What Credit Score Do You Need to Refinance a Car?

There’s no standard minimum credit score for a car refinance. Each lender sets their own criteria for approval. 

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If you’re considering auto refinancing, your credit score could affect the kinds of loan offers you receive. A credit score below 599 could mean a more expensive loan, while a credit score of 600 or higher could help you qualify for lower rates. Lenders typically reserve their best loan terms for borrowers with strong credit profiles.

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Key takeaways

• There’s no standard minimum credit score for refinancing a car, but a score of 600 or higher could help you qualify for lower rates.
• People with higher credit scores often get lower interest rates, because their credit report shows they’re a responsible borrower.
• The difference in interest rates between a prime credit score and a subprime one can be several percentage points.
• If you have fair or poor credit, you could still be approved for an auto refinance, but you’ll need to shop around to find the best deal.

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Minimum credit score needed to refinance a car

You don’t need to have an excellent credit score for a car refinance. Different lenders use different cutoff scores. So while your score could be considered “Fair” by FICO standards (580-669), you could still qualify for favorable offers. 

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Other aspects of your financial situation affect your loan offer, too. Even if your credit score isn’t as high as you’d like, you may be able to refinance. In fact, some lenders specialize in working with borrowers with low credit scores. These lenders can offer a bad credit refinance because they look at other factors, like income, not just credit score. According to Experian automotive data.

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Auto refinance outlook based on credit scores

For a car loan refinance, credit score can significantly affect your odds of approval and the interest rate you get. Below are VantageScore credit score ranges and the average refinance rates for each. 

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_{Source: Experian Q4 2025 data using VantageScore 4.0}

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People with high credit scores are more likely to see their refinance application approved and receive a lower interest rate. People with very low credit scores (below 600) may have a more challenging path to approval and often pay higher rates. 

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But keep in mind that credit score is just one indicator in a refinance application, and it’s not the only factor for approval. 

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How credit impacts your car refinance options

The credit score needed to refinance car is about more than just approval. It also affects the refinance offers you receive, with higher scores earning better offers. 

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Moving from a fair credit score to a good credit score could lower your interest rate by several percentage points and reduce your monthly payment. Let’s say with a 625 credit score, you might qualify for a 9.57% interest rate and monthly payments of $631. But if your credit score rose to 675, you might qualify for an interest rate of 6.27% and monthly payments of $584 — a savings of $47 each month.

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If your credit score has gone up since you first took out your auto loan, you might qualify for a much lower rate. You could save hundreds or even thousands of dollars by refinancing.

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How car refinancing affects your credit

Not only does your credit score affect your refinancing options, but refinancing can also impact your credit. Applying for a refinance will trigger a hard credit inquiry on your credit report, which can cause your score to dip. The effect of a hard credit check is temporary, and your score is likely to fall by only a few points — usually five or less. 

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To minimize the effect of a hard credit check, do all your rate shopping for an auto refinance within a two-week period. That way, the credit bureaus will treat all your applications as one inquiry, instead of each one dropping your score.

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Tips to improve your credit for auto refinancing

If you want to apply with a higher credit score than what you have now, here’s what to do. If you start putting these tips into practice immediately, you may be able to raise your credit score for a car refinance in the future.

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• Catch up on payments: Late payments affect your credit score. Pay any overdue bills and set a reminder so future payments are always on time.
• Pay down debt: Lowering the amount you owe compared to your available credit can lower your credit utilization, which can help improve your score. 
• Don’t close old accounts yet: You might think it will clean up your record, but having older credit card accounts in good standing can help your credit score. Plus, the available credit can improve your credit utilization.
• Check for errors: You can request a free copy of your credit report to check for any mistakes that could be dragging down your score.
• Consider a cosigner: Applying with someone who has a stronger credit profile than you could help your application get approved.

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Other factors influencing auto refinance approval

Having a good credit score for a car refinance isn’t the only thing lenders are looking for. They’ll consider your total financial profile, including:

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• Your debt-to-income ratio: Having a higher income compared to your debts shows that you have room in your budget to handle the debt. Try to keep the total amount you owe to less than 36% of your income — the lower, the better. Some lenders may still work with you if your DTI is up to 50%.
• Vehicle loan-to-value ratio: The amount you’re borrowing compared to the value of the car is the loan-to-value (LTV) ratio, and it’s an important factor. A big down payment or a lot of equity in the car can help lower your LTV. 
• Vehicle age and mileage: Some lenders have auto refinancing requirements that state the vehicle must be less than 10 years old, in good condition, and have fewer than 100,000 miles on it. 

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Explore your auto refinance options

Refinancing offers vary from lender to lender, so always shop around to find the best offer.

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RefiJet offers a variety of refinancing tools to help you make a smart decision, including our auto-refinancing calculator. Enter your vehicle and loan details, and see how much you could save with a new rate. Our guide to auto refinancing shows you how the process works step-by-step, so you can get a great deal on your car refinance.

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FAQs

Below are frequently asked questions about the credit score you need for an auto refinance.

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What credit score do you need to refinance a car?

There’s no one standard credit score required for refinancing. Lender requirements vary, and your total application will be evaluated, not just your score. However, higher credit scores (600 and above) may help you qualify for lower interest rates.

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What is a good credit score for auto refinance?

The FICO scale goes up to 850, with scores between 670 and 739 considered “good.” But you could qualify for an auto refinance with a score below 670, especially if the rest of your application is strong.

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Can I get approved for auto refinance with bad credit?

Yes, it’s possible to get approved for a refinance with fair or poor credit. Score cutoffs vary by lender, and some lenders specialize in serving people with lower credit scores. If you have bad credit, you may also be able to strengthen your refinance application in other ways, such as with a cosigner.

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What other factors do lenders consider besides credit score?

Lenders look at your total ability to repay the loan. In addition to credit score, they’ll evaluate your income, your other debts, your payment history, and the age and condition of the car itself.

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Do all lenders require the same credit score to refinance?

Not at all. Each lender sets its own criteria for which credit scores they’ll accept in a refinance borrower and what rates they will charge. That’s why it’s important to compare loan offers from several different lenders. 

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