RateGenius Auto Refinance Review
RateGenius offers quotes for auto loan refinancing from 150-plus lenders. To see how the platform can help you, read this RateGenius review now.
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What we like:
Easy application process, access to over 150 lenders, lease buyout options available
| APR | 1.99% – 18.87% |
| Loan Amounts | $10,000 and up |
| Term Lengths | Up to 72 months |
| Minimum Credit Score | 550 |
Key Points:
- RateGenius offers instant rate quotes for consumers looking to refinance their auto loans, as well as quotes for Guaranteed Asset Protection (GAP) insurance and vehicle service contracts
- Its network includes over 150 auto lenders, and applications can be completed online in minutes
- RateGenius is not a lender, but rather a tool that matches consumers with the best-suited lenders for their needs
- Lease buyout options are also available through the platform
- RateGenius is a good option for borrowers whose credit scores have improved since taking out their auto loans, or those who want to offload a leased vehicle
RateGenius is an auto loan refinancing marketplace. By using their 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% |
| Loan Amounts | $10,000+ |
| Term Lengths | Up to 72 months |
| Minimum Credit Score | 550 |
| Minimum Annual Income | $24,000 |
| Maximum Vehicle Age | 10 years |
| Maximum Mileage | 120,000 |
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
Pros
- Easy online application process
- Access to insurance options
- Lease buyouts available
- A- rating with the Better Business Bureau
- No set fees (additional fees may come from your lender, though)
- Over 150 participating lenders
Cons
- Require 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 on your loan left
- 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:
| RateGenius Eligibility | |
| Car Types | Cars, trucks, SUVs Only personal use vehicles |
| Mileage | < 120,000 |
| 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 |
| Co-borrower allowed? | Yes |
| 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.
These include:
- 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.