RateGenius Auto Refinance Review

RateGenius auto refinance loans at a glance

If you’re looking to take charge of your auto loan, rateGenius can help you navigate the auto refinancing process with ease.

With a network of over 150 lenders, rateGenius simplifies the search for competitive rates, allowing customers to potentially save an average of $100 per month on their payments. With this lender, you have a convenient and straightforward approach to securing better loan terms and improving your financial situation.

• Extensive lender marketplace: RateGenius partners with over 150 lenders, providing borrowers access to a wide range of competitive refinancing options.
• Avoid hard inquiry with prequalification: Borrowers can prequalify without a hard credit inquiry, allowing them to explore potential loan offers without impacting their credit scores.
• Online application: The application process is simple and convenient and can be completed in a few minutes.
• Fees vary: While RateGenius does not charge application fees, lenders may charge other fees, including prepaid finance charges and a title processing fee.
• Best for borrowers with less-than-perfect credit: Its network of lenders may approve refinancing applications and offer flexible terms, even for those struggling to qualify elsewhere.

RateGenius auto loan requirements

To qualify for an auto loan refinance with RateGenius, applicants must meet a few basic requirements:

• Must be at least 18 years old
• Must be a U.S. citizen

Vehicles must meet the following eligibility requirements:

• Must be less than 10 years old
• Must have fewer than 120,000 miles
• Must be a personal-use vehicle

Additionally, your current auto loan should meet the following criteria:

• Remaining balance of $10,250 to $55,000
• Open for at least one month
• At least 24 months of payments remaining

The credit score requirements vary based on the lender, but it appears RateGenius is a good option for bad credit auto refinancing.

According to data from a 2022 RateGenius report, applicants with credit scores in the 400s were able to secure approval for auto loan refinancing from a lender in 2020 and 2021. However, the average credit score of all approved applicants in 2021 was 670.

RateGenius pros and cons

When considering RateGenius for auto loan refinancing, it’s important to weigh the pros and cons to determine whether their services align with your refinancing goals and needs.

RateGenius offers a convenient online application process that simplifies auto loan refinancing, allowing borrowers to apply from the comfort of their homes. With access to a vast network of over 150 lender partners nationwide, customers can compare multiple offers to find competitive rates.

Additionally, the platform allows for co-applicants to be added or removed, providing flexibility for those who may want to share financial responsibility or boost their chances of approval.

However, there are some drawbacks to consider. A downside of the multiple lender network is that varying requirements can lead to inconsistent terms, making it harder for borrowers to estimate the rates or conditions they might qualify for.

Additionally, the approval process can take up to 48 hours, delaying access to potential savings. Borrowers should also be aware that prepaid finance charges and other fees may apply, depending on the lender, which can affect the overall cost of refinancing.

RateGenius company overview

RateGenius is a Texas-based company founded in 1999, offering auto loan refinancing options to borrowers nationwide. Over the years, it has grown its network to include over 150 lenders and has funded more than 400,000 loans.

RateGenius auto loan types offered

RateGenius offers auto loan refinancing for cars, trucks and SUVs to help customers lower their monthly payments and reduce interest rates. The lender claims that customers who refinance through RateGenius save an average of around $100 per month on their car loans.

How to get an auto loan with RateGenius

Prequalify

Start by filling out a quick online application, or call 866-728-3436. You’ll provide basic information about yourself, your vehicle and your current loan, including your lender and monthly payment.

Choose your new loan

RateGenius then connects with its lender network to find a loan with potential rates and monthly payments that fit your budget. If a match is located, you’ll receive your offer via phone or email.

Complete the process

If you want to move forward with the loan offer, review and sign documents online or by mail. RateGenius will then pay off your old loan, switch over your title and get you set up with your new lender.

Is a RateGenius auto loan right for you?

A RateGenius auto loan might be a good option if you’re trying to refinance your car loan with less-than-perfect credit. With its large network of over 150 lenders, RateGenius boosts your chances of finding a refinance option that you qualify for and fits your budget, even with a lower credit score. However, you may get higher interest rates as a result.

An auto loan refinance calculator helps estimate monthly payments, interest rates and potential savings before beginning the process.

How RateGenius auto loans compare

RateGenius offers a low starting APR of 4.67%, but its loan repayment terms could be shorter compared to other lenders offering auto loan refinancing.

Both iLending and RefiJet offer similar loan amounts ranging from $5,000 to $150,000 and cater to borrowers with lower credit scores, but RefiJet offers the flexibility of slightly longer loan terms.