Wednesday, August 17th
2022 Car Loan Refinance Reviews
RefiJet
- Specializes in auto refinance loans
- Referral service for connecting with multiple lenders
- Competitive APR interest rates
- Available for vehicles 10 years old or newer, less than 150,000 miles
- No payments for the first two months
- "A+" rated and accredited by the BBB
- In business since 2016
RefiJet is one of the newer sources of auto refinance loans in our review, launching in 2016 as a referral platform for borrowers of all credit profiles. Car refinancing is the only product they offer, connecting you with several different financial institutions to get a new loan.
Quotes available without providing SSN first
Until you fill out a quote request, you won't find many details about the auto refinancing options through RefiJet: just their currently lowest available APR interest rate (not the best we've seen, not the worst) and that your car has to be newer than 10 years old and have under 150,000 miles. Fortunately, the quote form doesn't require your Social Security Number, so you won't have any impact on your credit report: just enter your name, DOB, and address and click on all of the consent boxes.
Have to wait for rep contact to get quotes
We were disappointed that RefiJet's quote process doesn't immediately provide auto refinancing options. Instead, you get a message saying that a representative will get back to you. We're not sure how long, exactly, you'll wait - but it's definitely not going to be right away that you get a quote on your car loan refi. More than two hours after submitting our request, we still had no response via email.
Lackluster customer service
RefiJet's track record is mixed. An "A+" rating and accreditation from the Better Business Bureau is a good start, and we found several evaluations from experts in auto finance that would recommend using this company for a refinance loan. On the other hand, we found complaints from customers that gave us pause. Some said that RefiJet reps botched their paperwork and left their initial loan unpaid. Others described "extras" tacked onto their car loan that weren't necessary - and they couldn't get them removed. The most common complaints were about RefiJet's customer service, or lack thereof.
Look at other options first
It's nice to have a company that specializes in car loan refinancing, and RefiJet must be doing something right to earn an "A+ from the BBB. You could have a decent experience if you choose to get your car refinanced here, but frankly we'd suggest trying a higher-ranked service first.
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With interest rates dropping like crazy, you're smart to think you might be able to save some money with a new loan. Whether you choose to keep your monthly payments the same and shorten your loan term or lower your payments and spend your cash on other necessities, it's almost a guarantee that refinancing will be a good decision.
In the past, most people would go to their bank or credit union to get a car loan refi. After all, it's comfortable, familiar, and easy to set up with checking or bank accounts that are already established there. But, that's not the best idea if you want the nation's top rates and terms for car loan refinancing. Your hometown bank doesn't need to compete with other lenders for your business: they already have it!
Car Loan Refinance FAQ
Continued from above...
Money-wise consumers look to the internet for the best deals, and car loan refinancing is no different. There's no need to accept the first loan offer you see if you can get quotes from several financial institutions at once. Most online lenders have rates and terms that will easily beat anything you find locally, with all the convenience of a completely-online application and approval process. Save money while sipping coffee at home in your pajamas? Why not!
Looking at the available options for car loan refinancing online, it can be hard to tell different lenders apart. Which one should you use, not just to get an initial rate quote but ultimately to finalize your new loan? Here are several ways you can evaluate each choice to find the car loan refinancing that's right for you:
- Vehicle Eligibility. Most lenders won't refinance a loan on a car that is more than 10 years old or over a certain mileage, usually between 120,000 and 150,000. Some even have make/model restrictions that may prevent your car from qualifying. Fortunately, most cars will be eligible for loan refinancing with the majority of lenders on the market today.
- Personal Eligibility. What is required of you as a borrower to qualify for a refinanced car loan? You may need a certain minimum credit score or monthly income amount.
- Referral Service or Direct Lender. You'll find two approaches to car loan refinancing: get a new loan right from the financial institution, or work with a platform that lets you get quotes from more than one lender at a time. Either option is good, but referral services give you access to smaller banks and credit unions that often offer more competitive rates on refinanced loans.
- Reputation. What have other car owners said about their experience when refinancing their car loans with a given lender? Was the process smooth or aggravating? Were there any surprises? Has the Better Business Bureau rated the company?
TopConsumerReviews.com has evaluated and ranked the best providers of car loan refinancing available today. We're confident that this information will help you get the rates and terms you're looking for to save money on your car payments!
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