Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

Full Bio →

Written by

Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

Full Bio →

Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Nov 3, 2021

Advertiser Disclosure

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.

The Lowdown

  • 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:

Average Annual Full Coverage Rates By Company
CompanyAverage Annual Rate for Full Coverage
Allstate$5,139.02
American Family$3,416.40
Farmers$4,494.13
GEICO$3,429.14
Liberty Mutual$6,356.04
Nationwide$3,505.37
Progressive$4,350.96
State Farm$3,454.80
Travelers$4,619.07
USAA$2,667.92
Get Your Rates Quote Now

Compare RatesStart Now →

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:

Average Annual Auto Insurance Rates Based on Credit Rating
CompanyGood Credit RatingFair Credit RatingPoor Credit Rating
Allstate$3,859.66$4,581.16$6,490.65
American Family$2,691.74$3,169.53$4,467.98
Farmers$3,677.12$3,899.41$4,864.14
GEICO$2,434.82$2,986.79$4,259.50
Liberty Mutual$4,388.18$5,604.24$8,802.22
Nationwide$2,925.94$3,254.83$4,083.29
Progressive$3,628.85$3,956.31$4,737.64
State Farm$2,174.26$2,853.00$4,951.20
Travelers$4,058.97$4,344.10$5,160.22
USAA$1,821.20$2,219.83$3,690.73
Get Your Rates Quote Now

Compare RatesStart Now →

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 from Top Companies
Auto Insurance DiscountsAllstate (%)American Family (%)Farmers (%)GEICO (%)Liberty Mutual (%)Nationwide (%)Progressive (%)State Farm (%)Travelers (%)USAA (%)
Adaptive Cruise ControlN/AN/AN/AN/A5xxN/AN/AN/A
Adaptive HeadlightsN/AN/AxN/A5xxN/AN/AN/A
Anti-lock Brakesxxx555x5xx
Anti-Theftxxx252025x15xx
Claim Freexxx26x10x152312
Continuous CoveragexxxxN/AN/AxN/A15N/A
Daytime Running Lightsxxx155xN/Axx
Defensive Driverxxxx105105103
Distant StudentxxxxN/A10xx7x
Driver's Edxxxx10N/A101583
Driving Device/AppxxN/Ax30402050305
Early SigningxxxxN/A8xN/A1012
Electronic Stability ControlxxxN/A5xxN/AN/AN/A
Emergency DeploymentN/AN/AN/A25N/AN/AN/AN/AN/AN/A
Family LegacyN/AxN/AxN/AN/AxN/AN/A10
Family PlanN/AxxN/AN/A25N/AN/AN/AN/A
Farm VehiclexN/AxxN/AN/AN/AN/AN/AN/A
Federal EmployeeN/AN/Ax810N/AN/AN/AN/AN/A
Forward Collision WarningN/AN/AN/AN/A5xxN/AN/AN/A
Full PaymentN/Axxx$5N/AxN/A7.5N/A
Further EducationN/AN/AN/Ax1015N/AN/AxN/A
Garaging/StoringN/AN/AxN/AN/AN/AN/AN/Ax90
Good CreditxxN/AN/AN/AxxxN/AN/A
Good Studentxxx1522.510x2583
Green VehiclexN/A5N/A10N/AN/AN/A10N/A
HomeownerN/AN/Axxx5x35N/A
Lane Departure WarningN/AN/AN/AN/AxxxN/AN/AN/A
Life InsurancexN/AN/AN/AN/AxN/AN/AN/AN/A
Low Mileagexxxxxxx30xx
LoyaltyN/AxN/AxN/A5xN/AN/Ax
MarriedN/AN/AN/AN/AxxxxN/Ax
Membership/GroupN/AN/AN/Ax107N/AN/AxN/A
MilitaryxN/Ax154N/AN/AxN/Ax
Military GaragingN/AN/AN/AN/AN/AN/AN/AN/AN/A15
Multiple DriversN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Multiple Policies1029x102010121713x
Multiple Vehiclesxxx25102010208x
New AddressN/AN/AN/AN/A5N/AN/AN/AN/AN/A
New Customer/New PlanN/AN/AN/AN/AxN/AN/AN/AN/AN/A
New GraduateN/AN/AN/AN/A5N/AN/AN/AN/AN/A
Newer VehiclexN/AxxN/Axx401012
Newly LicensedN/AN/AN/AN/A5N/AN/AN/AN/AN/A
NewlywedsN/AN/AN/AN/A5N/AN/AN/AN/AN/A
Occasional OperatorN/AN/AN/AN/AN/AN/AN/AN/AN/Ax
OccupationxN/Axx1015N/AN/AxN/A
On-Time PaymentsxN/AN/AN/AN/AN/AN/AN/A15N/A
Online ShopperN/AN/AN/AN/AN/AN/A7N/AN/AN/A
Paperless DocumentsxxxN/AN/A5$50N/AN/AN/A
Paperless/Auto BillingxxxN/Ax$30x$233
Passive Restraintxxx40x20x40xx
Recent RetireesN/AN/AN/AN/A4N/AN/AN/AN/AN/A
Safe DriverN/AN/Ax15N/A3531152312
Seat Belt UseN/AN/AN/A15N/AN/AN/AN/AN/AN/A
Senior DriverxN/AxN/AN/AN/AN/AN/AN/Ax
Stable ResidenceN/AN/AN/AN/AN/AxxN/AN/AN/A
Students & AlumniN/AxN/Ax107N/AN/AN/AN/A
Switching ProviderN/AxxN/A10N/AxN/AN/AN/A
Utility VehiclexN/AxxN/AN/AN/AN/AN/AN/A
Vehicle Recoveryxxx153525x5xx
VIN EtchingN/AN/AxN/A5xxN/Axx
VolunteerN/AxN/AN/AN/AN/AN/AN/AN/AN/A
Young DriverN/AN/AN/AN/AxN/AxN/AN/A$75
Get Your Rates Quote Now

Compare RatesStart Now →

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.