RefiJet Auto Refinance Review

Auto loans can last for years, during which time your financial situation might change. Maybe you need to extend your loan, add or remove a co-buyer or you simply want to lower your interest rate. Refinancing could help you.

Other lenders issue loans for new and used cars — plus refinance existing ones — but RefiJet offers just refinancing through its network of lenders. We break down the online marketplace — what it offers, what it requires and how to apply.

About RefiJet
RefiJet refinancing: At a glance
How to apply for refinancing
The fine print
Pros and cons of refinancing through RefiJet
The bottom line: Who is RefiJet best for?

About RefiJet

Based in Denver, RefiJet is a concierge service, which means you don’t have to do any of the paperwork yourself to refinance your auto loan. That’s right, none. Your concierge, the person to whom you talk, does it all for you. They find potential loan options with rates and terms for which you pre-qualify, and you select the one to which you want to apply. This way, you have an idea upfront which banks could offer you what loans before you apply.

Note that it doesn’t hurt your credit score to fill out multiple loan applications as long as you do so in a 14-day window.

RefiJet refinancing: At a glance

Getting offers from multiple lenders is important so that you know what APR you deserve. RefiJet might provide a few offers from which you can choose, but you can also look at what your bank, local credit union or online lender can do for you. Different lenders will offer different loans. Comparing offers is key to getting the best deal.

Based on their lenders, RefiJet offers refinance loans:

• With APRs starting at 3.49% (Rates as of September 21, 2018)
• For cars, motorcycles and recreational vehicles
• With 24- to 96-month terms available
• For loans with remaining balances of $10,000 or more

To qualify, a vehicle has to:

• Have less than 150,000 miles
• Be younger than 10 model years old
• Be registered in the state in which you live
• Be insured

You don’t have to have perfect credit to refinance your auto loan with RefiJet, but a recent history of paying loans on time can help.

How to apply for refinancing

Visit RefiJet’s website and fill out the contact form that’s on the homepage to have someone give you a call. You could also email or call RefiJet via the contact information listed at the bottom of the homepage.

You don’t have to fill out any paperwork, but you’ll still need to give the necessary personal information to your concierge. You should be able to convey most information by phone, but you will need to take a photo of your driver’s license and vehicle registration and send them to RefiJet.

Here’s what you should have ready:

• Social Security number
• Driver’s license and vehicle registration
• Auto insurance
• Work and residence information
• Mileage on the vehicle

That information will help you to pre-qualify for potential loan offers from which you can choose. RefiJet fills out the paperwork, sends it to you for you to sign, you return it and then you should be all set. Your concierge will guide you through the entire process.

The fine print

RefiJet does not charge any fees to you for using its concierge service. But as with any auto loan, beware of add-ons. Don’t just say OK to a lower payment if it has an add-on (or more than one). Ask what it is and how much it costs total, not monthly.

You shouldn’t be required to buy add-ons to get a loan. If you do want them, you can negotiate on their prices. The two add-ons RefiJet offers are guaranteed asset protection (GAP waiver) and extended service contracts.

GAP waiver. This will pay off the “gap” between what you owe on your car loan and what your auto insurance covers if your car is totaled. How much your auto insurance provider pays is based off what the car is worth, not what you owe. So even after insurance pays, you could still owe money on the auto loan. If you owe more than what the car is worth, GAP could be useful. If you owe less than what the car is worth, it might not be useful.

Extended service contract. This will pay for the parts and labor it takes to fix any repair that’s covered by the policy you sign. Just like you do for your refinance loan, shop around for an extended warranty contract. They may also be called extended warranties or vehicle service contracts. Check out our ultimate extended warranty guide or the warranty cheat sheet to find out what questions you should ask and the types of coverage offered.

Pros and cons of refinancing through RefiJet

Here are the strengths and weaknesses we found. Be sure to consider them and look at other potential lenders to compare.

Highlights of RefiJet auto loan refinancing

• You don’t have to fill out paperwork yourself
• No-fee concierge service
• Cashback refinance loans available
• Perfect credit not required

Lowlights of RefiJet auto refinancing

• Must have at least a $10,000 balance remaining on your auto loan

The bottom line: Who is RefiJet best for?

Overall, RefiJet offers an easy way to pre-qualify for auto refinance loans and do the paperwork.

It might be especially good for people who:

• Would like some extra help. If you’re worried about getting lost navigating the paperwork of auto refinance, RefiJet may be best for you. It specializes in making the process hassle-free.
• Want to pre-qualify without dinging their credit. You can talk with a RefiJet concierge and see what’s out there without hurting your credit. RefiJet doesn’t do a hard pull on your credit when you first give your information to pre-qualify and see potential offers. Only after you choose a lender does it do a hard pull on your credit. Remember, it doesn’t hurt your credit to apply to several lenders within a 14-day window any more than it would if you only applied to one.
• Have a fair credit score. RefiJet doesn’t require a minimum credit score. It works with people of all credit tiers and specializes in helping customers who have credit scores in the fair range.

It might not be the best for people who:

• Haven’t paid their loans on time recently. If your bills have been higher than your income recently, your credit history might prevent you from receiving pre-qualification refinance offers.