RateGenius Auto Refinance Review 2023

RateGenius Auto Refinance Review – Introduction

There are so many different refinancing options in the market that it can become an absolute chore to choose the perfect one for you. That’s where RateGenius auto refinance comes in - an online refinance platform that connects borrowers with more than 150 lenders.

Established in 1999, RateGenius specializes only in Auto refinance, lease buyouts, and cash-out refinancing. It does not offer loans for new auto purchases, instead focusing on helping car owners find the best refinance lenders for their budget. It is perfect if you’re someone with poor credit, want to compare different refinance offers, and need help in navigating paperwork!

In this RateGenius auto refinance review, the Way.com refinance team has broken down all the pros and cons of the firm and tell you how to find the best deal for you.

Pros and Cons of RateGenius Auto Refinance: A Snapshot

The biggest advantage of RateGenius auto refinance is that it is not a lender on its own – it is a platform that connects borrowers with different online auto lenders. Therefore, you get to choose from multiple refinancing offers and pick the one that fits your budget.

Here are the pros and cons in a snapshot:

*As of January 2022

RateGenius is an excellent choice for borrowers with the following objectives:

• Have poor credit and prefer to shop around and look for the best offers without affecting your credit score.
• Need handholding and guidance during the refinance process
• Use the free Rate Genius auto refinance Loan Finder Tool to check whether you qualify for affordable refinance and then move forward.
• Want to compare several RateGenius auto refinance offers and pick the best one
• Have high loan amounts to refinance

Unique features of RateGenius Auto Refinance

Here’s a detailed look at some of the core features of the RateGenius Auto refinance process.

• RateGenius auto refinance credit score: You need a minimum credit score of 500 to apply and pre-qualify for RateGenius refinance rates.
• Longer loan terms: RateGenius auto refinance offers loan terms varying from 36-84 months. Longer terms will mean more affordable monthly payments, but you may pay more on interest charges in the long run.
• RateGenius auto refinance pre-approval: To compare the best refinance offers, you can first see if you pre-qualify using the soft credit inquiry process.
• Auto refinancing APRs range from 1.25% to 21%. You can get a discount of up to 1% if you choose the auto payment option.
• Origination fees are applicable for processing depending on the lender you choose. On average it will cost you $400.
• Large loan amount refinancing: RateGenius will refinance loans ranging from $12,000 to $100,000. The minimum loan amount is slightly higher than other lenders, so choose wisely.
• Allows co-signing: Most lenders on RateGenius allow co-signing on auto refinance, which can help you lower payments.
• Vehicles need to be at most 10 years old to be eligible for refinance
• No prepayment penalties
• Offers cash-out refinancing: You can refinance your loan by borrowing a cash amount based on the current value of the vehicle.

RateGenius Auto refinance requirements

Before applying for RateGenius auto refinance, check the table below to see if you meet all the requirements.

*As of January 2022

The information given above are general estimates and could vary slightly depending on the exact lender

How to apply for RateGenius auto refinance: Steps to follow

Step1: Fill up the application for pre-approval

Applying for RateGenius auto refinance is pretty straightforward. When you head over to their website, you’ll find the ‘Apply Now’ button. After you input the required details, the RateGenius auto refinance pre-approval starts with a soft credit inquiry. Based on this, you will be given a range of offers from applicable lenders.

Ensure you meet the general requirements like:

• Age, loan amount, and credit score
• Valid street address in the United States
• No open bankruptcies

Step 2: Choose the best offer for you

From the different offers you get, you can pick the one that works the best for your budget. If you wish, you can also call the loan specialists at RateGenius who can help you decide on the final refinance offer. You are under no obligation to choose any of the offers unless it fits your requirement.

You can also discuss hardship plans for those who cannot afford monthly payments, or choose cash-out refinancing to get cash in hand.

Step 3: Finalize the RateGenius auto refinance loan

All you need to do then is confirm your acceptance, send in any supporting documents, and get ready to save on monthly payments! Be sure to use the auto payment option if you can to

RateGenius Auto Refinance Review: The Way.com Summary

Unlike refinance firms that give you only a single choice, RateGenius gives you the advantage of multiple choices irrespective of your credit score. If you haven't decided on which firm to go for, we recommend shopping around and comparing rates with RateGenius.

It helps that they have specialists on demand to help you in choosing offers! Besides, different options like Cash Out Refinancing and Hardship Plans can be a saving grace for certain borrowers. If you don’t find what you’re looking for, you can look at more specialized and established refinance firms instead.