Alternatives to Nationwide auto loans
Nationwide stopped offering refinance auto loans through Axos on March 15, 2024. If you’re still looking for the best auto loan refinance rates, these competitors are great options.
Alternatives to Nationwide auto loans
These three refinance lenders offer similar products to Nationwide’s auto loans.
| Caribou | LendingClub | RateGenius | |
|---|---|---|---|
| Bankrate score | 4.4/5 | 4.5/5 | 4.1/5 |
| Better for | Comparing rates | Seamless application | Comparing loan offers |
| Loan types | Auto loan refinancing through lender network | Direct auto loan refinancing, personal loans | Loan marketplace |
| Loan amounts | $10,000–$125,000 | $4,000–$55,000 | $8,000–$150,000 |
| APRs | 5.48%-28.55% | 4.99%-24.99% | Starting at 4.99% |
| Loan term lengths | 24–84 months | 24–84 months | 12–96 months |
| Fees | Possible $499 processing fee | No origination fee, but may have title fee, late payment fees | Prepayment penalty and title processing fee |
| Min. credit score | 640 | 600 | Not Specified |
| Time to funding | Varies by lender | Up to 15 days | 24-48 hours |
Caribou
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Caribou matches you with auto refinance lenders through its lender network. After you apply for prequalification, you can compare rates from different lenders side-by-side. Instead of applying on multiple websites, you could simply pick the best terms you’re offered through Caribou.
Nationwide’s auto refinancing rates weren’t available online, but Axos offered prequalification. So, Caribou is a good alternate option if you want more transparency with a pre-qualification process. Caribou also offers similar loan amounts as Nationwide did.
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Pros
- Easy pre-qualification process.
- Can compare rates side-by-side.
- Allows co-borrowing.
Cons
- Not available in 5 states.
- $499 processing fee.
- High maximum APR.
LendingClub
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If you’re looking for a direct lending option like Axos instead of a marketplace, consider LendingClub. It offers auto loan refinancing through LendingClub Bank, member FDIC.
LendingClub boasts an easy prequalification process on a seamless website that helps you check your rates directly in minutes.
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Pros
- No origination fees.
- You can apply online and get an offer in minutes.
- Prequalification availability.
Cons
- High maximum APR.
- Lower maximum loan amount.
- There are vehicle and state restrictions.
RateGenius auto loans
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RateGenius helps borrowers find refinancing through its loan marketplace. It matches you with options in its network of over 150 lenders so you can compare offers side-by-side.
It accesses these details through a soft credit check, which does not hurt your credit score.
RateGenius is a promising option for borrowers with good credit. Its starting APR is lower than the industry average, though it’s unclear how high rates go for bad-credit borrowers. Also, like Nationwide, RateGenius funds loans in 24 to 48 hours.
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Pros
- Takes lower credit scores.
- Fast funding time.
- Allows co-applicants.
Cons
- Some lenders may charge title processing fees.
- Maximum APR isn’t shared.
- Narrow amount range.
Why did Nationwide stop offering auto loans?
Nationwide ended its partnership with Axos Bank, so that is why you cannot find a Nationwide car loan. Existing accounts won’t change and will simply be managed through the Axos Bank website. Anyone with a Nationwide debit card or checks can use them until the expiration date or until they run out of checks. Then they can get Axos Bank checks and debit cards.
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