Best Auto Loan Refinancing Lenders August 2022 – Forbes Adviser

Best Auto Loan Refinancing Lenders August 2022 - Forbes Adviser

We reviewed 22 popular auto refinance lenders based on 16 data points across the categories of loan details, loan cost, eligibility and accessibility, customer experience, and the application process. Lenders who failed to disclose basic information about loan terms, such as how many years they will fund or dollar minimums and maximums, were disqualified. We’ve chosen the best lenders based on the weighting assigned to each category:

  • Loan costs: 30%
  • Suitability and Accessibility: 25%
  • Loan details: 20%
  • Customer experience: 15%
  • Registration procedure: 10%

Within each main category, we have also considered various characteristics, including available loan amounts, repayment terms, APR ranges, applicable fees and available discounts. We also looked at minimum credit score requirements, maximum mileage accepted, whether each lender accepts co-signers or associates, and the lender’s geographic availability.

Finally, we evaluated each provider’s customer support tools, borrower benefits, and features that simplify the loan process, such as online application options, mobile apps, and turnaround time.

Where appropriate, we awarded partial points depending on how well a lender met each criterion. Note that these rankings only include lenders that offer direct loans to consumers; companies that partner with multiple lenders or offer a credit marketplace were not included.