchases. Instead, the company specializes in refinancing auto loans. However, when it comes to the type of vehicle you can refinance, Auto Approve offers much more flexibility.

The company works with a network of lenders to offer refinancing for motorcycles, ATVs, boats and RVs in addition to the standard cars, trucks and SUVs. APR rates begin at 2.25% and borrowers can select terms of 12 to 84 months to refinance their vehicles.

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8. LightStream

This offers new and used car purchase loans, refinance loans and lease buyout loans. It also offers private party purchase loans and financing for classic cars. With a minimum credit score requirement of 660, LightStream auto loans focus on borrowers with good or excellent credit (690 or higher on the FICO score model). The company says that credit score is not the only indicator of whether a loan is approved. LightStream also looks closely at credit history, assets, savings and other information that would show an applicant’s strong financial position.

Additionally, this lender offers a loan experience guarantee in such a way that if borrowers aren’t happy and have had a loan for less than 30 days, they can complete a questionnaire and receive $100.

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9. MyAutoloan

myAutoloan is an online marketplace where you can compare offers from a number of lenders in one place. After you enter your personal information, lenders will provide loan offers for you to choose from. The myAutoloan marketplace can help borrowers looking to refinance their auto loans find rates as low as 1.99%. Those with less-than-ideal credit history can refinance their vehicle loans through the site, which can find loans for people with credit scores of 575 and above.

However, the lowest rates are reserved for people with the highest credit scores.

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10. Caribou

Formerly MotoRefi, this is an auto loan aggregator that has been in business since 2016. Caribou partners with a network of lenders, mainly community banks and credit unions, to provide auto loan refinancing. It does not offer auto purchase loans.

The company finds the best lender matches within its network for each applicant. Using a soft credit check, Caribou presents pre-qualified offers with rates, usually within 90 seconds of application submission. Pre-qualification is not approval.

Once an offer is selected and submitted, Caribou or the lender will do a hard credit pull, which can affect applicant credit scores. Additionally, it charges an origination fee of $395 and it’s unavailable in some states.

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In Conclusion:

These lenders could potentially save you money by lowering your monthly car payment or decreasing the amount of interest you pay. You can then put that money toward savings, home improvements, paying off credit card debt or any other thing that can improve your financial wellbeing.


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