2023 RateGenius Auto Refinance Review
Sarah Brady is a personal finance consultant who loves helping people improve their financial wellness. Her writing is inspired by her work as a credit and housing counselor, where she’s coached hundreds of people to build budgets, improve their credit and buy affordable housing. When Sarah isn’t writing she’s teaching workshops all over the San Francisco Bay Area.
- Expertise: Personal finance, financial planning, credit scores, savings, auto loans, education
Education: University of Texas at Austin
Katie Lowery is a former deputy editor at LendingTree, where she oversees personal finance, debt and auto loans content. She is passionate about educating and empowering consumers to make informed financial decisions.
Before joining LendingTree, Katie spent more than a decade as a developmental and copy editor, where she edited content in a variety of fields, including finance, business, economics, science and education. She was the sole editor on multiple award-winning books.
Katie earned a bachelor’s degree in education from the University of Texas at Austin. She still lives in the Austin area with her family and enjoys collecting record albums and knitting.
- Expertise: Personal finance
- Education: The Pennsylvania State University
Pearly Huang is the copy chief for LendingTree and its family of brands, which includes CompareCards, DepositAccounts, MagnifyMoney, Student Loan Hero and ValuePenguin. As copy chief, Pearly oversees the copy editing and fact-checking process for all personal finance content that is published on LendingTree and its brands.
Prior to joining LendingTree, Pearly worked at the copy and research desks at several major publishing companies such as American Express Publishing, TIME Inc., Condé Nast and Hearst. She also has extensive freelance experience working at digital media brands, such as the Huffington Post and Vox Media.
Pearly got her start in hyperlocal journalism, where she was a reporter for Time Out New York, Patch.com and The Huffington Post.
Pearly’s formal education includes a B.A. in journalism and a B.A. in English studies from The Pennsylvania State University.
Why use LendingTree?
RateGenius auto refinancing at a glance
Shopping around to find a better car loan can be a lot of work. You’ll need to compare interest rates, monthly payment amounts and fees from several lenders to be sure you’re actually getting a good deal when you refinance.
Fortunately, an online marketplace like RateGenius can do the hard work for you. When you apply for auto refinancing through RateGenius, you may be matched with offers from a list of over 150 lenders. Plus, RateGenius reviews from customers are positive overall, and the company has an A+ rating from the Better Business Bureau (BBB).
- Low credit scores are welcome: Loans are available to borrowers with credit scores as low as 500.
- Wide network of lenders: RateGenius matches you with loan offers from its network of over 150 lenders.
- Fees vary: Your fees for refinancing will vary, depending on the lender you choose and the state in which you live.
- Best for borrowers with poor credit: Even if you have a low credit score, RateGenius may be able to find a lender who can save you money on your auto refinance loan.
On this page
RateGenius pros and cons
RateGenius makes it easy to compare auto refinance loan offers from multiple lenders. You can get prequalified online in just a few minutes and then choose the loan offer that best meets your financial needs.
| Pros | Cons |
|---|---|
Low starting rate 500 minimum credit score Prequalification doesn't hurt your credit | Fees vary depending on the lender Minimum refinance amount is high |
It can be challenging to find a loan when you have bad credit, but RateGenius can help you find refinancing offers even when your score is as low as 500. Plus, you can prequalify without hurting your credit.
One downside is that not all vehicles and loans will qualify for refinancing through RateGenius, including loans with balances below $10,500. You also may be subject to fees, depending on the lender you choose and where you live.
A closer look at RateGenius
RateGenius is a marketplace for auto refinancing. You can use their website to view auto refinance loan quotes from more than 150 lenders for your car, truck or SUV. RateGenius also offers gap insurance.
You can prequalify in just a few minutes with a soft pull to your credit report, which doesn’t hurt your score. The RateGenius website offers transparent information about available loan options, or you can opt to speak to a live agent by phone or through webchat.
Fees vary
When you apply for an auto loan through RateGenius, you’ll see the best offers for you from within their broad lender network. But since RateGenius pulls offers from multiple lenders, there can be a lot of variation in loan terms.
Fees will vary depending on the lender and the state you live in. For example, some lenders may charge an origination fee or a prepayment penalty, while others don’t. You may also have to pay a fee for RateGenius to process your title with your state’s DMV.
Interest rates
Interest rates can be competitive through RateGenius, starting as low as 4.67%, and you can visit the company’s website to view their current average interest rate for each credit score band.
While RateGenius is competitive when it comes to interest rates, applicants with low credit scores should expect to pay higher rates. For example, borrowers with a credit score lower than 640 who are seeking a 60-month loan receive an average interest rate of 9.27%. To receive more favorable loan terms, you may consider working to improve your credit score before applying for a loan.
If you’re looking to reduce your interest rate or improve your chances of getting approved for a loan, RateGenius allows you to apply with a co-applicant.
Refinancing requirements
In order to refinance your car through RateGenius, you must be at least 18 years old and a U.S. citizen. You’ll also have to meet all of the following specifications:
- The vehicle is under 12 years old and has less than 120,000 miles
- You’re refinancing a personal-use vehicle
- You owe between $10,250 and $55,000 on your current loan
- Your current loan is at least one month old and has a minimum of 24 months of payments left
How to refinance your auto loan with RateGenius
Here’s what to expect from the application process:
Submit an application
You can submit a loan application to RateGenius online or over the phone. The application only takes a few minutes to complete. Be prepared to provide the following information:
- Your address, phone number and email address
- The name of your current lender
- Your current monthly payment
- The make, model and style of your vehicle
- Your vehicle’s current mileage
- The vehicle identification number (VIN) — optional
Choose a loan
Review your offers and choose the payment and interest rate that works best for you. Then, if you’re approved for that loan, the lender will contact you right away.
Review and sign documents
Visit your account dashboard to view, sign and submit your loan documents. Alternatively, if you choose to receive the documents via UPS, you can return them using the supplied prepaid envelope.
Once your loan closes, RateGenius will pay off your original loan and transfer the car title to your new lender.
How RateGenius compares to other lenders
RateGenius isn’t the only marketplace where you can find and compare multiple auto refinance quotes. RefiJet and Autopay are both auto refinance marketplaces that offer prequalification and pull offers from a network of lenders.
| RateGenius | RefiJet | Autopay | |
|---|---|---|---|
| Starting interest rates | 4.67% | 4.54% | 2.99% |
| Terms | 24-84 months | 24 - 96 months | 24-96 months |
| Amount | $10,250 to $100,000 | $10,000 - $150,000+ | $2,500 to $100,000 |
| Min. credit score | 500 | 500 | Not disclosed |
Is RateGenius right for you?
The best way to determine if RateGenius is right for you is to complete their prequalification process. It only takes a few minutes and it doesn’t hurt your credit scores to see multiple rate quotes.
Even if you receive multiple quotes from RateGenius, your comparison shopping shouldn’t stop there. You can receive up to five auto loan offers from lenders in minutes by filling out a single form on LendingTree.
Frequently asked questions
You can qualify for auto refinancing through RateGenius with credit scores as low as 500, but those with lower scores can expect to receive higher interest rates. To qualify for the lowest rates on RateGenius’s platform, you’ll need an excellent credit score.
RateGenius reviews are favorable, including an A+ rating from the Better Business Bureau (BBB). Plus, all the lenders in the RateGenius network are Federal Deposit Insurance Corporation-insured or licensed.
The cost to refinance a car depends on the lender you use. Some lenders charge multiple fees that can add up and make refinancing an expensive proposition, like application or origination fees. Your current lender may also charge a prepayment penalty when you use a refinance loan to pay off your balance before the end of your original loan term.