JetzLoan helps you find lenders specializing in car loan refinancing for borrowers with a variety of credit histories. We make it easy to compare rates and potentially save money.
No hard credit pull · Takes 2 minutes
This site does not offer loans directly. We connect users with lenders. APR varies. See lender terms.
Complete our quick and secure online form. We’ll ask for some basic information about your current car loan and financial situation.
We match you with multiple lenders who may be willing to offer a better rate on your auto loan. Review the terms and find the best option for you.
Choose the lender and complete their application process. Once approved, they'll handle the rest – <em>it’s that simple</em>!
Refinancing your car loan isn't always the right move, but it can be a smart financial decision under certain circumstances. If you’ve seen an improvement in your credit score since taking out your original loan, you may qualify for a lower interest rate. This is especially true if you initially had a less-than-ideal credit history and have been diligently working to improve it. Another good reason to consider refinance auto loan options is if interest rates have fallen overall; securing a newer, lower rate could save you significant money over the life of the loan.
The average APR range for car loans currently falls between 6%–36%, depending on your creditworthiness and the lender. Many lenders also offer typical loan amounts from $5,000 to $75,000. If you’re struggling with a high monthly payment, exploring options to lower it through refinancing is worth investigating. Remember that no hard credit check doesn't guarantee approval but can be a good starting point for those concerned about their score.
Finally, consider whether your financial goals align with refinancing. Are you looking to shorten the loan term and pay it off faster? Or are you simply trying to reduce your monthly payment? Understanding these goals will help you determine if refinancing with bad credit is a suitable strategy for you. Many lenders specialize in helping people reduce auto loan rates, even with past credit challenges.
| Lender Type | Credit Score Range (Approximate) | Interest Rate Range (APR) | Loan Terms Available | Fees & Requirements |
|---|---|---|---|---|
| LightStream | $5,000–$100,000 | 6.49%–25.49% | 700+ | Same day |
| Upstart | $1,000–$50,000 | 6.20%–35.99% | 600+ | 1 business day |
| LendingClub | $1,000–$60,000 | 6.53%–35.99% | 600+ | 1–3 business days |
| Upgrade | $1,000–$50,000 | 9.99%–35.99% | 580+ | 1–2 business days |
| Avant | $2,000–$36,500 | 9.95%–35.99% | 550+ | 1–2 business days |
Securing a car loan refinance with bad credit can be more challenging, but it’s absolutely possible. Lenders will typically look at factors beyond just your credit score, including your income, employment history, and debt-to-income ratio. Be prepared to provide documentation verifying these details. The average approval rate for auto refinancing loans is around 65%, but this number can fluctuate significantly based on the borrower’s profile. Expect potentially higher interest rates compared to borrowers with good credit; lenders compensate for increased risk by charging a premium.
It's important to shop around and compare offers from multiple lenders. Don't settle for the first offer you receive. Pay close attention to the APR, loan term, and any associated fees. A longer loan term will result in lower monthly payments but higher overall interest paid. Conversely, a shorter term means higher payments but less interest over time. Carefully consider your budget and financial goals when making this decision.
Many lenders offer pre-qualification tools that allow you to check your potential rates without impacting your credit score – this is a great first step. Remember, even if your credit isn’t perfect, there are lenders willing to work with you. Finding the right lender can make all the difference in securing a more affordable auto loan and improving your financial well-being.
Even a small increase in your credit score can make a difference. Check for errors on your credit report and pay down existing debts to improve your score.
A co-signer with good credit could significantly boost your approval odds. However, ensure they understand the responsibility of being liable for the loan if you default and that their own credit won't be negatively impacted.
Don't settle for the first offer. Compare rates and terms from multiple lenders, including credit unions and online lenders specializing in auto loan refinancing for borrowers with bad credit.
A larger down payment reduces the lender’s risk, potentially leading to better terms. This demonstrates your commitment and financial stability, even with a less-than-perfect credit history.
Lenders want to see consistent income. Gather pay stubs, bank statements, or other documentation that proves you can comfortably afford the monthly payments and demonstrate financial stability.
We connect you with a diverse network of lenders, increasing your chances of finding the right loan.
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Our online application process is quick, simple, and convenient.
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Estimated Monthly Payment
$332.14
per month for 36 months
🔒 No impact on your credit score