Your car payment does not have to stay the same for the life of the loan. If rates have dropped or your credit has improved since you signed, refinancing your auto loan could lower what you pay each month.
The harder part is picking which company to use. Most auto refinance providers are not banks. They are services that shop your loan across a network of lenders and bring back the offers. Below is a side-by-side comparison of the auto refinance companies Firstcard covers, followed by a short note on how they stack up and a quick writeup on each one.
Firstcard is a comparison platform, not a lender, so we do not refinance loans ourselves. The numbers below are advertised by each provider as of July 2026. Fees and average-savings claims are marketing figures that vary by borrower and current APRs, so confirm them on each provider's own site before you apply.
Auto Refinance Companies Compared
The table below shows advertised figures as of July 2026. The average-savings numbers are marketing claims and depend on your credit, loan balance, and the rates available when you apply.
| Company | Typical cost / fees | Advertised average savings | Target (minimum) credit score | Lender network size |
|---|---|---|---|---|
| iLending | Processing fee up to $549 | ~$148/mo | ~560 | 50+ lenders |
| RateGenius | $450 processing + up to $595 origination | ~$132/mo | ~580 | 150+ lenders |
| AutoPay | Up to ~$450 | Not advertised | ~560-580 | 150+ lenders |
| Tresl | Lender-dependent | ~$89/mo | 500-580 | ~240 lenders |
| RefiJet | Origination up to $695 | ~$150/mo | ~500 | ~50 lenders |
| Caribou | ~$499 fee | Not advertised | ~580 | Refinance platform |
| Auto Approve | Origination up to ~$550 | Not advertised | ~640 | ~35 lenders |
| Gravity Lending | No borrower fees | Not advertised | ~620 | Prime / near-prime |
| myAutoloan | Free to use | Not advertised | ~575 | 20+ lenders |
Fees and savings shown here are advertised figures. Your actual cost and savings depend on your credit, loan-to-value, vehicle, and the rates on offer when you apply, so always verify on each provider's site.
How We Compare Them
No single company is best for everyone. Networks that reach more lenders, such as Tresl and RateGenius, tend to surface more offers, which can help thin-file or lower-score borrowers find a fit. Fee structures vary widely: Gravity Lending advertises no borrower fees, while others charge processing or origination fees that can run several hundred dollars and are usually rolled into the new loan. A higher advertised average savings does not guarantee your result, so weigh the fee against the monthly savings you are actually quoted.
The Companies, One by One
iLending
iLending is a refinance service that takes one application and shops it across a network of 50+ lenders. It advertises average savings of about $148 a month and works with credit scores as low as roughly 560, one of the more forgiving thresholds on this list. A processing fee of up to $549 may apply and is typically added to the new loan. Best for drivers who want the reach of many lenders from a single form.
iLending
iLending
iLending is an auto refinance service that pairs you with a dedicated loan consultant and shops your loan across a network of 60+ lenders. Clients save an average of $148 per month**, and you may be able to skip payments for 45-90 days while your new loan is set up*. iLending works with credit scores as low as 560 and delivers decisions in as little as 24 hours.
Standout feature
Skip payments for 45–90 days when you refinance*
Fees
Varies by lender
Pros
60+ lender network; accepts credit scores as low as 560; decisions in as little as 24 hours; average savings of $148/month**
Cons
Not available in HI, NH, RI; vehicles must be under 150,000 miles; consultation happens by phone
RateGenius
RateGenius runs one of the larger networks here, with 150+ lenders, and advertises average savings near $132 a month. Its fees are on the higher side: a $450 processing fee plus an origination fee of up to $595, depending on the lender and state. A minimum score around 580 is typical. Best for borrowers who want broad lender reach and do not mind a higher fee when the rate offsets it.
RefiJet
RefiJet works with a smaller network of about 50 lenders but advertises the highest average savings on this list, around $150 a month, and accepts scores as low as roughly 500. Origination fees can reach $695. It also offers a cash-out option, letting qualified borrowers borrow against vehicle equity. Best for lower-score borrowers and anyone weighing a cash-out refinance.
Tresl
Tresl has the deepest network here at roughly 240 lenders, which can help borrowers with scores between 500 and 580 find a match. Advertised average savings are about $89 a month. Fees are lender-dependent rather than fixed. Tresl also handles lease buyouts and offers an autopay APR discount. Best for thin-file or lower-score borrowers who want the widest possible search.
AutoPay
AutoPay is a marketplace with 150+ lenders that offers a soft-pull prequalification, so you can see estimated offers without a hard inquiry. Loan amounts run from $2,500 to $100,000, and it operates in all 50 states. Fees can run up to about $450, and minimum scores generally fall in the 560 to 580 range. Best for shoppers who want to check a rate safely before committing.
Caribou
Caribou, formerly MotoRefi, is an auto refinance platform that partners with credit unions and banks. Advertised APRs range widely, from about 4.64% to 28.55% depending on credit, and a fee around $499 is common. A minimum score near 580 is typical. Caribou is not available in Maryland, Nebraska, Nevada, or West Virginia. Best for borrowers who want a credit-union-backed refinance.
