RateGenius is an auto loan refinancing marketplace. Using its platform, consumers can apply to refinance their existing car loans. This potentially lowers their interest rates and, by extension, their monthly payments.
It’s a good option for car owners looking to get several refinancing rate quotes at once, as well as those who may need help with the application process.
In this review:
- RateGenius Auto Loan Refinancing: At a glance
- Pros and cons
- Who’s eligible?
- Applying with RateGenius
- What else is offered
- How to contact RateGenius
- Where to find alternatives
RateGenius Auto Loan Refinancing: At a glance
|AutoGenius Auto Refinance|
|APR||1.99% – 18.87%|
|Term Lengths||Up to 72 months|
|Minimum Credit Score||550|
|Minimum Annual Income||$24,000|
|Maximum Vehicle Age||10 years|
The RateGenius auto refinancing marketplace streamlines the rate-shopping process for consumers looking to refinance their car loans. The application is quick and fully online. You can even add in a co-borrower’s information if you have one.
If you’re leasing your vehicle, RateGenius also offers lease buyouts. GAP coverage and other insurance options are available through the marketplace via RateGenius’ insurance agency.
The marketplace is best reserved for consumers with good credit scores (under 550 is not accepted) and newer vehicles. Cars that are older than 10 years or have over 120,000 miles aren’t eligible for refinancing through RateGenius. The same applies to commercial vehicles and company cars.
Finally, eligible customers’ current loans must have been funded at least a month ago.
Pros and cons of RateGenius auto loan refinancing
Easy online application process
Access to insurance options
Lease buyouts available
A- rating with the Better Business Bureau
No set fees (but additional fees may come from your lender)
Over 150 participating lenders
Requires a hard credit pull that could lower your credit score
Not available for commercial vehicles or those used for business
Must have at least 24 months left on your loan
Only balances between $10,000 and $55,000 are eligible
Older cars not accepted
Who’s eligible to get a RateGenius auto refinance loan?
RateGenius has eligibility requirements for borrowers, their vehicles, and their existing loans. Here are the general qualifications you’ll need to meet to be eligible:
|Car Types||Cars, trucks, SUVs|
Only personal use vehicles
|Vehicle Age||< 10 years|
|Existing Loan||Minimum balance of $10,000|
Closed at least a month prior
Have 24 months of payments or more left
|Credit Score||550 or higher|
|Income||$24,000 per year or higher|
|Maximum LTV||125% or less|
|Maximum DTI||50% or less|
Applying for a RateGenius auto refinance loan
The RateGenius auto refinance application can be completed online or over the phone. In order to complete your application, you’ll need information like:
- Your car’s make, model, mileage, and VIN
- Your income and employment info
- The income and employment info of your co-borrower
- Your and your co-borrower’s Social Security numbers
Once you’ve filed your application, the following will happen:
- RateGenius will pull your credit and review your application. RateGenius will process your application and match you with appropriate lenders within 24 to 48 hours.
- You’ll get to pick your loan and lender. You may get several offers from the platform’s 150-plus lender partners. You’ll review these options and pick the best one.
- You’ll finalize your loan application. You can do this online through the RateGenius website with some lenders. In certain cases, finalization may require manual paperwork that can be mailed to your house.
What else RateGenius offers
RateGenius offers a few additional products on top of its refinancing options.
- Vehicle service contracts: Vehicle service contracts help you cover repair and maintenance costs associated with your vehicle. They function much like extended warranties.
- GAP waivers: GAP helps you in the event your car is totaled and you still owe money on it. When this occurs, GAP protection pays the difference between the value of your totaled car and your loan balance.
- Insurance offers: Because RateGenius has its own internal insurance agency, you may also be contacted about various other insurance options after applying for a loan.
How to contact RateGenius
You can contact RateGenius in a number of ways. Here’s their most up-to-date contact info:
- Phone number: 866-728-3436
- Email: [email protected]
- Address: 9300 United Dr., Suite 180, Austin, Texas 78758
Where to find alternatives to RateGenius
RateGenius offers access to a number of lenders all at once. Still, before any loan or refinance, we always recommend using our auto loan refinance calculator to determine how much you could potentially save and then shopping around thoroughly. This ensures you find the best possible rate and the best possible terms for your specific needs.
To get started on your refinancing journey, check out the best auto loan refinance companies rated by our Editorial Team.
How we rated RateGenius’ auto refinance loan
After our thorough RateGenius review, the company received a 3.62 out 5 rating. This makes it the fifth-highest-rated auto loan refinancing option on our site. Our reviews are based on APRs, term lengths, borrowing limits, maximum car age, maximum miles allowed on the vehicle, BBB rating, state eligibility, and more. For additional information on our rating process, check out our methodology here.