Compare Best Bank For Auto Refinance Loan

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Compare these Top 10 Best Bank for Auto Refinance loans, get to know minimum credit scores required, loan terms, quotes, interest rates, buy or renew online.

We all know finding the best bank for auto refinance is a time consuming task, so we compared Top 10 banks that will help you in getting the best auto refinance rates. Refinancing your car loan is fast and easy with these Top 10 banks. Let us find out the pros and cons of each individual bank, what they offer, and why you should choose them?

We understand your financial needs and we are always there to help you save money. Whenever a new customer reaches a bank for a loan, there might be chances that you will be charged extremely high annual percentage rates. At Mount Shine, we are here to help you answer these questions to ensure you’re making the right decision. We’ll help you provide every information on refinancing your auto loan that leads to lower interest rates, monthly installments, or duration.

Let’s get started by knowing what an auto refinance car loan is?

What Is an Auto Refinance Loan?

Refinancing your auto loan leads to lower interest rates, monthly installments, or duration. If your car’s monthly payments/installments are expensive, opting for refinancing an auto loan with a longer term will get you to lower monthly payments. It also depends on the tenure you want to extend on your payments and add to your term. In this case, the auto refinance calculator becomes handy and useful. By using an auto refinance calculator, you can calculate how much longer you will be paying the loan.

Top 10 Best Bank for Auto Refinance Loan

If you are looking for flexible loans with competitive rates, then you should look at these top 10 banks which are the best banks for auto refinance. Factors that are considered while processing your loan are the condition of your vehicle, the size of your loan, credit score, current interest rates, and the length of your loan when you apply for an auto loan refinance.

List of top 10 best bank for auto refinance:

  1. RefiJet – Refinance loan
  2. RateGenius – Refinance loan
  3. Tresl – Refinance loan
  4. Autopay – Refinance loan
  5. MyAutoloan – Refinance loan
  6. OpenRoad – Refinance loan
  7. Ally Clearlane – Refinance loan
  8. LightStream – Refinance loan
  9. Consumers Credit Union – Refinance loan
  10. LendingClub – Refinance loan

1. RefiJet – Refinance loan | Best for Comparing offers from multiple lenders

The estimated APR(Annual Percentage Rate) required is 1.99-17.99% with a Loan Amount ranging from $5,000-$100,000 and the minimum credit score required is 500.

RefiJet-Refinance Auto Loan

If an applicant is looking to work directly with a financial service representative, then a Refijet-refinance bank loan is the best option for you. Those who want to auto refinance with bad- or fair-credit can also apply and their process is also very simple. RefiJet- Refinance bank loan representatives will help you with the refinancing process from beginning to end.

RefiJet has partnered with a network of 20-plus lenders to provide auto loan refinancing, car lease buyout loans, and cash-out refinancing. They also have bank loan representatives who speak Spanish, so language is not a barrier with them. Since its establishment in 2016, they have become a popular brand that gained the trust of their customers.

Now let us find out the pros and cons of the RefiJet-Refinance Bank loan.

Pros

  • Offers pre-qualification with a soft credit check.
  • Some network lenders offer rate discounts with automatic payment.
  • Customer service available on Saturday.
  • Provides Spanish version of website.

Cons

  • Charges an origination fee of $395.
  • Not available in a few states.
  • Fully online application not available for applicants who prefer it.


Qualifications

  • Minimum annual gross income: No minimum.
  • Maximum debt-to-income ratio: 70%.
  • No open or discharged bankruptcies in the last 12 months.
  • Maximum mileage: 150,000.
  • Maximum loan to value ratio: 160%.

2. RateGenius – Refinance loan | Best for Comparing offers from multiple lenders

The estimated APR(Annual Percentage Rate) required is 1.75-21.00% with a Loan Amount ranging from $12,000-$100,000 and the minimum credit score required is 500.

Rate-Genius Refinance loan

RateGenius is once again a trusted brand when an applicant wants to apply for an auto refinancing loan. Its easy-to-use online application, auto loan refinancing tools, and multiple refinancing offers are considered to be the best in the industry. Those who have bad-credit borrowers may qualify, and for those with fair-credit borrowers, the chances are high. If you are one of them then RateGenius is the best bank for auto refinance loans.

RateGenius experts offer assistance with auto loan refinancing, comparison of loan offers, handling a title transfer, and much more. They find the best qualifying loan offers and the best rate for each applicant with many flexible options within their lender network. 

Those applicants looking for auto loan refinancing, lease buyout loans, and cash-out refinancing, should consider RateGenius. 

Established in 1999, RateGenius is the leading bank to offer auto loan refinancing, car lease buyout loans, and cash-out refinancing. With their 180-plus lending partners, applicants get the best loan offers and rates for which they may qualify.

Now let us find out the pros and cons of the RateGenius-Refinance Bank loan.

Pros

  • Offers pre-qualification with a soft credit check.
  • Provides average daily rates by credit score on website.
  • Customer service available on Saturday.
  • Some network lenders offer rate discounts with automatic payment.
  • Userfriendly website and loan application.

Cons

  • May charge an origination fee up to $395.
  • Minimum loan amount is higher than other lenders.

Qualifications

  • Minimum annual gross income: $24,000.
  • Maximum debt-to-income ratio: 65%.
  • No open bankruptcies. Most lenders will review dismissed or discharged bankruptcies.
  • Maximum mileage: 100,000.
  • Maximum loan to value ratio: 150%.

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3. Tresl – Refinance loan | Best for Comparing offers from multiple lenders

The estimated APR(Annual Percentage Rate) required is 1.99-17.99% with a Loan Amount ranging from $5,000-$100,000 and the minimum credit score required is 580.

Tresl Refinance loan

With Tresl, applicants can look for the best offers on auto loan refinance and lease buyout loans. Tresl partners with 20-plus lenders to provide the best loan offers, rates, and car lease buyout loans. Those who have bad-credit borrowers and fair-credit borrowers may qualify.

They offer a dedicated Tresl Finance Advisor through the financing process for each individual customer. One of the best things about Tresl is that applicants can see pre-qualified offers and rates without affecting their credit scores. Their advisors will help applicants looking for hands-on help with vehicle transfer paperwork.

Since the establishment of Tresl in 2007, it has been providing its services in all 50 states of America. So you don’t have to worry about the support because their financial advisors are always there to help.

Now let us find out the pros and cons of the Tresl-Refinance Bank loan.

Pros

  • Applicants can prequalify with a soft credit check.
  • Application process 100% online including document upload.
  • Minimum loan amount is lower than other lenders.

Cons

  • Borrowers are unable to choose loan payment dates in most cases.
  • Some partner lenders charge an application fee.
  • 24-month loan term not offered.
  • Do not offer dealer purchase loans.

Qualifications

  • Minimum annual gross income: $18,000.
  • Maximum debt-to-income ratio: 55%.
  • No open bankruptcies.
  • Maximum mileage: 150,000.
  • Maximum loan to value ratio: 150%.

4.  LendingClub – Refinance loan | Best for Applying directly with a lender

The estimated APR(Annual Percentage Rate) required is 2.99-9.99% with a Loan Amount ranging from $5,000-$100,000 and the minimum credit score required is 640.

LendingClub-Refinance Loan

LendingClub is best for applicants applying directly with the lender. It is well known for peer-to-peer lending for personal loans and traditional auto refinancing loans. If an applicant wants to see two different loan term options, then opting for LendingClub is the best bank for auto refinance loan. 

Also, there will be no effect on credit score, and you can get quotes to determine what fits your budget.

Now let us find out the pros and cons of the LendingClub-Refinance Bank loan.

Pros

  • Allows co-signers.
  • Prequalify with a soft credit check.

Cons

  • Vehicle restrictions.
  • Not available in every state.

Qualifications

  • Minimum monthly income: Did not answer.
  • Maximum vehicle age: 10 years.
  • Maximum mileage: 120,000.
  • Maximum loan to value ratio: Did not answer.

5. LightStream – Refinance loan | Best for Applying directly with a lender

The estimated APR(Annual Percentage Rate) required is 2.99-9.99% with a Loan Amount ranging from $5,000-$100,000 and the minimum credit score required is 660.

LightStream Refinance Loan

To the applicants with strong credit and income, LightStream is the best bank for auto refinance loan. Their promising offers and rates beat some of its competitors. It is best for refinance applicants with good credit looking for a no-hassle loan from a well-known bank.

