Refinancing a car loan can save you real money. It can also cost you more while making you feel like you saved, because the monthly payment went down. I have seen both, and the difference almost always comes down to one thing: the term.
So this is not a list of “best rates” pulled from other blogs. I read every company’s own pages, took only figures that come with a date and conditions, and ranked them on what they actually publish: refinance APR floors, loan and vehicle limits, how they pull your credit, and fees. Then I ran the math on a real refinance example, including the case where stretching the term makes you pay more interest overall.
Before we get into it: this is general information, not financial advice. Rates and terms change, so check the lender’s current terms on its own site before you apply. I am not a lender, a loan broker or a financial adviser. Every APR below is an advertised floor or range with its own date and conditions. None of them is an offer to you.
Affiliate disclosure: myAutoloan is the only paid link in this post. It pays us per lead through CJ when a reader submits its form, whether or not that reader gets a loan. Every other company here (PenFed, Caribou, RateGenius, Autopay, LendingTree and LightStream) pays us nothing, and I link them straight to their own sites. The Shopify, Bizee and Hiscox links in the business section near the end are also affiliate links. I ranked myAutoloan where the facts put it, not higher.
The short answer
| Rank | Company | Best for | Advertised refinance APR (date) | Pays us? |
|---|---|---|---|---|
| 1 | PenFed Credit Union | Strong credit, wants a dated rate table | New Auto Refinance from 4.19% at 36 mo; Used Auto Refinance from 4.79% at 36 mo (Sept 1, 2026) | No |
| 2 | Caribou | Refinance only, clear soft then hard pull policy | 4.18% to 28.55% (valid as of 8/13/26) | No |
| 3 | RateGenius | Knowing up front if your car and balance qualify | Undated average; excellent credit 4.67% at 36 mo | No |
| 4 | LendingTree | Up to five lender offers from one form | As low as 5.00% on $88,000 over 48 mo (21 Sep 2026) | No |
| 5 | myAutoloan | Up to 4 offers, lower refinance income minimum | As low as 4.24% (Aug 18, 2026; lowest recently offered) | Yes, per lead |
| 6 | Autopay | Larger balances, cash-back refinance | Not published | No |
| 7 | LightStream | No fees, no vehicle age or mileage limits | 7.99% to 17.99% with AutoPay (undated) | No |
Autopay and RateGenius are the same company (The Savings Group), so do not count them as two separate quotes. More on that below.
How I ranked these
I only used what each company publishes on its own site, read on 22 September 2026. No rankings from comparison sites, no rates carried over from memory. Four things decided the order:
- A dated refinance APR floor with conditions. A rate with a date and a loan size or credit tier attached beats an undated average, which beats nothing at all.
- Published loan and vehicle limits. If you can tell before applying whether your car qualifies, you waste fewer inquiries.
- A clear credit pull policy. Soft to check, hard to apply, written down. That is the standard.
- Fees in the company’s own words. “No application fee” is not the same as “no fees,” and I call that out where it matters.
One more thing. None of these ranks mean a company will give you its floor rate. Most people pay more than the floor. That is true everywhere, and the companies say so themselves.
1. PenFed Credit Union: best dated rates for strong credit
PenFed takes the top spot because it is the only company here that publishes its own refinance rate table with a date on it. Its auto page says “Rates and offers current as of September 1, 2026 and are subject to change.”
On that date, the New Auto Refinance table ran 4.19% at 36 months, 4.39% at 48, 4.44% at 60, 4.79% at 72 and 5.74% at 84 months. The Used Auto Refinance table ran 4.79% at 36 months, 5.29% at 48, 5.34% at 60 and 5.39% at 72 months.
The conditions:
- “Rates quoted assume excellent borrower credit history. Not all applicants will qualify for the lowest rate.”
- Minimum loan amounts rise with the term: $15,000 for terms of 61 to 72 months and $20,000 for terms of 73 to 84 months.
- “Vehicle weight and mileage restrictions apply.”
- You have to join the credit union. Its savings page says “A $5 savings deposit is all it takes.”
Credit pull: “The initial inquiry will be a soft pull that will not affect your credit score. If you choose to initiate a loan application after checking your rates, you will be required to authorize a full credit report inquiry, which would be considered a hard pull and may affect your credit.”
Fees: I could not find a refinance fee statement on the pages I read, so treat fees as not published and ask before you sign.
Why it ranks first: dated rates, a soft pull to look, and no lead network. If your credit is excellent, check PenFed before anyone else. It pays me nothing.
