Best Affordable Auto Insurance Providers That Refinance Car Loans in 2021
Most auto insurance companies that refinance car loans are the top companies in the U.S., such as State Farm, USAA, and GEICO. Although most car insurance companies that refinance car loans don’t offer initial loans at the time of purchase, they are willing to help you refinance your loan. Since you have to show proof of auto insurance to refinance your vehicle, it makes it easy to refinance with your insurer.
Free Insurance Providers Comparison
Secured with SHA-256 Encryption
UPDATED: Nov 3, 2021
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
- Many of the top auto insurance companies will refinance your car loan
- Drivers should refinance loans at certain times to lower rates
- You have to show proof of auto insurance in order to refinance your car loan
It might surprise you to learn that you can refinance your car and get auto insurance through the same company. Many of the best auto insurance companies that refinance car loans are the top providers in the country.
Consider refinancing your car loan when you can get a lower interest rate or your personal information changes.
Shop around to find affordable auto insurance companies that refinance car loans. Compare multiple companies to see who can offer your best loan and the cheapest insurance.
Before you buy auto insurance, enter your ZIP code now to compare free quotes from auto insurance companies that refinance car loans in your area today.
What auto insurance companies refinance car loans?
While auto insurance companies that don’t refinance car loans are more common, many of the top companies do offer refinancing.
Many times, over the course of your car loan, you might be able to reduce your payments by refinancing. What most drivers don’t know is that your auto insurance company may be able to handle the car loan refinance as well.
However, most auto insurance companies don’t offer initial car loans. They will only refinance current loans since you will have an established payment history.
State Farm, GEICO, and USAA are just a few of the major auto insurance companies that also refinance auto loans. Auto loan refinance rates will vary by company, and insurance rates from auto insurance companies that refinance car loans will also vary.
If you have a loan on your car, chances are you will have to carry full coverage auto insurance. The loan company wants to make sure they are fully compensated if your car is damaged.
Take a look at this table that shows average full coverage rates from the top auto insurance companies:
|Company||Average Annual Rate for Full Coverage|
USAA, State Farm, and GEICO offer the cheapest auto insurance quotes from car insurance companies that refinance car loans.
How does your credit affect refinancing your car loan and your auto insurance rates?
Do car insurance companies check credit scores? Yes, most companies do look at your credit rating. Your credit score not only impacts your interest rates but also affects your auto insurance.
Companies are less likely to offer you a good interest rate or lower your auto insurance rates if you seem less likely to make your payments.
Auto insurance companies also believe that drivers with a higher credit score are more likely to pay for damages out of pocket and not file a claim.
This table shows you just how much your credit score can impact your auto insurance rates:
|Company||Good Credit Rating||Fair Credit Rating||Poor Credit Rating|
Bad credit can cost you about $165 a month on auto insurance, not to mention the higher rates you pay for other loans, including car loans.
What are the advantages of refinancing your car loan?
There are certain reasons you should refinance your auto loan. Consider refinancing if any of these apply:
- Lower interest rates are available
- Your credit rating has improved
- You can’t make your current payments and are looking to lower them
- You want to extend or shorten your loan term
If you plan to shorten your loan term, your rates will likely be higher. You may also have to pay a loan origination fee for the new loan. Your old lender could also charge you a penalty for paying your loan off early.
When you are ready to refinance, an auto loan calculator can help you determine if your payments will be lowered.
You should also note that you aren’t stuck buying new if you need to finance a car. According to Kelley Blue Book, most companies will consider financing an older vehicle or one with higher mileage since cars are lasting much longer than before.
Compare Insurance Providers Rates to Save Up to 75%
Secured with SHA-256 Encryption
What are other ways for drivers to save money on auto insurance?
While you are refinancing your car loan, look for other ways to save money, too. One of the best ways to save money on car insurance is with discounts.
Insurance companies offer many types of discounts so you should be able to find a few that will lower your rates. Since you are most likely refinancing a newer vehicle, you can qualify for discounts based on the modern safety features in your car.
This table shows you common discounts offered by top auto insurance companies. If the amount of the discount is known, it is included.
|Auto Insurance Discounts||Allstate (%)||American Family (%)||Farmers (%)||GEICO (%)||Liberty Mutual (%)||Nationwide (%)||Progressive (%)||State Farm (%)||Travelers (%)||USAA (%)|
|Adaptive Cruise Control||N/A||N/A||N/A||N/A||5||x||x||N/A||N/A||N/A|
|Daytime Running Lights||x||x||x||1||5||5||x||N/A||x||x|
|Electronic Stability Control||x||x||x||N/A||5||x||x||N/A||N/A||N/A|
|Forward Collision Warning||N/A||N/A||N/A||N/A||5||x||x||N/A||N/A||N/A|
|Lane Departure Warning||N/A||N/A||N/A||N/A||x||x||x||N/A||N/A||N/A|
|New Customer/New Plan||N/A||N/A||N/A||N/A||x||N/A||N/A||N/A||N/A||N/A|
|Seat Belt Use||N/A||N/A||N/A||15||N/A||N/A||N/A||N/A||N/A||N/A|
|Students & Alumni||N/A||x||N/A||x||10||7||N/A||N/A||N/A||N/A|
Take advantage of all available discounts, and bundle them together for the most savings.
How to Find Auto Insurance Companies that Refinance Car Loans
Many of the top car insurance companies will also offer to refinance your car loan. Shop around for insurance companies to find the lowest rates and the coverage you need. Also, consider whether or not you will need to refinance your car loan.
To compare free quotes from the best car insurance companies that refinance car loans, enter your ZIP code now.