If you have an excellent credit history and are planning to buy a new car or used car, then LightStream is the one you should go for. Buying either from a dealer or private party, to finance a car, lease out or refinance an existing auto car loan, LightStream takes care of all your needs.

It has tailored solutions with a wide range of flexible options for customers with strong credit income. While applying for an auto refinance loan, the company looks at credit history, assets, savings, and other information that may provide insights into the applicant’s finances. LightStream is a reputed and best bank for auto refinance, which works in all 50 states of the United States.

Now let us find out the pros and cons of the LendingClub-Refinance Bank loan.

Pros

  • Low starting rates.
  • Available in all 50 states.
  • No vehicle or mileage restrictions.

Cons

  • Hard credit check required.
  • High minimum credit score required.

Qualifications

  • Minimum monthly income: None.
  • Maximum vehicle age: None.
  • Maximum mileage: None.
  • Maximum loan to value ratio: None.

Note: To apply for an auto refinance loan LightStream accepts online applications only (no email, fax, or telephone applications).

Conclusion

In the United States, there are a lot of options when it comes to auto refinance loans from banks and lenders. Few of them work in the local region and some work on a large scale providing car loans in all 50 states. What makes a bank stand out is its easy online process, refinancing options even for borrowers with poor or fair credit scores. There might be some who will be having an option to provide joint auto loans. Overall, here are the top 10 best bank for auto refinance loans you should choose from.

Comparing Best Auto Loan Refinancing Lenders 2022

Comparing Best Auto Loan Refinancing Lenders 2022

      
S.No.LenderBest ForEst. APRLoan AmountMin. Credit Score
1RefiJet - Refinance loanBest for Comparing offers from multiple lenders1.99-17.99%$5,000-$100,000500
2RateGenius - Refinance loanBest for Comparing offers from multiple lenders1.75-21.00%$12,000-$100,000500
3Tresl - Refinance loanBest for Comparing offers from multiple lenders1.99-17.99%$5,000-$100,000580
4Autopay - Refinance loanBest for Comparing offers from multiple lenders2.15-17.99%$7,500-$100,000560
5MyAutoloan - Refinance loanBest for Comparing offers from multiple lenders1.89-21.99%$5,000-$100,000575
6OpenRoad - Refinance loanBest for Comparing offers from multiple lenders2.49-24.00%$10,000-$75,000500
7Ally Clearlane - Refinance loanBest for Applying directly with a lender3.74-16.49%$10,000-$80,000520
8LightStream - Refinance loanBest for Applying directly with a lender2.99-9.99%$5,000-$100,000660
9Consumers Credit Union - Refinance loanBest for Applying directly with a lender2.69-21.24%$5,000-$75,000620
10LendingClub - Refinance loanBest for Applying directly with a lenderN/A$5,000-$55,000640

How To Apply For Auto Refinance Loan?

To apply for a loan whether it is a new car loan or auto refinance, each bank has its own process. We at Mount Shine have simplified the process by bringing you the best banks for auto refinance. Check out the list, online details & get free reports of your credit score, eligibility for an auto loan, and quotes by contacting us. Our service is free, fast, and simple, so get started today!

FAQs

Q1. What is an Auto Refinance Loan?

Q2. Why is your bank the best bank for auto refinance loans?

Q3. What is the process to apply for auto refinance?

Q4. What does my credit score need to be to refinance?

Q5. What is the process for auto refinance loan for poor credit or bad credit?

Q6. Do you auto refinance for older cars?

Q7. Please explain all the formalities for auto refinance with gap insurance

Q8. How to apply auto refinance with fair credit?

Q9. How to check eligibility for auto refinance for fair credit?

Q10. What is the minimum credit score to refinance a mortgage?

Q11. How does auto loan refinancing work?

Q12. When should you refinance your car loan?

Q13. Am I likely to qualify for refinancing at a lower interest rate?

Q14. Can I refinance my car loan with bad credit?

Q15. What happens if I extend my loan term?

Q16. What will refinancing my auto loan cost me?

Q17. Can I refinance if I’m upside-down on my car loan?

Q18. Can I refinance more than I owe on my car?

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