Best Auto Loan Refinance Rates in June 2024

If you’re looking to pay off your refinance car loan quickly, Southeast Financial Credit Union (SFCU) offers repayment terms as short as 12 months. On top of that, unlike other lenders, SFCU doesn’t limit car mileage or model year for refinanced cars.

However, as is the case with most credit union auto loans, you’ll need to become a member of this institution first to get a loan. It’s also unclear what credit score consumers will need to qualify for a SFCU auto refinance loan.

Southeast Financial Credit Union doesn’t provide much information about its borrower requirements. To become a SFCU member, you’ll need to a savings account with a $5 deposit and check at least one of the following boxes:

Navy Federal Credit Union is a lender that specifically caters to current and former military members, as well as their families. Both active duty and retired members of the military can also receive a 0.25% APR discount for using direct deposit for their loans.

Navy Federal auto refinance loans can only be used by those with ties to the military, and you’ll need to become a member of the credit union before you can apply for a loan. However, the lender also doesn’t specify how much you can borrow on its website.

Navy Federal Credit Union doesn’t provide insight into its criteria around what vehicles you can refinance and what credit requirements you’ll need to meet. To become a member, though, you’ll need to fall into one of the following criteria:

If you don’t have great credit, it can be difficult to qualify for a loan unless you have a co-borrower or cosigner. Gravity Lending allows borrowers to apply with a second person to improve their chances of approval and potentially get lower rates.

But if you’re looking to refinance a small auto loan, you may need to look elsewhere — Gravity Lending only refinances loans that are at least $10,000. The lender also doesn’t post its credit or vehicle requirements on its website.

Gravity Lending only refinances vehicles that are 10 years old or newer. During the application process, you’ll also have to provide the following information:

With an iLending auto refinance loan, you have the option to skip up to 90 days of payments if your budget won’t allow you to make your car payment that month. Applying for a loan won’t impact your credit score — and even if you don’t have the best credit, you may still be able to get a loan through iLending.

Unfortunately, iLending doesn’t provide much information around its eligibility requirements or loan features. This can make it difficult to know if an iLending auto refinance loan is right for you.

Other than its 525 minimum credit score, iLending doesn’t provide many specifics around its eligibility requirements for auto refinance loans. However, it does state that your vehicle will need to have less than 150,000 miles on it and be no older than 2013.

If you take out a RefiJet auto refinance loan, you have the option to cash in on the equity you’ve built up while paying off your vehicle — this is known as cash-out auto refinancing. Those with bad credit may qualify for a loan through RefiJet, especially since this company allows for co-borrowers.

To qualify for a RefiJet auto refinance loan, you’ll need to meet these requirements:

In the case of death, disability or loss of employment, PenFed Credit Union offers the option of debt protection for a small monthly fee. In these instances, PenFed can cancel your loan balance or monthly payments with no penalties.

Unfortunately, PenFed doesn’t offer much insight as to what it requires if you want to refinance your auto loan. You’ll also need to become a PenFed member before you can receive your loan funds.

PenFed requires that any vehicle you refinance to have less than 125,000 miles on it. Aside from that, PenFed doesn’t offer much more information on how to get an auto refinance loan. However, to become a PenFed member, you will need to open a savings account with the credit union and make a $5 deposit.

myAutoLoan isn’t a direct lender, but it can provide consumers with at least four loan offers when they apply. If approved for a refinance auto loan, you may receive your funds within 24 hours. And if you don’t have good credit, myAutoLoan does allow consumers to use a co-applicant.

However, if your car has more than 125,000 miles on it, you won’t qualify for a car refinance loan through myAutoLoan. Consumers’ ability to contact myAutoLoan is also limited to an online request form with no direct phone number or email provided on the website.

You’ll need to meet this criteria to qualify for an auto refinance loan on myAutoLoan’s network:

Auto Approve isn’t a direct lender — instead, it connects consumers with lenders within its network. A unique feature the company offers is that it won’t just refinance cars: It’ll also refinance motorcycles, RVs, boats and ATVs.

Unfortunately, Auto Approve doesn’t provide much information around its credit or vehicle criteria. This could make it difficult for consumers to know whether the company is a good fit for them.

Auto Approve doesn’t provide much information around its requirements for vehicles or credit. During the application process, however, you will have to provide the following information:

With a minimum credit score requirement of just 460, OpenRoad Lending provides flexibility for borrowers with less-than-perfect credit. (However, OpenRoad Lending connects consumers to companies on its lending platform, so you’ll still need to meet other criteria to qualify.)

This company also allows consumers to apply with a co-borrower. This can improve your chances of qualifying and help you land lower rates, especially if you have bad credit.

To qualify for a loan through OpenRoad Lending, you’ll need to meet the following criteria:

Consumers Credit Union (CCU) offers a flexible range of loan amounts — from $250 to $500,000 — so even those with small auto loans can refinance if they need to. CCU also allows for non-U.S. citizens to apply for loans, has no minimum credit score and offers a 0.25% autopay discount.

Still, like other credit unions, you’ll need to become a member of CCU in order to receive your loan funds. You’ll also have to pay a nominal one-time fee of $5.

To become a CCU member, you’ll have to provide a one-time $5 membership fee. You’ll also need to open a Member Share/Savings account and make a $5 deposit.

Digital Federal Credit Union (DCU) offers the largest auto loan refinance option on our list with amounts up to $500,000. The lender also provides multiple rate discounts if you have an energy efficient vehicle, or if you’re a Plus or Relationship member making electronic payments. Further, DCU offers customers the option to skip payments for 60 days.

However, if you’re refinancing a DCU auto loan, you may have to pay an administrative fee. Plus, like all credit unions, DCU requires that you become a member to receive funding.

DCU doesn’t provide much insight as to its auto loan refinance eligibility criteria, but it does outline how to qualify for membership: