Auto refinance rates change frequently. Here are today's current auto refinance rates.
Auto Refinance Rates
Loan Term | Excellent 750-850 | Good 700-749 | Fair 640-699 | Poor 639 or less |
---|---|---|---|---|
36 Months | 4.67% | 6.48% | 8.03% | 11.84% |
48 Months | 5.55% | 7.15% | 10.11% | 13.27% |
60 Months | 5.68% | 7.05% | 9.81% | 13.43% |
72 Months | 6.15% | 7.16% | 9.84% | 13.35% |
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36 Month | 48 Month | 60 Month | 72 Month
36 Month Term
Credit Range | APR* |
---|---|
Excellent 750-850 | 4.67% |
Good 700-749 | 6.48% |
Fair 640-699 | 8.03% |
Poor 639 or less | 11.84% |
Apply Now
48 Month Term
Credit Range | APR* |
---|---|
Excellent 750-850 | 5.55% |
Good 700-749 | 7.15% |
Fair 640-699 | 10.11% |
Poor 639 or less | 13.27% |
Apply Now
60 Month Term
Credit Range | APR* |
---|---|
Excellent 750-850 | 5.68% |
Good 700-749 | 7.05% |
Fair 640-699 | 9.81% |
Poor 639 or less | 13.43% |
Apply Now
72 Month Term
Credit Range | APR* |
---|---|
Excellent 750-850 | 6.15% |
Good 700-749 | 7.16% |
Fair 640-699 | 9.84% |
Poor 639 or less | 13.35% |
Apply Now
* These rates are current as of April 5, 2024, and subject to change. Rates may not be available in all states. Customers must meet income qualifications, debt to income requirements and other vehicle restrictions such as loan to value, age, and mileage.
Frequently Asked Questions About Auto Refinance Rates
What are today's auto refinance rates?
For today, April 5, 2024, the current average auto refinance rate for people with Excellent credit is 4.67% for a 36-month loan, 5.55% for a 48-month loan, 5.68% for a 60-month loan, and 6.15% for a 72-month loan. The current average across all credit tiers and loan terms is 8.72%.
How do I find personalized auto refinance rates?
RateGenius’ pre-qualification tool can help you see estimated rates you might qualify for before you apply with no impact to your credit score. To get more accurate rates, you’ll need to submit an application which will require a hard credit check.
What is an auto refinance rate?
When you borrow money, you plan to repay it at a predetermined interest rate over a loan term. An auto refinance rate is the fee, expressed as a percentage, paid on the refinance loan. This is what a lender charges you for borrowing the money in exchange for having a vehicle. When determining how much a loan would cost you, the auto refinance rate may be only one factor to consider, but it’s without a doubt the most significant.
MORE: Calculate how much refinancing your auto loan could save you
How does the the Federal Reserve affect auto refinance rates?
While the Federal Reserve does not set auto refinance rates, it does have an indirect influence on those rates. The nation’s central bank is the Federal Reserve. It steers the economy with the dual goals of promoting job creation and keeping inflation in check. The Federal Open Market Committee’s decisions to lift or lower short-term interest rates will prompt lenders to do the same.
What's the difference in interest rate and APR?
The interest rate is the cost of borrowing money, and it is expressed as a percentage, such as 4.5%. Annual percentage rate (APR) is not the same as interest rate. APR reflects the total amount you pay to borrow money, including interest and fees, and is often higher than an interest rate.
MORE: Understanding Interest Rates vs. APR for Car Loans
Does my credit score affect my rate?
Your credit score indicates how much of a liability (aka risk) you are to a bank or other financial institution. This usually means that the better your score is, the lower your interest rate will be. Auto refinance lenders also take LTV, DTI and other factors into consideration when calculating the rate they will offer you.
MORE: Calculate how much refinancing your auto loan could save you" } },{ "@type": "Question", "name": "How does the the Federal Reserve affect auto refinance rates?", "acceptedAnswer": { "@type": "Answer", "text": "While the Federal Reserve does not set auto refinance rates, it does have an indirect influence on those rates. The nation's central bank is the Federal Reserve. It steers the economy with the dual goals of promoting job creation and keeping inflation in check. The Federal Open Market Committee's decisions to lift or lower short-term interest rates will prompt lenders to do the same." } },{ "@type": "Question", "name": "What's the difference in interest rate and APR?", "acceptedAnswer": { "@type": "Answer", "text": "The interest rate is the cost of borrowing money, and it is expressed as a percentage, such as 4.5%. Annual percentage rate (APR) is not the same as interest rate. APR reflects the total amount you pay to borrow money, including interest and fees, and is often higher than an interest rate.
MORE: Understanding Interest Rates vs. APR for Car Loans" } },{ "@type": "Question", "name": "Does my credit score affect my rate?", "acceptedAnswer": { "@type": "Answer", "text": "Your credit score indicates how much of a liability (aka risk) you are to a bank or other financial institution. This usually means that the better your score is, the lower your interest rate will be. Auto refinance lenders also take LTV, DTI and other factors into consideration when calculating the rate they will offer you." } }] }
Does your vehicle qualify for refinancing?
Make sure your vehicle is...
- Under12 years old
- Under120,000 miles
- Apersonal use vehicle
...and your current auto loan must have
- A balance between$10,250 and $100,000
- Funded at least1 month ago
- At least24 months of payments left
* Annual Percentage Rate (APR) estimates represents the average available rates among lenders in RateGenius’ lender network across various ranges of credit. These rates assume a loan to retail value ratio (LTV) of no more than 125% and a debt to income ratio (DTI) of no more than 50%. In addition to an individual’s LTV and DTI, the actual APR you may receive is dependent upon many factors evaluated at the time of application, which may include, among other factors, credit score, loan amount, loan term, vehicle information, credit usage and history. All loans are subject to credit review and approval. Estimated APR’s may not be available in the geographical area of your residence. While efforts have been made to maintain accurate information, the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 2% to 24%) and only borrowers with excellent credit will qualify for the lowest rate available.