2. Caribou: best refinance-only marketplace for clear disclosures
Caribou only does refinancing. Its FAQ says it does not offer lease buyouts and cannot refinance “motorcycles and any commercial vehicles.” It works with a network of lending partners rather than lending itself.
APR range: “APR ranges from 4.18% to 28.55% and is determined at the time of application. Lowest APR is available for a 36 month term, to borrowers with excellent credit. Conditions apply. Advertised rates and fees are valid as of 8/13/26 and are subject to change without notice.” That is a real range with a real date, and the top end tells you honestly how high it goes.
Credit pull: soft to check, then hard if you continue: “we or one of our lending partners will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.” Caribou’s headline says “No credit score impact to check rates,” which is true only for the checking step. Keep the footnote in mind.
Fees: “Caribou does not charge applicants any application fees… Your new loan may include processing fees, title transfer fees, state fees, or other charges, which vary by lender and by state.”
Limits: loan amounts, terms and vehicle limits are not published on the pages I read.
The catch: its disclosures give consent to contact through “calls using pre-recorded messages or artificial voice” and automated dialers, among other channels. Expect follow-up. Its savings headline says borrowers saved “an average of $162/month,” and its own footnote adds that savings “may result from a lower interest rate, longer term, or both.” Hold that thought for the math section.
3. RateGenius: best for knowing if you qualify before you apply
RateGenius calls itself “a nationwide vehicle refinance platform partnered with more than 150 lenders.” What I like is that it publishes hard eligibility rules on its rates page:
- Vehicle: “Under 10 years old / Under 120,000 miles / A personal use vehicle”
- Loan: “A balance between $10,000 and $55,000,” funded at least one month ago, with at least 24 months of payments left
If your car or balance falls outside those, you know before you spend an inquiry.
Rates: its table of “Today’s Average Auto Refinance Rates” is undated. As I read it on 22 September 2026, excellent credit (750 to 850) showed 4.67% at 36 months, 5.55% at 48, 5.68% at 60 and 6.15% at 72. Poor credit (639 or less) showed 11.84% at 36 months up to 13.43% at 60. The footnote says these “represent an average of available rates among lenders in rateGenius’ lender network,” assume a loan to value of no more than 125% and a debt to income ratio of no more than 50%, and “do not bind any lender.” That is why it ranks below Caribou: averages without a date are less useful than a dated range.
Fees: “In some cases, there will be prepaid finance charges associated with your loan. The amount of these fees vary depending on your lender and the state in which you live.” It may also collect a DMV fee to process the title.
Credit pull: not published on the pages I read.
Self-employed: this is the only company here with a specific line for us. “Individuals who are considered self-employed will need to provide their net monthly income (income after taxes and deductions as opposed to gross monthly income).” If you run a lot through the business, your net number may be lower than you expect.
Business vehicles: “RateGenius can refinance a vehicle purchased under a company name into a personal vehicle loan as long as the individual has company authorization. We cannot refinance the vehicle under a company’s name.”
4. LendingTree: best for seeing the most offers
LendingTree is a marketplace. Its disclosures say it “is not a lender in any transaction and does not make loans.” It says it will “send you offers from up to five trusted lenders.”
Refinance floor: “As of 21-Sep-26, LendingTree Refinance Auto Loan consumers were seeing offered rates as low as 5.00% (on a $88000.00 loan amount for a term of 48 months).” Note the loan size. An $88,000 refinance is not typical, and floors on large loans tend to look better than what a normal balance gets. Its representative table also showed 5.04% on $30,000 over 60 months, a payment of $566.69. The floors are “based on actual offered rates to consumers over the past 30 days” and are “Not available in all states.”
Credit pull: “LendingTree performs a soft credit inquiry to review your credit report.” But lenders differ: “Some may pull your credit before they make you a loan offer; others may pull your credit after you have accepted their offer.”
Fees: “LendingTree does not charge consumers for its services… You are responsible for any fees or costs charged by the lender or provider you choose.” Listings are paid placement.
Credit where due: LendingTree prints the refinance warning I want everyone to read: “if you choose a loan term that is longer than the term left on your existing auto loan, you will pay interest over a longer period of time, and the overall cost of your loan may be higher.”
I compare it head to head in myAutoloan vs LendingTree.
5. myAutoloan: up to 4 offers, with a data-sharing catch
myAutoloan is the one paid link in this post, so I want to be extra careful here. It is a marketplace run by Horizon Digital Finance, LLC, which says it “is not acting as a lender or loan broker and does not make extensions of credit to consumers.” Ignore the “Direct lending” line on its About page. The legal disclosure is the one that counts.