Auto Approve
Auto Approve works with a smaller network of about 35 lenders and carries an A+ rating from the Better Business Bureau. It leans toward stronger credit, with a minimum score around 640, and origination fees can reach about $550. Best for prime borrowers who value a well-reviewed, service-focused experience.
Gravity Lending
Gravity Lending stands out for charging no borrower fees, which can make the math simpler when you compare the true cost of a refinance. It focuses on prime and near-prime borrowers, with a minimum score around 620. Best for borrowers with solid credit who want to avoid processing and origination fees entirely.
myAutoloan
myAutoloan is a free-to-use online marketplace that connects you with 20+ lenders and can return several offers in minutes. It covers refinance, new-car, used-car, private-party, and lease-buyout loans, and it typically looks for a minimum score around 575. Best for people who want to compare several offers fast without paying to use the service.
myAutoloan
myAutoloan
Find the right auto loan in minutes — even with bad credit. myAutoloan connects you with 20+ lenders to compare personalized offers for new cars, used cars, refinancing, and lease buyouts. Free to use with no obligation.
Standout feature
Compare offers from 20+ lenders. Works with bad credit. BBB A+ rated.
Fees
Free
Pros
Free to use with no obligation. Works with all credit types including bad credit. BBB A+ accredited.
Cons
Some users report receiving calls from multiple dealers after applying.
Looking Beyond Auto-Only Providers
Sometimes you want to weigh options that reach past auto-only lenders. MoneyLion is a broader loan-comparison marketplace that gathers offers from several lenders in one view, with no credit score impact to see what you prequalify for. If you would rather scan many quotes side by side before deciding, MoneyLion makes that easier.
MoneyLion
MoneyLion
Compare personal loan offers from top providers in minutes with no credit score impact with the MoneyLion Marketplace.
Standout feature
Soft-pull marketplace that surfaces prequalified personal loan offers from a network of lenders, with options up to $100,000 and partners that work with fair and bad credit
Fees
Free to use the marketplace
Pros
Compare multiple lender offers in minutes; soft credit pull to prequalify — no impact on your score
Cons
Final approval requires a hard pull from the chosen lender
When Refinancing Makes Sense
Refinancing replaces your current loan with a new one, ideally at a lower rate or a better term. It tends to pay off most when rates have fallen, your credit has improved, or your original loan carried a high rate. As of July 2026, the average rate on a 60-month new-car loan sits near 6.9%, with used-car loans often higher, according to Bankrate. To confirm a refinance is worth it, multiply your expected monthly savings by the months left on the loan, then subtract any fees.
How We Picked These Companies
Firstcard is a comparison platform, not a lender, so every entry here is a starting point for your own research rather than a guaranteed offer. We favored companies that are widely available across the United States, disclose their fees clearly, and serve more than just top-tier credit. We looked at network size, published fee structures, advertised savings, minimum credit thresholds, and whether a soft-pull prequalification is offered so you can shop without a hard inquiry.
Refinancing With Lower Credit
Refinancing with lower credit is possible, though your rate will likely be higher. Services like Tresl and RefiJet accept scores as low as 500, and iLending works with scores around 560, which can open the door when big banks say no. Improving your credit before you apply can still help you land a better rate.
How to Qualify for the Best Refinance Rate
Your rate depends mostly on your credit, your loan-to-value ratio, and the term you pick. A few steps can move the number in your favor:
- Pull your credit reports and dispute any errors before you apply.
- Choose the shortest term you can comfortably afford, since shorter terms usually carry lower APRs.
- Keep your loan-to-value low. Refinancing a balance well under the car's value tends to earn better pricing.
- Prequalify with soft-pull lenders first, then submit any hard applications inside a two-week window so the inquiries count as one.
- Refinance a newer car with lower mileage when you can, because some lenders cap vehicle age and miles.
Frequently Asked Questions
Is refinancing my car worth it?
It can be, especially if rates have dropped or your credit has improved since you bought. Even a small rate cut can lower your monthly payment and total interest. To be sure, multiply your expected monthly savings by the months left on the loan, then subtract any fees to confirm the savings are real.
Which auto refinance company is best for bad credit?
Companies that accept lower scores give you the widest options. Tresl and RefiJet advertise minimums as low as 500, and iLending works with scores around 560. Your rate will likely be higher than for borrowers with strong credit, so compare a few offers and weigh each provider's fees before you commit.
Do auto refinance companies charge fees?
Many do. Processing and origination fees can run from a few hundred dollars to nearly $700 depending on the provider and are usually rolled into the new loan. Some, like Gravity Lending, advertise no borrower fees. Because these figures are advertised and can vary, confirm the exact cost on each provider's site before you apply.
Will refinancing hurt my credit score?
A refinance usually causes a small, temporary dip from the hard credit check. Many companies let you prequalify with a soft pull first, which does not affect your score. Making on-time payments on the new loan can help your credit over time.
How soon can I refinance after buying a car?
There is no fixed rule, but many lenders prefer to wait 60 to 90 days after the original loan starts. Waiting also gives the title time to process. If rates have fallen or your credit has jumped, refinancing sooner may still make sense. Terms apply; APRs vary by creditworthiness.
