The 4 Best Auto Refinance Loans of 2021
- Best Refinance Rates: OpenRoad Lending.
- Best Bank for Auto Refinance: Bank of America.
- Best Credit Union for Auto Refinance: PenFed Credit Union.
- Best Online Refinance Loan: LightStream.
Moreover, when should you refinance a car loan?
While technically you could refinance your car as soon as you buy it, it’s best to wait at least six months to a year to give your credit score time to recover after taking out the first car loan, build up a payment history and catch up on any depreciation that occurred when you purchased.
In this way, is it worth it to refinance an auto loan? If you previously had no credit or bad credit, it is worth checking into refinancing your car loan after a couple of years to see if you receive better offers. … 1? With a lower interest rate, you will be able to pay off your loan faster or lower your monthly payment while paying it off at the same pace.
Then, what are current auto refinance rates?
What are today’s auto refinance rates? For today, May 19, 2021, the current average auto refinance rate for people with Excellent credit is 2.43% for a 48-month loan, 2.89% for a 60-month loan, and 2.99% for a 72-month loan. The current average across all credit tiers and loan terms is 6.54%.