Refinance floor: as low as 4.24% APR for refinance, as of August 18, 2026, the lowest rate participating lenders recently offered. Its rate FAQ says “most borrowers will qualify for rates above the lowest advertised figures,” and the chart footnote says “Your actual interest rate (APR) may be higher based on your unique, individual credit situation.” Its chart has one oddity: the longest refinance column (4.29%) is lower than the one before it (4.74%). Do not read term pricing into that table.
Limits: refinance income minimum of “$1,500 per month or $18,000 per year,” lower than its other products. Minimum credit score and maximum loan amount are not published. You must live in one of 48 states (not Alaska or Hawaii) and be 18 or older with no open bankruptcy.
Credit pull: “myAutoloan (HDF) acquires a “soft” credit inquiry, which does not affect your credit score.” But also: “Submitting an Offer Form may result in soft credit and/or hard credit inquiries from the Lenders.” Both are on the homepage.
Fees: “HDF does not charge consumers a fee to use its service. However, HDF may receive compensation from Lenders or Credit Sources.” Lender fees are separate.
Why it is fifth, not higher: the floor is a “recently offered” figure, not a table of its own rates. And the data sharing is broad. Submitting authorises sharing with Lenders and “Credit Sources” outside its network, who “may contact you directly by: Phone / Email / Text message,” and you have to opt out of each one separately. For some people that is fine. For others it is a dealbreaker. My full myAutoloan review goes through all of it.
Want up to 4 refinance offers from one form?
myAutoloan advertises refinance rates as low as 4.24% APR, as of August 18, 2026, with a $1,500 monthly income minimum. That is the lowest rate participating lenders recently offered; most borrowers qualify above it, and lenders may run hard inquiries.
6. Autopay: big loan range, no published rates
Autopay and RateGenius are sister brands. Autopay’s legal page says “The Savings Group, Inc. and its operating subsidiaries, including but not limited to RateGenius Loan Services, Inc. d/b/a RateGenius, and AUTOPAY Direct, Inc. d/b/a AUTOPAY” are headquartered in Austin and Denver. Apply to one or the other, not both expecting two independent answers.
Limits: its FAQ says “We offer loan amounts from $2,500 to $100,000” and “We can offer terms from 24 months to 96 months for qualified applicants.” That is a wider range than RateGenius publishes. Its cash-back refinance says you can “receive up to $12,000,” depending on loan to value.
Rates: no APR floor is published. Its footer only says rates are “For well-qualified borrowers” and “subject to change.”
Fees: the refinance page says “We don’t charge an application fee.” The legal page adds “Title filing/lien transfer fees apply. Depending on your state of residence, a loan origination fee may apply.” So “no hidden costs” does not mean no costs.
Credit pull: not published on the pages I read. Offers are “valid for 30 days.”
The warning I respect: “A reduced monthly payment does not necessarily mean that you will pay less overall with a new loan. If you choose to extend the new term from your remaining term for more monthly savings, you may pay more in interest.” More on that in myAutoloan vs Autopay.
7. LightStream: no fees, but a hard pull and higher floors
LightStream is Truist Bank’s lending division, and it lends directly. Its refinance page says “Rates range from 7.99%” up to 17.99% APR. That rate is quoted with the AutoPay discount; “Rates without AutoPay are 0.50% points higher,” and “Lowest rates require excellent credit.” No rate date is shown.
What is good: “LightStream loans do not have any fees.” Loans run “from $5,000 to $100,000,” and there are no limits on vehicle age or mileage. What holds it back for refinancing: “The LightStream loan application process pulls a hard inquiry from TransUnion or Equifax,” it “does not provide loan pre-approvals,” and “We do not provide any loans for cash out refinance purposes.” Its floor is also well above the others on this list.
Where LightStream really shines is buying an older car or a private party sale, which I cover in myAutoloan alternatives.
Refinance limits and fees side by side
| Company | Loan limits | Vehicle limits | Credit pull | Fees (their words) |
|---|---|---|---|---|
| PenFed | $15,000 min for 61 to 72 mo; $20,000 min for 73 to 84 mo | “Vehicle weight and mileage restrictions apply” | Soft to check; hard to apply | Not published |
| Caribou | Not published | No motorcycles or commercial vehicles | Soft to check; hard if you continue | No application fee; lender fees may apply |
| RateGenius | Balance $10,000 to $55,000; 24+ months left | Under 10 years, under 120,000 miles, personal use | Not published | Prepaid finance charges may apply |
| LendingTree | Not published | Not published | LendingTree soft; lenders vary | Free from LendingTree; lender fees apply |
| myAutoloan | Max not published; income $1,500/mo for refinance | Not published for refinance | HDF soft; lenders soft or hard | HDF charges nothing; lender fees vary |
| Autopay | $2,500 to $100,000; 24 to 96 mo | Loan to value, age and mileage rules, no figures | Not published | No application fee; title fees; origination fee may apply |
| LightStream | $5,000 to $100,000; no cash-out | None on age or mileage | Hard at application | “do not have any fees” |
The math: when refinancing saves money, and when it does not
This is the section that actually protects your wallet. Everything below is my own arithmetic, an illustration and not an offer or a quote from any lender. The formula is the standard one: monthly payment = P × r / (1 − (1 + r)^−n), where P is the balance, r is the APR divided by 12, and n is the number of months. Each month’s interest is rounded to the cent, and the last payment absorbs the rounding. Fees, taxes and add-ons are left out.
