Best Banks to Refinance Your Auto Loan

Banks are a popular place to refinance a car loan, and for good reason. Many offer competitive rates, familiar service, and the option to bundle your loan with other accounts. Still, the right bank depends on your credit, your car, and how much you want to save.

The table below compares the banks and lending options a driver can actually use to refinance right now, so you can scan starting rates, fees, and credit requirements in one place. After the table, you will find a short writeup on each option, guidance on qualifying for the best rate, and answers to common questions.

Best Banks to Refinance an Auto Loan Compared

Starting APRs and terms below are as of July 2026. Treat them as starting points, since your actual rate varies by credit profile, loan term, vehicle, and lender.

Rates change often, and the lowest advertised APRs usually go to borrowers with strong credit and shorter terms. Where a bank does not publish a refinance rate, check the lender's site for a personalized quote. Terms apply; APRs vary by creditworthiness.

Why Refinance a Car Loan With a Bank

Refinancing swaps your current loan for a new one, ideally at a lower rate. As of July 2026, the average 60-month new-car loan sits near 6.9%, with used-car loans often higher, according to Bankrate. Borrowers who refinanced in early 2026 cut their rate by about 2.24% on average and saved roughly $81 a month, based on industry data. Your savings can vary.

Big banks often appeal to borrowers who want an established name and in-person branches. Just remember that their rates are not always the lowest, so comparing matters. One note before you start: Bank of America no longer offers auto refinancing, so there is no point applying there for a refinance today. The options below are ones you can actually use.

The Banks Worth Comparing

Chase Auto

Chase refinances loans held by other lenders and does not require you to be a Chase customer. You can refinance about 90 days after your previous loan closed, with a payoff between $4,000 and $100,000 and at least 12 months remaining. Chase does not publish its refinance rates, so you will need a quote to see your number. Chase Private Client members may qualify for a small rate discount. Best for: borrowers who want a large national bank with branch access.

PNC Bank

PNC refinances auto loans from $5,000 to $100,000 with terms of 12 to 72 months. Advertised APRs start around 5.7% and rise from there based on credit, term, and vehicle, and PNC applies a 0.25% discount for automatic payments from a PNC checking account. You generally need a credit score around 630 to qualify. Best for: existing PNC customers and borrowers who want a straightforward bank refinance.

USAA

USAA offers auto refinancing to its members, which includes military members, veterans, and their eligible family. Rates in 2026 generally start in the mid-5% range and move with your credit and term, with an autopay discount and terms up to 84 months. Best for: eligible military families who want a member-focused bank. If you are not a USAA member, this one is off the table, so compare the other options.

LightStream (Truist)

LightStream is the online lending division of Truist and is a common pick for strong-credit borrowers. It charges zero fees, funds quickly, and places no restrictions on vehicle age or mileage. Advertised refinance APRs start around 6.7% and include a rate discount for autopay, and good to excellent credit is generally required. Best for: high-credit borrowers who want a no-fee loan they can complete entirely online.

A Faster Way to Compare Many Banks

Applying to banks one at a time takes work, and each hard inquiry can nick your credit. A refinance service can shop many lenders with a single application. iLending takes one application and sends it across a network of 60+ lenders, including banks and credit unions. It works with scores as low as 560, decisions can come within 24 hours, and borrowers may be able to skip 45 to 90 days of payments while the new loan is arranged. If you want a bank rate without filling out a dozen forms, iLending is a practical place to start.

More Marketplaces That Shop Bank Offers

RateGenius

RateGenius shops your loan across a network of 150+ lenders and advertises refinance rates as low as about 4.67% for well-qualified borrowers. It accepts scores in the 550 to 580 range at select lenders and requires a minimum loan balance of $10,000, and it offers a rate discount when you enroll in automatic payments. Best for: borrowers with a larger balance who want wide lender reach.

AutoPay

AutoPay is a refinance marketplace that lets you check your rate with a soft credit pull, so comparing does not hurt your score. Advertised APRs start as low as about 4.29% for the most qualified borrowers, it works with scores as low as 550, and terms run from 24 to 84 months. Best for: shoppers who want to prequalify without a hard inquiry.

myAutoloan

myAutoloan is an online marketplace that connects you with 20+ lenders, many of them banks. It handles refinance, new-car, used-car, private-party, and lease-buyout loans. For well-qualified borrowers, refinance APRs can start near 3.99%, though your rate depends on your credit and term, and it generally serves borrowers with scores around 575 and up. Because it returns several offers at once, myAutoloan makes it easy to see how different banks stack up before you commit.

Looking Beyond Auto-Only Lenders

Sometimes the best move is to widen your search past car-focused banks. A broader marketplace can surface more choices. MoneyLion is a loan-comparison marketplace that pulls offers from several lenders into one view. If you want to weigh many quotes side by side, MoneyLion can help you compare before you decide.

How to Qualify for the Best Bank Rate

The rate a bank offers rides on your credit, your loan-to-value ratio, and the term you choose. A few habits help you land near the top of a bank's range:

• Check your credit reports and clear up errors before applying, since a higher score usually earns a lower rate.
• Prequalify with soft-pull lenders first, then group any hard applications inside a two-week window so they count as a single inquiry.
• Pick the shortest term you can afford, since shorter terms usually carry lower APRs.
• Refinance while your balance is well below the car's value, because a lower loan-to-value ratio earns better pricing.
• Watch vehicle age and mileage limits, as older, higher-mileage cars can be harder to refinance at some banks.
• Compare at least three offers, including a credit union, before you sign.

What Banks Look at When You Refinance

Banks weigh your credit score, income, and current loan balance. They also look at your car's age, mileage, and value, since the vehicle secures the loan. A higher credit score usually earns a lower rate, and older cars with high mileage can be harder to refinance because some banks set limits on vehicle age and miles. Prequalifying with a soft credit check, where offered, lets you compare bank rates without hurting your score.

How We Picked These Banks

Firstcard is a comparison platform rather than a lender, so these picks are places to start your own comparison, not guaranteed offers. We looked for banks and services that are broadly available, publish clear terms, and fit different credit profiles. Key factors included the fee structure, whether a soft-pull prequalification is offered, the range of loan terms, any limits on vehicle age or mileage, and how easily you can reach several lenders at once. We also flagged where a familiar bank name no longer offers refinancing, so you do not waste time applying where the product is gone.

Frequently Asked Questions

Which bank is best to refinance an auto loan?

There is no single best bank for everyone. Chase, PNC, USAA, and LightStream are all worth comparing, but the best fit depends on your credit, your car, and your current rate. Comparing a few offers, or using a service that shops many banks at once, helps you find the lowest rate.

Does Bank of America refinance auto loans?

No. As of July 2026, Bank of America no longer offers auto loan refinancing. If you want a big-bank option, look at Chase, PNC, or USAA if you are eligible, or use a marketplace to reach several banks at once.

Is it better to refinance with a bank or a credit union?

Both can offer good rates, and the winner depends on your situation. Credit unions sometimes beat banks on rate but require membership. Banks may offer wider availability and loyalty perks, so it is worth comparing both before deciding.

Does refinancing an auto loan hurt your credit?

A refinance usually causes a small, temporary dip from the hard credit check. Prequalifying with a soft pull first does not affect your score. Over time, on-time payments on the new loan can support your credit.

Can I refinance my car loan with the same bank?

Sometimes, but many banks prefer to refinance loans they do not already hold. Chase, for example, refinances loans held by other lenders. It is often worth comparing outside offers, since another lender may beat your current rate. Terms apply; APRs vary by creditworthiness.