Auto Refinance
as low as:
as low as:
as low as:
as low as:
Ready to lower your payments? Get up to 4 offers in minutes!
If you're unhappy with your current auto loan payments, interest rate, or loan term, it may be the perfect time to refinance! Refinancing your auto loan could help you save money in two ways: by lowering your monthly payments and/or your interest rate. See how much you could be saving with myAutoloan's fast, free, and totally secure online application. A few minutes of your time could save you hundreds, if not thousands of dollars. Ready to take charge of your old auto loan? Complete your application and get matched with up to 4 refinance offers in minutes. Don't wait—interest rates could change tomorrow!
How this works
Key Takeaways
- Refinancing can lower your payment — if you secure a lower APR or extend your loan term, your monthly payment decreases.
- Application takes about 2 minutes — complete one form to receive up to 4 pre-qualified offers from multiple lenders.
- No obligation to accept — compare offers and choose the best fit, or walk away at no cost.
- Soft inquiry only at application — your credit score is not affected when you apply through myAutoloan.
- Funds typically within 24–72 hours — once you accept an offer, the lender pays off your existing loan directly.
Signs It May Be Time To Refinance Your Car
There's not necessarily a right or wrong time to refinance, however, paying attention to these signs could help you secure the best loan for your needs.
Even a small decrease in your interest rate could result in big savings over the course of your loan term. Get your free credit scores from all three credit bureaus when you select FreeScore360.com in our list of personal finance tools and resources.
How Auto Loan Refinancing Works
Complete the application — The secure online form takes about 2 minutes. You'll need your current loan information, vehicle details, and proof of income.
Receive pre-qualified offers — myAutoloan submits your application to its lender network. You typically receive up to 4 offers within minutes.
Compare and select — Review each offer's APR, monthly payment, and total cost. Select the one that fits your goals, or decline all with no obligation.
Lender pays off your existing loan — The new lender handles the payoff of your old loan directly. Funds are typically disbursed within 24–72 hours of final approval.
Worried About Qualifying For An Auto Refinance?
There are a few general requirements you must meet in order for your application to be successfully processed. You may still submit a loan application even if you do not meet all of the criteria below, though we may not be able to identify a lender or as many as 4 lenders that match your profile.
- Age: You and/or your co-qualifier must be at least 18 years old
- Income: You must have a minimum income of $1,500 per month or $18,000 per year
- Bankruptcy: You must not have an open bankruptcy
- Location: You must reside in a state where myAutoloan currently does business (we do business in 48 states, but not in Alaska or Hawaii)
Refinancing Savings Example
| Scenario | Original Loan | Refinanced Loan |
|---|---|---|
| Loan amount | $15,000 | $15,000 |
| APR | 9.00% | 6.50% |
| Term | 60 months | 60 months |
| Monthly payment | $311 | $293 |
| Total interest paid | $3,683 | $2,610 |
| Savings | ~$1,073 over the life of the loan | |
Example for illustration only. Actual savings depend on your loan terms and lender offer.
More About myAutoloan
Most borrowers refinance with their current bank out of habit — without comparing what other lenders would offer. myAutoloan submits your refinance application to multiple lenders simultaneously, so you can see competing offers side by side and choose the rate that actually saves you money, rather than defaulting to whoever holds your current loan.
Complete our one-page, two-minute application and we'll match you with up to 4 of our trusted lenders. After accepting an offer, you can expect the new lender to pay off your existing loan directly — typically within 24–72 hours. Ready to enjoy some savings? Let myAutoloan help you find the best refinancing offer for your needs.
More About Refinance Rates
As of , refinance rates start as low as 4.24% APR±. Your actual rate depends on your credit profile, loan term, and lender. Estimate your payment.
Average Auto Loan Rates by Credit Score: Your Refinance Benchmark
One quick way to tell whether refinancing could pay off: compare your current APR with the market average for your credit tier. The table below shows average new- and used-car purchase loan APRs by credit tier across the U.S. auto loan market — refinance rates track the same credit tiers.
| Credit tier (VantageScore 4.0) | Average new-car APR | Average used-car APR |
|---|---|---|
| Super prime (781–850) | 4.55% | 6.30% |
| Prime (661–780) | 6.23% | 8.77% |
| Near prime (601–660) | 9.67% | 14.03% |
| Subprime (501–600) | 13.44% | 19.42% |
| Deep subprime (300–500) | 16.01% | 21.77% |
Where common scores land: a 720 credit score falls in the prime tier (661–780), where the average APR in Q1 2026 was 6.23% for new cars and 8.77% for used. A 660 score sits at the top of near prime (601–660), which averaged 9.67% new and 14.03% used — so improving from 660 to about 720 is worth roughly 3.4 percentage points on a new-car loan. Super prime borrowers (781–850) averaged 4.55% on new cars and 6.30% on used.
These are market-wide averages, not offers. For the lowest APRs recently offered by lenders in the myAutoloan network, by loan type and term, see our current auto loan interest rate chart.
Source: Experian State of the Automotive Finance Market, . Credit tiers are VantageScore 4.0. Figures are market-wide average APRs, not rates offered by myAutoloan or its participating lenders — your actual rate depends on your credit profile, loan term, vehicle, and lender.
If your current APR is well above the average for your credit tier — especially if your score has improved since you took out the loan — that's a strong sign refinancing could lower your rate.
Auto Refinance FAQ
When should I refinance my car loan?
Consider refinancing if interest rates have dropped since you took out your original loan, your credit score has improved, or you want to lower your monthly payment by extending the loan term. Refinancing a $15,000 loan from 9% to 6.5% APR over the same term can reduce total interest paid by over $1,000.
Will refinancing my car loan hurt my credit score?
myAutoloan (HDF) acquires a "soft" credit inquiry, which does not affect your credit score. Lenders and their networks, Credit Sources and their networks may also acquire a "soft" or a "hard" credit inquiry. If you shop multiple lenders, credit scoring models count all auto loan hard inquiries made within a set window as a single inquiry: 14 days for VantageScore and older FICO models, 45 days for newer FICO models.
How long does auto loan refinancing take?
The myAutoloan application takes about 2 minutes. Pre-qualified offers typically arrive within minutes. The lender payoff of your existing loan and funding typically occurs within 24–72 hours of final approval.
What do I need to refinance my car loan?
You will typically need your current loan account information (lender name, account number, payoff amount), vehicle details (year, make, model, mileage, VIN), proof of income, and personal identification. Requirements vary by lender.
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