Example 1: same term, lower rate (the good refinance)
Say you owe $25,000 with 48 months left at 11.00% APR, and you refinance to 7.00% APR for the same 48 months.
| Scenario | Monthly payment | Total interest over the 48 months |
|---|---|---|
| Keep the existing loan at 11% | $646.14 | $6,014.58 |
| Refinance to 7%, 48 months | $598.66 | $3,735.45 |
The payment drops by $47.48 a month, and total interest falls by $2,279.13, before any refinance fees. That is a genuinely good refinance. Autopay and RateGenius name title and lien fees and a possible origination fee, and Caribou names processing, title and state fees, so subtract those to get your real saving.
Example 2: stretch it to 72 months at the same 7%
| Scenario | Monthly payment | Total interest |
|---|---|---|
| Refinance to 7%, 72 months | $426.23 | $5,688.17 |
| Refinance to 7%, 48 months | $598.66 | $3,735.45 |
| Keep 11%, 48 months | $646.14 | $6,014.58 |
Now the payment drops the most, $219.91 a month less than your current loan. That feels amazing. But you pay $1,952.72 more interest than the 48 month refinance at the exact same rate. To be fair, with a four point rate cut, the 72 month refinance still costs $326.41 less interest than keeping the 11% loan. Stretching the term does not always raise total interest. It just gives most of your saving back.
Example 3: stretch to 72 months with a smaller rate cut (the bad refinance)
Same $25,000 and 48 months left at 11%, but this time you only get 8.00% APR and take 72 months.
| Scenario | Monthly payment | Total interest |
|---|---|---|
| Refinance to 8%, 72 months | $438.33 | $6,559.90 |
| Keep 11%, 48 months | $646.14 | $6,014.58 |
Your payment falls by $207.81 a month, and you pay $545.32 MORE interest than if you had done nothing. This is exactly the trap. Lower payment, bigger total bill.
The break-even: about 7.4%
For this $25,000 balance with 48 months left at 11%, a 72 month refinance costs more total interest than keeping the original loan once the new APR is about 7.4% or higher. At 7.35%, total interest is $5,991.61, just under the $6,014.58 you would pay by keeping it. At 7.40%, it is $6,035.19, just over. Add refinance fees and the break-even rate drops lower still.
The lesson: if you extend the term, the new rate has to be much lower to come out ahead. Always compare total interest, not the monthly payment.
Two more illustrations from the source pages
myAutoloan’s refinance page shows its own example, labelled “Example for illustration only”: $15,000 over 60 months at 9.00% versus 6.50% APR, $311 versus $293 a month, total interest $3,683 versus $2,610, “Savings ~$1,073”. Same term, lower rate, so it is the good kind of refinance.
The CFPB shows the term effect on a $20,000 loan at 4.75%: $597 a month and $1,498 in interest over 36 months, versus $320 a month and $3,024 in interest over 72 months. In its words, “While the longer loan term gives you a lower monthly payment, consider the total cost you’ll pay over the full term of your loan.”
Run your numbers, then compare offers
myAutoloan says “One application, up to 4 offers” for refinancing in 48 states. Compare total interest on each offer, not just the payment, and remember lender fees are separate from myAutoloan’s free service.
How to shop a refinance without wrecking your credit
- Know your payoff and remaining months. You need both to compare anything.
- Check eligibility rules first. RateGenius needs a balance of $10,000 to $55,000 and a car under 10 years and 120,000 miles. PenFed has minimums for longer terms. Skip anyone you clearly do not fit.
- Start with soft pull checks. PenFed and Caribou both check rates with a soft pull.
- Keep hard pulls in one window. The CFPB says auto loan inquiries “will generally only count as a single inquiry if they’re made within 14 to 45 days of each other,” depending on the scoring model, so the safe practice is to finish your shopping within 14 days.
