Best Auto Loan Refinancing Rates for November 2024

Refinancing replaces your existing loan with another one and can help you get a better rate, especially if you have a high-interest auto loan. You may prequalify for refinancing or you may need to apply directly with a lender. Before you do, it’s a good idea to determine the value of your vehicle so you know how much you need.

After researching 21 leading auto loan lenders, we identified the six best auto refinance loans based on their rates, fees, terms, and eligibility requirements (borrower and vehicle). 

PenFed is our top choice if you want to refinance your auto loan. With rates starting at 5.44% for new cars, you can borrow as much as $150,000 for as many as 84 months. Keep reading to learn more about what PenFed has to offer along with our other top picks.