Auto Loans

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Popular auto loan options

Whether you are looking to refinance an existing auto loan, finance a new or used car purchase, or find the car of your dreams, we can help point you in the right direction and save you money in the process. Apply in minutes with one of our amazing lending partners.

Auto Loan Refinance

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RATES FROM (APR)

1.89% and up

LOAN AMOUNT

$8,000 and up

MIN. CREDIT SCORE

550

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AUTOPAY – Auto Loan Refinance

AUTOPAY offers traditional, cash back, and lease payoff refinancing options through its network of auto loan refinance lenders. Get multiple offers and find some of the lowest refinance rates in the industry with AUTOPAY.

Pros

Apply on your own or with a co-signer
Get multiple offers from their network of lenders
Pre-qualification and lender-approved offers are valid for 30 days
Customer service team is available 6 days a week

Cons

May charge an origination fee (varies by lender)
Refinancing is only available for cars and trucks

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RATES FROM (APR)

5.69% and up

LOAN AMOUNT

$5,000 to $150,000

MIN. CREDIT SCORE

575

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Caribou – Auto Loan Refinance

Caribou provides a convenient, transparent loan application process with unique add-ons to help protect the value of your car and keep unwanted expenses down. Select one of many offers from Caribou’s network of trusted lenders and get step-by-step guidance from their dedicated customer service team.

Pros

No SSN required to get a pre-qualified offer
Simple online application; documents signed digitally
Get multiple offers from their network of lenders
Lower minimum loan amounts than most lenders
Dedicated customer service is available 7 days a week

Cons

Motorcycle and commercial vehicle refinancing not available
Lenders may charge a $399 processing fee

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RATES FROM (APR)

2.99% and up

LOAN AMOUNT

$8,000 and up

MIN. CREDIT SCORE

550

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RateGenius – Auto Loan Refinance

RateGenius offers flexible refinancing options and works with applicants to lower their monthly payment without extending their loan term. Through its network of lending partners, RateGenius is able to offer multiple offers to help you save money.

Pros

Add/remove a co-signer from your existing loan (if in eligible state)
Flexibility to help you refinance without extending your term
Can help you submit an application to buy out your lease
Get multiple offers from their network of lenders

Cons

Financing and processing fees may apply (varies by lender)
Refinancing is only available for cars, trucks, and SUV

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RATES FROM (APR)

5.35% and up

LOAN AMOUNT

$9,000 to $60,000

MIN. CREDIT SCORE

510

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Upstart – Auto Loan Refinance

Upstart offers smarter rate technology that considers other factors, beyond just your credit score, to increase your odds of loan approval. With a seamless application process and a dedicated customer service team, Upstart is a great place to refinance your auto loan if you have less than perfect credit.

Pros

Lower minimum credit score requirement than most lenders
Loan approval is based on a wider range of criteria, like the applicant’s education, work experience, and other factors
Get multiple offers from their network of Upstart-powered lenders
No application, prepayment, or origination fees
Customer service team available 7 days a week

Cons

Does not currently allow co-borrowers on refinanced car loans
Higher minimum loan amount than most lenders
Not available in West Virginia, Nevada, Maryland, and Iowa

New or Used Car Purchase Auto Loans

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RATES FROM (APR)

1.90% and up

LOAN AMOUNT

$8,000 and up

MIN. CREDIT SCORE

575

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myAutoloan – New or Used Car Purchase Auto Loan

myAutoloan offers financing options for new and used car purchases through its network of lending partners. Apply alone or with a co-qualifier and enjoy some of the lowest rates in the auto loan industry.

Pros

Financing available for new/used car or motorcycle purchase
Simple online application and quick funding; digital document upload
Receive up to four lender matches with a soft credit check
Apply and get approved before deciding on vehicle

Cons

Borrowers cannot apply with a co-signer
Limited customer service support

Auto Retailers

PURCHASE OPTIONS

Used Cars Only

SELL/TRADE-IN OPTIONS

Both Available

FINANCING OPTIONS

Multiple

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Carvana – Auto Retailer

Carvana is an online auto retailer that can help you find and finance your next car purchase – all while staying under budget. With convenient financing, trade-in, and delivery options, Carvana is a great place to go to shop around for used cars.

Pros

Browse thousands of certified used cars online
Sell or trade-in your car for a lower monthly payment
Multiple payment options and financing available
Convenient delivery and pick-up options available

Cons

May be charged a fee for car delivery or pick-up
No option to buy new cars

Frequently Asked Questions

When should you refinance your car loan?

Refinancing your auto loan can help you lower your monthly payment and/or lower your interest rate. If you are struggling to make your monthly payments, have several years left on a high-interest loan, or are just shopping around to see if you would qualify for a lower rate, you may benefit from an auto loan refinance.

Keep in mind that while a lower monthly payment would make it easier to manage your finances, you may end up paying more in interest over the life of the loan. It is important to crunch the numbers and consider your 0verall financial situation before making a refinance decision.

Will refinancing an auto loan hurt your credit?

Lenders will typically run a soft inquiry on your credit before presenting offers and current rates; this will not affect your credit score. However, if you move forward and submit an auto loan refinance application, your credit score will take a hit (up to 20 points). Other factors like the number of credit inquiries, overall debt balances, and other items reported in your credit profile may impact it further. It is important to note that this inquiry will most certainly fall off after 2 years and on-time payments will actually help you build credit and strengthen your credit profile.

In addition, inquiry clustering typically allows multiple inquiries to be counted as one inquiry for a given period of time. This period may vary depending on the credit scoring methodology used but can last anywhere from 14 to 45 days. It is always a good idea to confirm this with your lender before submitting subsequent auto loan applications.

What information do I need to refinance my auto loan?

Lenders will typically ask for the applicant’s driver’s license, social security number, vehicle registration, vehicle identification number (VIN), auto insurance, proof of income, proof of residence, and loan payoff letter. The exact list of documents will vary by lender and can change if underwriters request additional information. It is always a good idea to review your lender’s application requirements prior to submitting your auto loan refinance application.

Is it better to finance my car or pay cash?

This really depends on your cash availability and your willingness to take on new credit.

If you have a lot of cash on hand and do not want to pay interest to a potential lender, you may be better off buying your car with cash. Also, if you plan on taking on a mortgage in the next few months and are hesitant to add another inquiry to your credit profile, cash might be a good option as well.

If you do not have a lot of cash on hand or prefer to finance your car purchase so you can have more cash available for other uses, financing is a great option. Auto loans tend to offer low-interest rates, flexible payment terms, and affordable monthly payments. Most individuals end up financing their car purchases and are usually happy that they did.

Does financing a car build credit?

Yes. Financing will lower your credit score in the short term, as you observe a new hard inquiry and new loan balances on your credit profile. However, as you make regular, on-time monthly payments to pay down your balances, your credit score recovers, and your credit profile becomes stronger.

Credit bureaus like to see a variety of credit products in a borrower’s credit mix. Having an auto loan offers a different type of credit (installment loan) when set next to all of the typical credit products that most individuals have (i.e. credit cards).

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