- Match or shorten your remaining term. If you extend, run the break-even math above.
- Ask about every fee in writing. Title, lien, origination, processing, state fees.
- Decline add-ons you did not ask for. The CFPB says “Add-on products and services are optional. You’re not required to purchase them, but if you choose to, the price is negotiable.”
I walk through the whole process in how to refinance a car loan.
A note for self-employed and LLC owners
None of these companies publishes a way to refinance a car in a business’s name. RateGenius says so directly, LightStream lends “to individuals for personal use, not to businesses,” Caribou will not refinance commercial vehicles, and myAutoloan is silent. If the car is titled to your company, RateGenius may move it into a personal loan with company authorisation, but it cannot keep it in the company’s name.
For income, RateGenius asks self-employed borrowers for net monthly income, after taxes and deductions. myAutoloan publishes no 1099 or bank statement policy. I go deeper in best auto loans for self-employed borrowers.
If you are trying to keep business and personal borrowing separate going forward, read business credit card vs personal credit card. On vehicle deductions, I give no tax advice: IRS Publications 463 and 946 cover the rules, and your accountant should make the call. My guide to filing taxes as an ecommerce seller covers the general setup.
Refinancing in your own name?
myAutoloan’s refinance product asks for at least $1,500 a month in income and covers 48 states. Refinance rates start as low as 4.24% APR as of August 18, 2026, the lowest rate participating lenders recently offered; most borrowers see higher. It is a personal-name product that publishes no business or LLC loan policy, and no 1099 or bank statement income policy.
Running the business behind the store
Lowering a car payment frees up cash. The bigger lever is making the store earn more. If you are still choosing what to sell, start with my free high-ticket niches list.
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FAQ
Which auto refinance company has the lowest rate?
No one can say without your application. Among published figures, PenFed’s New Auto Refinance table started at 4.19% at 36 months (Sept 1, 2026), Caribou’s range starts at 4.18% (valid as of 8/13/26) and myAutoloan shows as low as 4.24% (Aug 18, 2026, lowest recently offered). All assume excellent credit or best case conditions, and most borrowers pay more.
Does refinancing a car hurt your credit?
Checking rates with a soft pull does not. Applying usually means a hard inquiry. PenFed and Caribou are soft to check and hard to apply, LightStream is hard at application, and myAutoloan’s lenders may run soft or hard inquiries. The CFPB puts the window at 14 to 45 days depending on the scoring model, so the safe practice is to finish your applications within 14 days.
Can refinancing to a lower payment cost me more?
Yes. In my example, refinancing $25,000 from 11% to 8% but stretching 48 months to 72 cut the payment by $207.81 a month and added $545.32 in total interest. For that loan, the 72 month break-even rate is about 7.4%.
Are there fees to refinance a car?
Often. Autopay names title and lien fees and a possible origination fee. RateGenius mentions prepaid finance charges. Caribou lists processing, title and state fees. LightStream says its loans have no fees. myAutoloan charges nothing itself, but lender fees depend on the lender.
Is myAutoloan a lender?
No. It is a marketplace. Its disclosures say it “is not acting as a lender or loan broker.” Lenders make the offers, and your information may also go to Credit Sources outside its network.
Are Autopay and RateGenius different companies?
No. Both belong to The Savings Group. Treat them as one quote when you shop.
Can I refinance a car that is in my LLC’s name?
Not in the company’s name, based on what the companies here publish. RateGenius can refinance a company-titled car into a personal loan with company authorisation. For a business-name loan, talk to a business lender or your business bank.
How old can my car be to refinance?
It depends on the company. RateGenius requires under 10 years and under 120,000 miles. LightStream has no age or mileage limits. Others do not publish vehicle limits for refinancing.
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Trevor Fenner is an ecommerce entrepreneur and the founder of Ecommerce Paradise, a platform focused on helping entrepreneurs build and scale profitable high-ticket ecommerce and dropshipping businesses. With over a decade of hands-on experience, Trevor specializes in high-ticket dropshipping strategy, niche and product selection, supplier recruiting and onboarding, Google & Bing Shopping ads, ecommerce SEO, and systems-driven automation and scaling. Through Ecommerce Paradise, he provides free education via in-depth guides like How to Start High-Ticket Dropshipping, advanced training through the High-Ticket Dropshipping Masterclass, and fully done-for-you turnkey ecommerce services for entrepreneurs who want a faster, more hands-off path to growth. Trevor is known for emphasizing sustainable, real-world ecommerce models over hype-driven tactics, helping store owners build scalable, sellable, and location-independent brands.
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