RefiJet Auto Refinance Review
RefiJet auto loans at a glance
| Starting annual percentage rate (APR) | Loan terms | Loan amounts | ||
|---|---|---|---|---|
| Refinance auto loans | 4.99% | 24 to 96 months | $5,000 to $150,000 |
RefiJet’s competitive rates, extra-long repayment terms and high customer satisfaction scores make it worth considering if you want to refinance your car loan. You can check your rates and potential savings by prequalifying with RefiJet — with no impact to your credit.
- Low starting rates: RefiJet rates are very competitive. Rates start at 4.99%, which is significantly lower than the 12.01% average loan rate for used cars in Q2 of 2024, per Experian. Lower rates can translate to big savings — RefiJet claims its customers save an average of $150 on their monthly car payments.
- Good for refinancing large loans: If you owe a big chunk of change on your car loan, RefiJet is worth considering. You can refinance up to $150,000 with RefiJet, compared to the $100,000 limit that is standard with many competitor companies.
- Excellent customer reviews: RefiJet auto refinance reviews are overwhelmingly positive, with a 98% satisfaction rate among LendingTree users. RefiJet regularly tops our list of the best auto lenders, winning first place in customer satisfaction multiple times.
- Allows joint applications: RefiJet allows co-borrowers on car loans, which can make it easier for borrowers with bad credit to qualify for a loan.
- Long loan terms: While many auto lenders limit their repayment terms to a maximum of five to seven years, RefiJet offers terms of up to 96 months. If you need to stretch out your loan payments, RefiJet has you covered — just remember that you’ll pay more money in interest with a long-term car loan.
- Best for refinancing a car loan with bad credit: RefJet has one of the lowest credit score minimums in the auto refinance market, so even people with bad credit can qualify. You’ll need a credit score of at least 500 and a minimum income of $1,900 to refinance with RefiJet.
RefiJet auto loan requirements
- Minimum credit score: 500
- Minimum income: $1,900 for one person, $2,200 for joint
- Credit history: Must already have an auto loan and a recent history of on-time car payments
- Employment: Must be employed or have a verified source of income
- Vehicle requirements: 10 years old or newer with full coverage insurance
- Document requirements: Valid driver’s license and car registration
RefiJet pros and cons
RefiJet offers competitive rates and a slew of other benefits, but it’s not the right lender for everyone. Here’s what you need to know before you refinance with RefiJet.
Pros
- Low rates
- Both short and extra-long repayment terms
- Available to borrowers with bad credit
- Excellent customer service
Cons
- Not good for refinancing very small car loans
- Charges a $495 origination fee
- Doesn’t offer new car loans
Borrowers looking to save money on their monthly car payments should check their rates with RefiJet. RefiJet offers both long- and short-term car loan refinances that make it possible to stretch out your loan payments or save money on interest with a shorter term.
But if you’re looking to refinance a small car loan, you’ll need to consider other lenders — RefiJet requires that you have at least $5,000 remaining on your current loan. Be sure to budget for a mandatory origination fee, since RefiJet charges a $495 loan processing fee on every loan.
RefiJet company overview
RefiJet is an auto lending platform that connects borrowers with auto lenders for car refinance loans. Since RefiJet launched in October 2016, it has expanded its offerings beyond car refinance loans and partnered with more auto lenders to offer refinance loans to even more consumers nationwide.
RefiJet auto loan types offered
In addition to car refinance loans, Refijet offers lease buyout loans and cash-out auto refinancing.
With a lease buyout, you take out a loan to buy the car instead of returning it at the end of your lease. Cash-out auto refinancing allows you to trade your current auto loan for a new, larger loan — and get cash in the process.
Compare auto refinance rates from top lenders in minutes
How to get an auto loan with RefiJet
If you’re wondering how to refinance your car loan, know that RefiJet’s mission is to make it easy. Here’s how it works.
- Prequalify. You’ll answer a few questions about your car and what you’re looking for in a refinance. Then, RefiJet will do a soft credit pull — which won’t affect your credit — to show you potential rates from partner lenders.
- Review your offers. If you qualify, RefiJet will send you potential offers from partner lenders. You can compare the rates, terms and monthly payments to select the one that’s best for you.
- Submit documents. Once you’ve chosen a lender, you’ll submit documents to verify information about your car, identity, income and residence. At minimum, you’ll need to upload copies of your proof of insurance, registration, driver’s license and a photo of your odometer.
- Close on your auto loan. Your lender will review your documents and pull your credit, which will cause a small, temporary dip in your credit score. Once you’re approved, RefiJet will pay off your current car loan, update your title and connect you with your new lender.
Is a RefiJet auto loan right for you?
Put simply, if you’re looking to refinance your car loan, RefiJet could be right for you. RefiJet’s rates and terms are competitive, and it regularly outperforms competitors in customer service. It’s worth your time to check your rates with RefiJet to see how much you could save.
How RefiJet auto loans compare
RefiJet’s car loans are competitive with offers from other auto refinancing companies, especially when it comes to availability to borrowers with low credit scores. Here’s how RefiJet’s loans compare to competitors’ refinance loans:
| RefiJet | Auto Approve | Gravity Lending | |
|---|---|---|---|
| Starting APR | 4.99% | 4.99% | 6.50% |
| Loan terms | 24 to 96 months | 12 to 96 months | 25 to 84 months |
| Loan amounts | $5,000 to $150,000 | $10,000 to $150,000 | $15,000 to $150,000 |
| Minimum credit score | 500 | 620 | 660 |
Auto Approve and Gravity Lending require fair or good credit to qualify for an auto refinance, but RefiJet distinguishes itself by working with people who have low credit scores.
Also note that Auto Approve and Gravity Lending require you to refinance a minimum of $10,000 or $15,000, while RefiJet offers refinance loans for loan balances as small as $5,000.
Frequently asked questions
RefiJet requires a minimum credit score of 500 for its auto refinance loans. If you’re not sure what score you have, you can check your credit score for free with LendingTree Spring.
Yes, RefiJet is a legitimate auto lending platform that offers car refinance loans, lease buyouts and cash-out car refinancing. LendingTree users give RefiJet a near-perfect score of 4.9/5 for customer satisfaction, as of publication.
RefiJet’s rates are 5.29%–21.99%. Use an auto refinance calculator to see how much you could save by refinancing with RefiJet.
Compare Auto Loan Offers