Best Auto Loan Refinancing Rates Of August 2024 (2024)

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On Fiona.com’s Website

LendingClub offers terms from 24 to 84 months and auto loans between $4,000 to $55,000. The maximum amount you can refinance is on the low side compared to other lenders, so keep that in mind if you have a higher loan balance.

To qualify for an auto refinance with LendingClub, you must have at least 24 months of payments left on your current vehicle and it must be for personal use only. The vehicle must also be no more than 10 years old and have mileage under 120,000.

Availability
LendingClub auto loans are available in most states except Alaska, Hawaii, Maine, Mississippi, New Hampshire, New York, North Dakota, Vermont, West Virginia and Wyoming.

Turnaround time
LendingClub offers funding in two days or more.

Credit requirements
LendingClub requires a minimum credit score of .

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Navy Federal Credit Union (NFCU) was initially founded in 1933 by a group of U.S. Navy Department employees, but has since grown to include members from each branch of the U.S. military as well as their family members. Auto refinancing through NFCU starts at $5,000 with no set maximum, and repayment terms range from 12 to 96 months. A key perk that differentiates NFCU’s auto loan product from competitors is that it offers $200 to qualifying borrowers who refinance their auto loan with NFCU if it came from another lender.

Like other credit unions, NFCU doesn’t require you to be a member to apply for refinancing, but you’ll have to join if you are approved and want to accept the loan. To be eligible for membership, you (or one of your family members) must have ties to the U.S. military, Department of Defense or National Guard.

Availability
NFCU auto refinance loans are available in all 50 states as well as Washington, D.C. You can also apply online or through their mobile app.

Turnaround time
If you are approved, you can expect your loan to be funded within one to seven days. Keep in mind that a check will be either sent to your address or made available for pick up at a local branch, which could take longer compared to funding from other online lenders.

Credit Requirements
NFCU does not disclose a minimum credit score on its website but you might need a credit score of at least Does not disclose to qualify, according to other external websites that evaluate the lender.

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On Consumers Credit Union’s Website

Consumers Credit Union (CCU) is an Illinois-based nonprofit organization that provides a variety of banking and lending products, including auto loan refinancing. Borrowers can refinance loan amounts up to $600,000, according to a credit union representative. The high loan limit is helpful if you’re looking to refinance a large amount. Repayment terms are very flexible and go up to 84 months.

If you are approved, CCU will send the funds directly to your previous lender to pay off your old loan. You can also take advantage of a 0.25% rate discount if you sign up for automatic payments.

Keep in mind that while you don’t have to be a CCU member to apply for refinancing, you’ll have to join the credit union if you are approved and want to accept the loan. Anyone who pays a one-time $5 fee to the Consumers Cooperative Association is eligible for membership.

Availability
CCU auto loans are available in all 50 states as well as Washington, D.C. Keep in mind, though, that you’ll have to meet membership eligibility requirements to finalize a loan.

Turnaround time
If you’re approved for a loan, CCU offers funding as soon as the same day. The funds will be sent directly to your previous lender.

Credit Requirements
CCU doesn’t have a specific minimum credit score. Approval will depend on various factors in the applicant’s financial history, such as debt and income.

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PenFed auto loans have terms from 36 to 84 months, but if you’re refinancing a used vehicle the maximum term is 72 months. The credit union offers auto refinancing amounts from $500 to $150,000, which is a good option if you need to finance a smaller amount.

PenFed also permits cash-out refinancing, allowing you to borrow more than you currently owe on your car to use for other expenses. You can borrow up to 125% of the amount needed in the U.S. and up to 110% in Puerto Rico and Virgin Islands. You can also apply for a PenFed loan completely online.

Availability
PenFed offers auto loans in all 50 states.

Turnaround time
PenFed offers funding in one day or less after you close on the loan.

Credit requirements
PenFed does not disclose the minimum credit score needed to qualify for their auto loans.

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USAA offers auto loans from $5,000 to $500,000 with repayment terms from 12 to 84 months.

If you apply for a USAA auto refinancing loan, you’ll likely receive an approval decision within five minutes. If approved, you may have the funds within 24 hours.

To be eligible for a USAA loan, you must be a U.S. military member or veteran—spouses and children are also eligible—and be a member of the credit union.

Availability

You have to join the credit union to finalize a USAA auto loan, but loans are available in all 50 states as well as Washington, D.C.

Turnaround time

When applying online, most USAA borrowers can get an approval decision within minutes. If approved, you can receive the funds within one business day.

Credit requirements

USAA requires a minimum credit score of 560.

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Bank of America offers auto refinancing terms of 48, 60 and 72 months if you apply online, but the bank says you can discuss other terms with a loan officer after submitting your application. The bank offers loan amounts ranging around $7,500 to $100,000, according to different websites. However, keep in mind that the vehicle you plan to refinance can’t be older than 10 years.

Bank of America offers rate discounts from 0.25% to 0.50% if you already have a relationship with them—like a checking or savings account. You can also apply for an auto refinance loan with the bank completely online.

Availability
Bank of America offers auto loans in all 50 states as well as Washington, D.C.

Turnaround time
Bank of America typically offers funding within one business day.

Credit requirements
Bank of America requires a minimum credit score of 580.

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LightStream offers auto refinance terms from 36 to 84 months and loan amounts from $5,000 to $100,000 , which could make LightStream a good option if you’re looking to borrow a large amount. The lowest rate above is based on a borrower with excellent credit, and includes a 0.50% discount that LightStream offers to borrowers who sign up for autopay.

You can apply for LightStream auto refinancing online and get funds deposited directly into your account. LightStream does not impose any vehicle restrictions on the borrower, either. No matter the year, make, model or mileage, you could still qualify.

Availability
LightStream offers auto loans in all 50 states.

Turnaround time
LightStream offers same-day funding and can fund your loan as soon as the same day you apply.

Credit requirements
LightStream requires a minimum credit score of 660. However, you will need an excellent credit score in order to get the lowest interest rate offered. Conversely, the maximum APR is 20.49%.