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.
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:
|RateGenius credit score requirements are low – starting at 500||Has a vehicle age limit of 10 years for auto refinance|
|Starting APRs at 1.25%, with discounts for autopay option||High minimum loan amount of $12,000|
|You can use the RateGenius auto refinance pre-approval process to pre-qualify (soft credit inquiry)||Charges origination fees based on the lender – some lenders charge a minimum of $400|
|Refinances loan amounts as high as $100,000||Late fees are applicable for delayed payments|
|Also offers refinancing for lease buyouts and cash-out refinancing|
|Available in all 50 states.|
|No prepayment penalties|
|Offers hardship plans for borrowers with poor credit|
*As of January 2022
RateGenius is an excellent choice for borrowers with the following objectives:
Here’s a detailed look at some of the core features of the RateGenius Auto refinance process.
Before applying for RateGenius auto refinance, check the table below to see if you meet all the requirements.
|Minimum Age||18 and above|
|RateGenius auto refinance minimum credit score||500 and above|
|Minimum Annual Income||Not disclosed (depends on lender)|
|Loan Payoff amount||$12,000 - $100,000|
U.S. Permanent Resident
|Documents Required for verification
||Proof of steady income
Recent pay stubs
Proof of citizenship or residence permit
*As of January 2022
The information given above are general estimates and could vary slightly depending on the exact lender
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:
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.
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
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.
The auto refinance rates published here are based on the results of comparative research done by Way.com’s data team. We've used a mix of public and internal data to analyze refinance rates across thousands of lenders, credit scores, vehicle types, and all U.S. ZIP codes
The rates shown here are based on a national average of our findings, and may typically vary for each individual depending on your personal financial position and the US state you are in.
However, you can quickly determine where you stand by going through our Auto Refinance form. In just a few steps, find out how much you can save with way.com!
The mailing address of RateGenius is 9300 United Drive #180, Austin, Texas. Usual working hours are between 7 a.m. and 8 p.m.
RateGenius auto refinance has a great customer support team that is always ready to answer any queries. An advantage is that they can connect you with loan specialists who will guide you through the refinance paperwork. You can reach them at +1 866-728-3436 Customer service is also available on Saturdays.
Yes, RateGenius lenders do charge origination fees for processing your application.
Refinance loans are typically approved or denied within 24 hours. Approved offers are funded between 1-7 days of the approval.
Yes, RateGenius reports your account activity to reporting agencies like Experian and Equifax.